CORRECTS TRADING DAY IN TSX SECTION
Canada's main stock index hit a three-month high in early trade on Wednesday, as optimism over global coronavirus recovery efforts lifted sentiment following an interest rate decision by the Bank of Canada.
The S&P/TSX Composite Index kept its win streak going, tacking on 158.15 points, or 1%, to begin Wednesday's session at 15,538.99
The Canadian dollar progressed 0.27 cents at 73.93 cents U.S.
Canada Goose Holdings said on Wednesday it expected negligible revenue in the current quarter after the luxury parka maker was forced to shut stores in markets across the world due to the COVID-19 pandemic.
Canada Goose shares soared $3.43, or 11.8%, to $32.56.
Ericsson shares hit a high for the year, after the Swedish telecom equipment maker increased its footprint in Canada by winning a 5G contract from BCE Corp's Bell Canada, beating out China's Huawei.
Meantime, BCE shares jumped 43 cents to $58.10.
CIBC raised the rating on Alcanna to outperform from neutral. Alcanna shares increased 29 cents, or 9.1%, to $3.48.
Canaccord Genuity raised the target price on Cogeco Communications to $96.00 from $93.00. Cogeco shares gained 49 cents to $103.03.
CIBC raised the target price on Granite REIT to $75.00 from $68.00. Granite units leaped 43 cents to $67.69.
The Bank of Canada did as expected, holding its trendsetting rate at 0.25%. The Bank Rate is correspondingly 0.5% and the deposit rate is 0.25%
ON BAYSTREET
The TSX Venture Exchange faded 2.89 points to begin the session at 556.89.
All but two of the 12 TSX subgroups gained ground in the first hour, led by financials, charging 2.3%, consumer discretionary stocks, up 2%, and health-care issues, popping 1.6%,
The two laggards were gold, down 1.2%, and materials, off 0.9%.
ON WALLSTREET
Stocks rose on Wednesday as markets continued to rally on optimism over economies emerging from coronavirus-led shutdowns.
The Dow Jones Industrials flew 265 points, or 1.1%, to start Wednesday at 25,966. Wednesday’s gain put the Dow on pace for its third consecutive gain.
The S&P 500 added 19.75 points to 3,096.75. The S&P 500 is up more than 1% so far in June, bringing its gain from its pandemic low in March to more than 40%.
The NASDAQ Composite gained 14.5 points to 9,662.25.
The NASDAQ 100 index, which tracks the 100-largest non-financial companies in the NASDAQ Composite, entered Wednesday less than 1% from its record high set Feb. 19.
The index has rallied 42.6% from an intraday low set on March 23. Those gains have been provided in large part by stocks that benefited from people staying at home due to the coronavirus.
Stocks poised to benefit from the economy reopening rose broadly. American, Delta and United Airlines all gained more than 2%. JPMorgan Chase, Wells Fargo and Bank of America also climbed at least 2.9% each.
Meanwhile, shares of companies that surged during stricter stay-at-home orders lagged. Amazon dipped 0.1% and Netflix slid 0.9%. Zoom Video and Shopify dropped 1.1% each.
Market sentiment was also lifted after ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75-million estimate.
The reason for the wide disparity was not immediately clear. Data from the Institute for Supply Management showed the U.S. services sector contracted less than expected, rebounding from an 11-year trough.
Prices for the 10-Year Treasury plummeted, raising yields to 0.75% from Tuesday’s 0.68%. Treasury prices and yields move in opposite directions.
Oil prices tailed off seven cents to $36.74 U.S. a barrel.
Gold prices toppled $25.80 to $1,708.20 U.S. an ounce.
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