The S&P/TSX composite index added 75.59 points to open Wednesday at 12,449.49
The Canadian dollar gained 0.23 cents to 70.35 cents U.S.
Corus Entertainment Inc said it would buy Shaw Communications Inc's television unit Shaw Media Inc in a $2.65 billion cash-and-stock deal. Shaw Communications will get about $1.85 billion in cash and 71 million class B shares of Corus, which gained 19 cents, or 1.6%, Wednesday morning to $11.90. Shaw Class A shares rocketed $4.50, or 15%, to $34.50.
Magna International Inc said it expects sales from its auto parts manufacturing business to rise about 15.7% this year. Magna said it expects total production sales from the business to rise to $30.3 billion-$31.6 billion in 2016 from its 2015 estimate of $26.3 billion-$27.2 billion.
Magna shares vaulted $3.38, or 6.7%, to $53.90.
U.S. railroad operator Norfolk Southern Corp, which has repeatedly rejected a takeover bid from Canadian Pacific Railway Ltd, said it will consolidate its Virginia and Pocahontas units, to cut costs and support growth. Norfolk said the move will affect management and staff positions based in Bluefield, West Virginia, but did not detail the number of employees who would be impacted.
CP shares retreated $2.34, or 1.5%, to $156.45.
Canaccord Genuity raised the rating on Eldorado Gold to buy from hold and cuts target price to $4.25 after the company’s announcement of suspension of development activities at Skouries effective immediately and the potential closure of Olympias and Stratoni.
Eldorado Gold took on eight cents a share, or 2.3%, to $3.61.
CIBC raised the target price on Richmont Mines to $6.00 from $5.50 based on the better-than-expected fourth quarter results of the company.
Richmont shares gained five cents, or 1.1%, to $4.80.
CIBC then upped the rating on Trican Well Service Ltd to sector perform from underperform and raised target price to $1.50 from $0.75 as the company’s announcement on active negotiations to sell its U.S. pressure pumping business to Keane Group. Trican shares added 34 cents to $51.14.
ON BAYSTREET
The TSX Venture Exchange recovered 1.15 points to 501`.47.
All but two of the 13 TSX subgroups were higher in the first hour of trade, as consumer discretionary issues climbed 2.4%, materials gained 1%, and the metals and mining sector took on 0.9%.
The two laggards were telecoms, down 0.4%, and industrials, off 0.3%.
ON WALLSTREET
U.S. stocks struggled to hold higher Wednesday as declines in major consumer discretionary names offset an initial boost from a bounce in oil prices.
The Dow Jones industrial average eked up 4.66 points to start out at 16,520.88, with Microsoft leading advancers and Home Depotthe greatest decliner.
The S&P 500 recovered 6.05 points to 1,944.73. Consumer discretionary was the greatest decliner in the S&P 500.
The NASDAQ index dropped 12.73 points to 4,673.19, as Apple traded about 0.5% higher. Netflix fell more than 4% in morning trade to also weigh on the NASDAQ
Copper edged higher after hitting fresh near-seven-year lows earlier in the week. Freeport-McMoRan extended the week's sharp decline to trade more than 2% lower in morning trade.
At 2 p.m. ET, the Federal Reserve's Beige Book and the monthly budget will be released and may shed some light on the state of the economy and when the next interest rate hike may come.
Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s 2.12%.
Oil prices gained $1.14 a barrel to $31.58 U.S.
Gold prices moved up 79 cents to $1,087.35 U.S. an ounce.
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