Equities in Canada’s largest centre crept marginally higher in opening trade on Wednesday, powered by gold and health stocks.
The S&P/TSX Composite Index poked 10.94 points to kick off Wednesday at 16,368.69
The Canadian dollar gained 0.01 to 74.25 cents
Private equity firm Waterton Global Resource Management on Tuesday said it agreed to not increase its stake in Hudbay Minerals, to more than 15% after the private equity firm settled its drawn-out proxy contest with the Canadian miner.
Hudbay shares dipped seven cents to $7.69.
Enbridge is asking oil shippers to sign at least eight-year contracts to move crude on its Mainline pipeline network, as it proposes to shift away from a monthly allocation system.
Enbridge shares gushed 19 cents to $49.48.
RBC cut the price target on Alaris Royalty to $22.00 from $25.00. Alaris shares acquired six cents to $18.54.
Eight Capital cut the price target on Freehold Royalties to $11.50 from $12.00. Shares clicked 15 cents higher, or 1.8%, to $8.71.
CIBC cut the price target WestJet Airlines to $20.00 from $21.00. WestJet shares dove 22 cents, or 1.2%, to $18.82.
Economically speaking, Canada Mortgage and Housing Corporation reported that seasonally-adjusted housing starts rose to 235,460 units in April of 2019 from a downwardly-revised 191,981 units in March and beating market expectations of 196,400 units. The SAAR of urban starts increased by 24% in April to 220,387 units
ON BAYSTREET
The TSX Venture Exchange recovered 1.14 points to start the mid-week at 600.24
All but three of the 12 Toronto subgroups were in the green to begin trading, as gold shone brighter 0.8%, health-care increased 0.7%, and energy moved 0.6% higher.
The three laggards were consumer discretionary, fading 0.5%, while consumer staples and financials drifted lower 0.2% each.
ON WALLSTREET
Stocks tried to rebound from a deep selloff after President Donald Trump said in a tweet that China is coming this week to make a deal.
The Dow Jones Industrials edged lower 1.84 points to 25,963.25, following a 470-point loss in the previous session
The S&P 500 docked 1.63 points to 2,882.42
The NASDAQ Composite index doffed 5.69 points to 7,958.07
The Dow has lost nearly 540 points this week amid the trade dispute, while the S&P 500 and NASDAQ are down more than 2% after both hitting all-time highs last week.
Investors are also monitoring corporate earnings. Disney and Fox will report after the closing bell.
So far, 88% of the S&P 500 companies have reported their first-quarter earnings. Earnings are beating by 6.7%, with 73% of companies exceeding their bottom-line estimates, according to Credit Suisse.
Prices for the benchmark 10-year U.S. Treasury strengthened a mite, lowering yields to 2.45% from Tuesday’s 2.46%. Treasury prices and yields move in opposite directions.
Oil prices regained nine cents to $61.49 U.S. a barrel.
Gold prices gained two dollars to $1,287.60 U.S. an ounce.
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