Equity markets in Toronto rose on Wednesday as energy stocks gained with higher oil prices and as investors broadly cheered trade data that offered further evidence of a third quarter economic rebound.
The S&P/TSX Composite was off its highs of the morning, but still up 87.96 points to greet noon at 14,608.97
The Canadian dollar regained 0.05 cents to 75.86 cents U.S.
Suncor Energy rose 1.5% to $36.94 and Canadian Natural Resources rose 1.8% to $42.76.
Enerplus Corp shares rose 6.3% to $9.68. The energy producer has put its natural gas assets in the U.S. Marcellus shale region up for sale, according to three sources familiar with the situation.
Barrick Gold rose 1.6% to $20.71. It said late on Tuesday that operations had resumed at its Veladero mine in Argentina following approval from local authorities after processing solution containing cyanide spilled last month.
Novagold RS fell 7.6% to $5.92 after reporting a third-quarter loss.
The financials group gained, with Royal Bank of Canada up 0.6% to $81.62 and Toronto-Dominion Bank adding 0.6% to $58.22.
Industrials rose, with Canadian National Railway Co up 1.3% to $88.11.
On the economic slate, Statistics Canada reported that our exports increased 0.6% to $43.4 billion in August, while imports were largely unchanged at $45.3 billion.
As a result, Canada's merchandise trade deficit with the world narrowed from $2.2 billion in July to $1.9 billion in August.
ON BAY STREET
The TSX Venture Exchange stayed above water 1.3 points to 768.11
The 12 TSX subgroups were split between winners and losers, as energy gushed 2.6%, industrials moved forward 0.9%, and consumer discretionary stocks improved 0.7%.
The half-dozen laggards were weighed most by gold, down 1%, utilities, off 0.5%, and telecoms, sliding 0.3%.
ON WALL STREET
U.S. equities rose on Wednesday, led higher by energy and financials, as investors examined a slew of economic data while watching surging oil prices.
The Dow Jones Industrials leaped 130.5 points to 18,298.95, with Goldman Sachs leading advancers and Verizon the top decliner.
The S&P 500 was positive 11.99 points to 2,162.44, with energy leading seven sectors higher and telecommunications the biggest laggard.
The NASDAQ Composite hiked 40.66 points to 5,330.32
The Energy Information Administration said Wednesday that U.S. crude inventories decreased by three million barrels, marking the fifth straight week of declines. Oil prices had risen earlier in the session, after the American Petroleum Institute said on Tuesday afternoon that U.S. oil inventories had decreased by 7.6 million barrels.
On the data front, companies in September created jobs at the slowest pace in six months as the labour market south of the border showed further signs of tightening, according to a report Wednesday from ADP and Moody's Analytics. ADP's report is seen as a preview of the U.S. government's monthly non-farm payrolls report, due Friday morning.
Other data released Wednesday included the U.S. trade deficit, which widened to $40.7 billion in August, while weekly mortgage applications rose 2.9% last week. Factory orders and Institute for Supply Management non-manufacturing both came in better than expected.
Prices for the 10-year Treasury fell, raising yields to 1.72% from Tuesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.05 to $49.74 U.S. a barrel
Gold prices dropped $1.50 to $1,268.20 U.S. an ounce.
Related Stories
