Equities in Canada’s largest centre gained at the open Wednesday, a day after hitting an all-time peak, led by shares of energy companies as oil prices rose, while investors digested the central bank's interest rate decision.
The TSX began Wednesday up 79.23 points to 18,678.42
The Canadian dollar eked higher 0.12 cents to 79.21 cents U.S.
The largest percentage gainers on the TSX were Ballard Power Systems, which jumped $2.17, or 7.3%, to $31.93 after the fuel cell producer said Canadian Pacific will employ its fuel cells for hydrogen locomotive program.
CP shares gained $1.54 to $469.28.
Its gains were followed by pot producer Aphria, which rose 80 cents, or 4.8%, to $23.70.
Endeavour Mining fell 50 cents, or 2%, to $24.52, while MAG Silver, off 60 cents, or 2.8%, to $20.85, the two being the top laggards on the index.
Inter Pipeline on Tuesday asked shareholders to reject Brookfield Infrastructure Partners' hostile bid, saying the offer "significantly undervalues" the Canadian oil and gas transportation company. Inter took on eight cents to $18.29.
J.P. Morgan initiates coverage on ABC Technologies Holdings with an overweight rating and a 12-month price target of $14.00. ABC triumphed 66 cents, or 6.8%, to $10.38.
National Bank of Canada upped the price target on Secure Energy Services to $5.50 from $4.00. Secure shares gained 21 cents, or 5.1%, to $4.31.
The Bank of Canada today held its target for the overnight rate at the effective lower bound of 0.25%, with the Bank Rate at 0.5% and the deposit rate at 0.25%.
The central bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing program, which continues at its current pace of at least $4 billion per week.
ON BAYSTREET
The TSX Venture Exchange gained 11.47 points, or 1.2%, to kick off the mid-week session at 975.65.
All but two of the 12 TSX subgroups were positive to begin the session, with health-care rocketing 1.7%, energy gushing 1.2%, and consumer discretionary stocks picking up 0.9%.
The two laggards were communications, dropping 0.5%, and real-estate, swooning 0.3%.
ON WALLSTREET
U.S. stocks jumped on Wednesday after a report showed tame inflation, easing worries about rising prices that have jolted yields higher and unnerved equity investors.
The Dow Jones Industrials popped 299.77 points at 32,132.51
The S&P advanced 22.65 points to open at 3,898.77, led by energy and cyclicals.
UBS hiked its year-end S&P 500 target to 4,250 from 4,100 on Tuesday, representing a near 9% gain from here. UBS turned more bullish on stocks for the year with incoming stimulus and pent-up consumer spending.
The NASDAQ Composite improved 92.97 points to 13,166.79.
Tesla jumped another 6%. Zoom Video was also 3% higher. Cathie Wood’s flagship active exchange-traded fund Ark Innovation ETF leaped another 3% after soaring 10% for its best day ever on Tuesday.
Data out Wednesday morning showed February consumer prices increased 0.4%, matching expectations from economists polled by Dow Jones. The Consumer Price Index gained 1.7% on a year-over-year basis, also in line with estimates.
Prices for 10-Year Treasurys stood still, keeping yields at Tuesday’s 1.54%.
Oil prices rose 52 cents to $64.53 U.S. a barrel.
Gold prices dulled 30 cents to $1,716.60.
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