Equities in Canada’s largest centre staged a comeback from two days of negative readings Wednesday, after a somewhat benign report
from the U.S. Federal Reserve
The S&P/TSX Composite Index gained 77.82 points to close Wednesday’s session at 13,478.13
The Canadian dollar zoomed 1.27 cents to 76.17 cents U.S.
Base metals concerns showed the most strength, most notably First Quantum, galloping 82 cents, or 10.7%, to $8.47, while Teck Resources hiked 52 cents, or 5.6%, to $9.86.
Gold recovered from early doldrums, as Barrick Gold strengthened 95 cents, or 5%, to $19.93, and Goldcorp surged 87 cents, or 4.1%, to $22.30
Industrials were among the few sectors not having a strong day, as Aecon Group moved lower five cents to $16.12. Construction ace Stella-Jones fell 85 cents, or 1.7%, to $48.31.
Another sector falling a bit proved to be telecoms, mostly TELUS, down 29 cents to $40.87, while BCE Inc. lost 13 cents to $58.40.
On the economic slate, Statistics Canada reported that manufacturing sales rose 2.3% in January to $53.1 billion, an all-time high.
Moreover, the agency said, foreign acquisitions of Canadian securities reached $13.5 billion in January, mainly private corporate debt instruments. At the same time, Canadian investors reduced their holdings of foreign securities by $13.8 billion, mostly equities.
ON BAYSTREET
The TSX Venture Exchange strengthened 7.99 points, or 1.4%, to 575.40
All but two of the 13 TSX subgroups were higher on the day, with metals and mining solidifying 6%, gold better by 4.5%, and materials up 3.5%.
The two laggards were industrials, down 0.5%, and telecoms, sliding 0.3%.
ON WALLSTREET
Equities closed higher stateside Wednesday, helped by a rise in oil prices, following the release of the U.S. Federal Reserve's statement and economic projections.
The Dow Jones Industrial average enjoyed a solid gain of 74.23 points to 17,325.76, with Chevron, Caterpillar and IBM among the top gainers, and Goldman Sachs the greatest weight
The S&P 500 added 11.79 points to 2,027.72. Materials and energy led advancers in afternoon trade.
The NASDAQ index improved 35.3 points to 4,763.97, as Apple took on more strength.
The Fed left rates unchanged and reduced projections for the number of rate hikes in 2016 to two from four.
The central bank also cut its outlook for 2016 growth in Gross Domestic Product to 2.2% from the previously-projected 2.4%.
Investors also digested inflation figures Wednesday. Ex-food and energy, the so-called core Consumer Price Index rose 0.3% in February for a 2.3% rise over the 12 months through February. The overall consumer price index showed a 0.2% decline.
Elsewhere on the economic scene, U.S. housing starts rose 5.2% in February. Industrial production data declined 0.5% in February, with capacity utilization at 76.7%
Prices for the 10-year Treasury regained strength, lowering yields to 1.92% from Tuesday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.09 a barrel to $38.43 U.S.
Gold prices recouped and then some, climbing $35.30 in price to $1,261.56 U.S. an ounce.
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