Equities on Canada’s largest market fought their way higher in early trade on Wednesday, with gains for the index's heavyweight energy sector on higher oil prices offsetting falls for railway stocks after Canadian National Railway reported earnings.
The S&P/TSX Composite Index gained 15.07 points to begin Wednesday’s session at 15,217.44
The Canadian dollar gave back 0.08 cents to 79.85 cents U.S.
Loblaw Companies said on Wednesday its quarterly profit more than doubled, helped in part by higher customer spending during the Easter holiday. Loblaw shares doffed $1.57, or 2.2%, to $69.92.
Canadian National Railway reported better-than-expected quarterly profit and revenue on Tuesday, as the railroad moved higher volumes of commodities including Canadian grains and fertilizers.
CNR shares fell $2.20, or 2.2%, to $99.25.
Raymond James cut the price target on AGT Food and Ingredients to $32.00 from $35.00. AGT shares faded 53 cents, or 1.9%, to $26.80.
RBC cut the target price on First National Financial to $25.00 from $27.00. First National shares tumbled $1.01, or 3.8%, to $25.47.
ON BAYSTREET
The TSX Venture Exchange gained 2.32 points to 766.09.
All but three of the 12 TSX subgroups were higher in the first hour, with energy pumping 0.9% higher, health-care better by 0.7%, and information technology picking up 0.3%
The three laggards were consumer staples, down 0.7%, industrials, off 0.5%, and real-estate, sliding 0.1%.
ON WALLSTREET
Stocks south of the border charged from the gate Wednesday, as more companies continue to report strong quarterly results.
The Dow Jones Industrials vaulted 104.84 points to 21,718.27. Boeing contributed the most gains on the 30-stock index.
The S&P 500 picked up 3.35 points to 2,480.38, improving on Tuesday’s all-time high, rising 0.1% as telecommunications led advancers.
The NASDAQ added to Tuesday’s all-time high, gaining 19.17 points to 6,431.61
Dow-component Boeing posted earnings per share of $2.55, topping Wall Street estimates. The company's sales came in below expectations but the firm raised its full-year earnings guidance to a range of $9.80-$10.
Coca-Cola and Ford also posted better-than-expected quarterly results.
Earnings season has been strong thus far. With 34% of S&P 500 components having reported as of Wednesday morning, 78% have beaten expectations on the bottom line and 73% have topped on sales
In economic news, mortgage applications rose just 0.4% seasonally adjusted compared with the previous week. New home sales data were due out for later this morning.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at from Tuesday’s 2.33%.
Oil prices gained 34 cents to $48.23 U.S. a barrel
Gold prices darted lower $4.50 to $1,247.60 U.S. an ounce.
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