Canada's main stock index rose on Wednesday, extending an 11-month high, as gold miners advanced on a bullion price recovery while energy stocks weighed with a fall in oil prices.
The S&P/TSX Composite gained 40.66 points to open Wednesday at 14,518.33
The Canadian dollar moved lower 0.18 cents to 76.50 cents U.S.
Corus Entertainment reported a bigger third-quarter loss as expenses soared. Net loss attributable to shareholders was $15.8 million, or 10 cents per share, for the three months to May 31. Corus posted a net loss of $8.1 million, or nine cents a share, a year earlier. The company's revenue rose to $360.8 million from $203.1 million.
Corus shares dipped $1.19, or 8.6%, to $12.59.
Brookfield Asset Management said on Tuesday it had raised $14 billion for its new global infrastructure fund, giving it a war chest to hunt for assets around the world. Brookfield shares took on 13 cents to $45.38.
Canadian Tire reappointed Stephen Wetmore its chief executive, more than a year and a half after he left the top job. Wetmore, who replaces Michael Medline, will step down as the deputy chairman of Canadian Tire's board but will remain a director.
Canadian Tire shares tumbled $4.43, or 3.1%, to $139.86.
National Bank Financial raised the target price on Northland Power to $26.00 from $24.00 as the company is considering a partnership with private equity or an asset sale.
Northland shares descended nine cents to $24.13.
Desjardins raised the target price on Tamarack Valley Energy to $5.25 from $4.75, based on the company’s acquisitions as opportunistic toward consolidating assets in its core areas of Redwater and Wilson Creek, as well as strategic in obtaining a low-decline funding platform in Penny.
Tamarack Valley shares dipped four cents to $3.62.
Sirius XM Canada Holdings reports Q3 earnings today, expecting six cents per share. Sirius shares were unchanged at $4.73
The Bank of Canada held its benchmark interest rate steady at 0.5% on Wednesday, the same level at which it has been since last summer.
ON BAYSTREET
The TSX Venture Exchange acquired 6.41 points Wednesday to 756
Nine of the 13 subgroups were higher in the first hour, with gold soaring 3%, materials ahead 1.9%, and health-care haler by 0.9%.
The four laggards were weighed most by energy, down 0.7%, consumer discretionary stocks, slipping 0.3%, and real-estate, off 0.2%.
ON WALLSTREET
U.S. stocks traded near the flatline Wednesday as investors tried to reach further into record highs.
The Dow Jones Industrials gained 15.1 points to 18,362.77 from Tuesday’s all-time high, with Home Depot leading decliners and Merck the top advancer.
The S&P 500 gained 0.82 points to 2,152.96, with energy leading five sectors lower and utilities the greatest advancer.
The NASDAQ Composite Index took on 7.18 points to 5,030
Economically speaking, U.S. import prices for June rose 0.2%, missing estimates, while export prices gained 0.8%.
The Federal Reserve will release its latest edition of the Beige Book at 2 p.m.
Prices for the 10-year Treasury gained, lowering yields to 1.48% from Tuesday’s 1.51%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 61 cents a barrel to $46.19 U.S.
Gold prices jumped $7.70 to $1,343 U.S. an ounce.
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