Stocks in Canada’s largest centre rose on Wednesday, led by the financial and materials groups, while lower oil prices weighed on energy stocks.
The S&P/TSX Composite traveled higher 30.94 points to open Wednesday at 13,915.17
The Canadian dollar dipped 0.12 cents to 77.56 cents U.S.
Amaya Inc said on Tuesday that proposed board nominee Paul McFeeters was unable to serve due to personal reasons.
Amaya dropped four cents to $18.87.
CIBC started coverage on ARC Resources with an outperform rating. ARC shares acquired eight cents to $21.11.
CIBC also started coverage on Baytex Energy with a sector perform
Baytex shares plummeted 15 cents, or 2.1%, to $7.14.
Lastly, CIBC started coverage on Vermilion Energy with an outperform rating. Vermilion shares fell 39 cents to $42.27.
Economically speaking, Statistics Canada reported manufacturing sales rose 1.0% to $50.4 billion in April, ending a two-month losing streak.
Meanwhile, the Canadian Real Estate Association reported national home sales dropped 2.8% in May, after setting new records in April. Actual (not seasonally-adjusted) activity was up 9.6% compared to May 2015.
ON BAYSTREET
The TSX Venture Exchange regained 4.39 points to 712.14
All but one of the 13 TSX subgroups gained ground, metals and mining hiked 3.8%, while gold and materials each picked up 1.5%.
Energy was only dissenter, losing 0.8%.
ON WALLSTREET
U.S. stocks traded higher Wednesday, after four straight days of declines, as investors awaited the afternoon conclusion of the Federal Reserve meeting.
The Dow Jones Industrials regained 58.66 points to 17,733.48, with Nike leading advancers and Cisco the greatest decliner.
The S&P 500 picked up 6.93 points at 2,082.25.
The NASDAQ picked up 14.28 points to 4,857.79, with consumer discretionary leading eight sectors higher and utilities and energy the only decliners.
In U.S. economic news, industrial production declined 0.4% in May and April's figure was revised lower to show a 0.6% increase versus the previously reported 0.7%. May capacity utilization edged lower from the prior month to 74.9%
The producer price index rose a slightly more-than-expected 0.4% in May, following a 0.2% rise the prior month, the Labor Department said. In the 12 months through May, PPI fell 0.1% after being unchanged in April.
The core PPI that excludes food, energy and trade services fell 0.1% last month after rising 0.3% in April, for a 0.8% rise in the 12 months through May.
The June Empire State Manufacturing Survey rose to 6.0 from a negative 9 print last month. Sub-index components on new orders and shipments also recovered positive territory, while inventories fell further into negative territory and the employment index was zero.
The Federal Open Market Committee is set to conclude its meeting at 2 p.m. ET with the release of its statement and economic projections. Fed Chair Janet Yellen is scheduled to hold a press briefing at 2:30 p.m.
Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s to 1.62%
Oil prices slid 72 cents a barrel to $47.77 U.S.
Gold prices skidded 50 cents to $1,287.60 U.S. an ounce.
Related Stories
