Canada's main index rose on Wednesday, with gains in Suncor Energy shares boosting the energy sector and higher gold prices supporting materials stocks.
The S&P/TSX Composite Index gained 32.8 points to roll into hour Wednesday at 15,651.73
The Canadian dollar dipped 0.05 cents to 77.79 cents U.S.
Also helping the main index was a 4.3% rise in software company CGI Group, which reported second-quarter revenue above estimates.
Shares of Suncor Energy gained 0.8%, after the second-largest Canadian energy producer posted a quarterly profit that beat analysts' expectations.
Among stocks, Loblaw Cos Ltd gained 0.2% after the company beat profit estimates, helped by a rise in same-store sales in its food and drug retail businesses.
Maple Leaf Foods fell 5.4% and was the largest decliner on the index, after the meat packaging company posted a first-quarter profit that missed estimates.
Among the most active Canadian stocks by volume were Green Organic Dutch Holdings, Bombardier Inc and Tamarack Valley.
On the economic front, the IHS Markit Canada Manufacturing Purchasing Managers’ Index posted 55.5 in April, little changed from 55.7 in March and well above the neutral 50.0 threshold.
Also helping the sentiment was Bank of Canada Governor Stephen Poloz saying the outlook for the domestic economy is good despite the overhang of high household debt.
Meantime, U.S. Trade Representative Robert Lighthizer said on Tuesday that if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the U.S. Congress could be in jeopardy.
ON BAYSTREET
The TSX Venture Exchange eased 1.42 points to 774.04
All but three of the 12 TSX subgroups were higher, with health-care better by 1.2%, energy gushing 1%, and materials up 0.9%.
The three laggards were consumer staples, down 0.9%, telecoms off 0.5%, and financials settling 0.2%.
ON WALLSTREET
Stocks slipped on Wednesday as investors looked ahead to the Federal Reserve's latest announcement on monetary policy.
The Dow Jones Industrial Average dropped 81.8 points to 24,017.25, as a 2.2% decline in Travelers Cos. offset a jump in Apple.
The S&P 500 dipped 9.98 points to 2,644.82, as consumer staples fell 1.3%.
The NASDAQ retreated 14.89 points to 7,115.82
In corporate news, Apple rose 3.9% after reporting better-than-expected quarterly earnings and revenue that surpassed market expectations.
Earnings season continued Wednesday with CVS Health and Estee Lauder among the companies that reported earnings that beat analyst expectations. Garmin and Clorox also posted stronger-than-forecast results.
Overall, most major companies have reported quarterly earnings that outperform analyst estimates. According to FactSet, 79.1% of S&P 500 companies that have reported thus far have surpassed earnings expectations.
In economic news, mortgage applications dropped 2.5%, as rates reached their highest levels in nearly five years. ADP and Moody's Analytics also found that private payrolls grew by 204,000 in April, more than the expected 200,000.
The Fed is scheduled to release its latest monetary policy decision at 2 p.m. ET. Market expectations for a May rate hike are just 5.7%
While market participants do not foresee any modifications to interest rates, investors will be looking for clues about the Fed's tightening pace moving forward.
Prices for the benchmark 10-year Treasury note lost earlier gains, raising yields back to Tuesday’s 2.97%. Treasury prices and yields move in opposite directions.
Oil prices slipped 17 cents a barrel to $67.08 U.S.
Gold prices gained 60 cents to $1,307.40 U.S. an ounce.
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