Equities in Canada’s largest centre gained at the open on Wednesday, fueled by gains in energy shares, while data showed domestic inflation rate eased slightly in November.
The TSX Composite gathered 205.5 points, or 1.1%, to begin the mid-week session at 19,512.39.
The Canadian dollar subsided 0.11cents at 73.41 cents U.S.
BlackBerry said the sales cycles for its cybersecurity software have become longer and it expects the current macroeconomic environment to pose more challenges in the near term. The company once known as Research in Motion lost 25 cents, or 4.4%, to $5.38.
First Quantum Minerals fell more than 3% on Tuesday as the market awaited a response from the Canada-based miner to Panama's order that it halt operations at a major copper mine in a dispute over taxes. First Quantum shares picked up $1.10, or 4.2%, to $27.08.
On the economic calendar, Statistics Canada’s consumer price index rose 6.8% on a year-over-year basis in November, following a 6.9% increase in October.
ON BAYSTREET
The TSX Venture Exchange pointed upward 4.69 points to 567.14.
12 subgroups gained first thing out of the chute, with real-estate, energy and materials stocks also pulling forward 1.5%.
ON WALLSTREET
Stocks rose Wednesday after earnings reports from two major bellwethers raised hopes that corporate earnings may be better than feared even with a possible recession on the horizon.
The Dow Jones Industrials leaped 290.25 points to begin Wednesday at 33,139.99
The S&P 500 picked up 25.63 points at 3,847.25.
The NASDAQ Composite Index gained 57.97 points, to 10,605.09.
Nike surged 14% after beating Wall Street’s expectations for quarterly earnings and revenue. The sports apparel company showed progress in its attempt to clear through inventory, posting a decline over the previous quarter.
Meanwhile, FedEx gained more than 5% even as revenue fell short of Wall Street’s expectations with weakening demand. The package delivery giant beat consensus earnings per share estimates and shared a slew of cost-cutting plans.
Earnings season continues before the Christmas holiday, with Micron reporting after the bell.
With the end of 2022 in sight, all three major averages are on pace to post their worst year since 2008 to break a three-year win streak.
The Dow’s down 8.7% for the year and 4.1% this month, while the S&P’s shed 19.25% and 5.6%, respectively. The NASDAQ has plummeted 32.2% in 2022 and 7.6% in December.
Wednesday’s moves followed a day of slight gains for stocks. The major indexes snapped a four-day losing streak, putting a little wind back into hopes for an end-of-year rally.
Prices for the 10-year Treasury heightened, lowering yields to 3.65% from Tuesday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices moved up $1.66 to $77.89 U.S. a barrel.
Gold prices lost $3.10 to $1,828.50 U.S. an ounce.
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