Stocks in Canada’s largest centre moved substantially higher Wednesday, on strength in energy and industrial issues, as oil prices recovered some forgotten momentum.
The S&P/TSX Composite Index climbed 112.15 points to close Wednesday at 14,997.63.
Energy stocks roared ahead, with Frontera Energy up 74 cents, or 22.1%, to $4.09, while Whitecap Resources collecting 31 cents, or 16.5%, to $2.19.
Industrials moved up, too, as Bombardier gained four cents, or 8.7%, to 50 cents, while New Flyer Industries jumped 93 cents, or 6.2%, to $15.85.
Tech stocks soared, as EXFO added 20 cents, or 6.3%, to $3.38, while Constellation Software hiked $50.17, or 3.4%, to $1,539.56.
Among health-care concerns, Aurora Cannabis fell $2.65, or 13%, to $17.75, followed by Hexo Corp, which lost five cents, or 6.9%, to 68 cents.
Among gold plays, Barrick Gold dropped $1.29, or 3.3%, to $37.87, while Kinross Gold docked 32 cents, or 3%, to $10.21.
In other resource stocks, Cascades Inc. slid 43 cents, or 3.1%, to $13.67, while Pretium Resources dipped 20 cents, or 1.5%, to $12.77.
On the economic front, Statistics Canada reported wholesale sales fell 2.2% to $63.9 billion in March, following three consecutive monthly gains, while April’s CPI fell 0.2% on a year-over-year basis, down from a 0.9% increase in March.
On a seasonally-adjusted monthly basis, the CPI fell 0.7% in April, following a 0.9% decline in March.
ON BAYSTREET
The TSX Venture Exchange added 6.12 points, or 1.2%, to 533.93.
The 12 TSX subgroups were evenly divided, with energy sprinting 5.6%, while industrials and information technology were each up 2%.
The half-dozen laggards were weighed most by health-care, down 2%, while gold dulled in 1.8%, and materials, off 1%.
ON WALLSTREET
Stocks rose sharply in the U.S. on Wednesday, building on this week’s gains, as traders increased bets of an economic recovery with more states easing stay-at-home orders. Tech shares led the gains.
The Dow Jones Industrials came off its highs of the day, but still progressed 369.04 points, or 1.5%, to close at 24,575.90.
The S&P 500 hurtled higher 48.67 points, or 1.7%, to 2,971.61, its highest closing level since March 6
The NASDAQ perked 190.67 points, or 2.1%, to 9,375.78.
Wednesday’s advance put the major averages up more than 3% for the week. It also put the NASDAQ up 4.5% for 2020, adding to the index’s lead over the Dow and S&P 500 year to date. The tech-heavy index closed Wednesday’s session less than 5% from its February record.
Facebook shares rallied more than 6% to reach a record high. Amazon also hit an all-time high, closing higher by 2%. Facebook’s gains came as investors cheered the company’s new e-commerce, Facebook Shops, while Amazon continues to benefit from consumers ordering online.
Shares of MGM Resorts, United Airlines and Live Nation Entertainment all rose more than 5%. Those companies have all taken a beating this year amid the global economic shutdown.
The major averages briefly fell off their session highs Wednesday after the Senate passed a bill that would increase oversight of Chinese companies. The bill would also ban some Chinese companies from listing on U.S. exchanges. U.S.-listed shares of Alibaba, Baidu and JD.com all fell from their highs amid the news.
Data compiled by Johns Hopkins University shows more than 4.9 million cases have been confirmed worldwide, with over 1.5 million of those infections in the U.S. alone.
Prices for the 10-Year Treasury strengthened, lowering yields to 0.68% from Tuesday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices added $1.57 to $33.53 U.S. a barrel.
Gold prices acquired $5.70 to $1,751.30 U.S. an ounce.
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