Stocks in Canada’s largest centre rose on Wednesday after four days of declines, despite persisting concerns that the pace of global growth will remain sluggish.
The S&P/TSX Composite Index moved up 42.57 points to close the day’s trading at 13,347.23
The Canadian dollar recovered 0.24 cents to 76.35 cents U.S.
Health-care stocks hiked, spurred by an 18.5% increase, or $7.00, for Valeant Pharmaceuticals International Inc. The drug maker, whose stock closed at $44.77, has rebounded from a five-year low, increasing 29% over the last two days, after it said a special “ad hoc” board
Energy firms also scored, as Baytex Energy, gaining 22 cents, or 4.5%, to $5.09, and Suncor Energy, which climbed 66 cents, or 1.9%, to $35.73.
Financial firms in the benchmark index decreased, led lower by losses in Toronto-Dominion Bank – which tailed off $1.01, or 1.8%, to $54.93, and the Canadian Imperial Bank of Commerce, which lost 37 cents to $96.16.
Consumer staples led losing subgroups, as Metro Inc. fell $1.82, or 4.2%, to $42.08, and Loblaw, off $1.62, or 2.3%, to $69.37.
On the economic front, Western University in London, Ontario reported that its seasonally-adjusted Ivey Purchasing Managers Index came in at 50.1 for March, down from 53.4 in February and 47.9 for March 2015.
The survey asks purchasing managers whether their expenditures increased, decreased or stayed put during the previous month. Any reading over 50 indicates expansion.
ON BAYSTREET
The TSX Venture Exchange strengthened 3.96 points to 587.38
Eight of the 13 TSX subgroups were lower, with consumer staples trailing 1.5%, utilities shed 0.8%, and telecoms lost 0.7%.
The five gainers were led by health-care, sprouting higher 4.3%, energy, up 3%, and metals and mining, better by 0.5%.
ON WALLSTREET
U.S. stocks closed higher Wednesday, led by gains in health care and energy, after the release of the Fed meeting minutes.
The Dow Jones Industrials jumped 112.73 points to 17,716.05, with Chevron and Pfizer sparking gains the most.
The S&P 500 added 21.72 points, or 1.1%, to 2,066.89. Health care held more than 2.5% higher and energy traded about 2% higher as the top S&P 500 advancers.
The NASDAQ index gained 76.78 points, or 1.6%, to 4,920.72, as shares of Amazon.com jumped 2.7% and Apple rose 1.1%
In corporate news, Pfizer abandoned its merger with Allergan following the Treasury's fresh moves to limit inversions. Shares of both companies were up about 3% or more in late-morning trade.
Separately, the U.S. Department of Justice filed a suit to block the merger of Halliburton and Baker Hughes. The two firms said in a press release they "intend to vigorously contest" the DOJ. Shares of Halliburton were up more than 6.3% and Baker Hughes traded 9%
higher in afternoon trade.
The major averages temporarily pared gains after the Federal Open Market Committee March meeting minutes showed several policymakers expressed caution over April hike, while some said an April hike might be warranted.
U.S. crude oil futures extended earlier gains to trade 4.5% higher after weekly crude inventories from the Energy Information Agency showed a draw of 4.9 million barrels.
Prices for the 10-year Treasury fell back, raising yields back to 1.75% from Tuesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.83 a barrel to $37.72 U.S.
Gold prices sagged $7.49 to $1,223.86 U.S. an ounce.
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