Equities in Canada’s largest centre rose on Wednesday, as energy firms tracked rising crude oil prices, while investors were hopeful of inflation cooling in the United States as they awaited a consumer price report due later in the week.
The TSX opened Wednesday’s trading up 73.99 points to 19,972.85
The Canadian dollar was unchanged cents at 74.44 cents U.S.
Aritzia Inc is expected to report third-quarter earnings after markets close. Aritzia shares gathered 73 cents, or 1.4%, to $50.98.
The Panama government doubled down on its order that metal miner First Quantum Minerals should halt operations at its flagship local copper mine, since it had been operating without a contract since 2017. First Quantum shares retreated 56 cents, or 1.8%, to $30.38.
ON BAYSTREET
The TSX Venture Exchange soared 6.61 points, or 1.1%, to 594.25.
All but two of the 12 subgroups gained ground in the first hour, led by health-care, sprinting 2.1%, while real-estate and consumer discretionary stocks each climbed 0.8%.
The two laggards were gold, down 0.7%, and materials, off 0.6%.
ON WALLSTREET
Stocks rose Wednesday as Wall Street looked to build on what has been a positive start to 2023.
The Dow Jones Industrials took on 36.21 points to open the mid-week session at 33,740.31
The S&P 500 was up 13.82 points to 3,933.07.
The NASDAQ Composite Index advanced 65.6 points to 10,808.23.
The moves come after the NASDAQ rose 1% on Tuesday to clinch its first three-day winning streak since November. If the tech-heavy composite ends Wednesday up, it would be the first four-day rally for the index since September. All three averages are positive for the young year.
2023 has brought a relief rally so far for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.
Warner Bros. Discovery got upgraded to a buy from a neutral rating by Guggenheim, which said that the risk-reward looks attractive at these levels.
Prices for the 10-year Treasury gained ground, lowering yields to 3.58% from Tuesday’s 3.61%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.21 to $76.33 U.S. a barrel.
Gold prices subtracted 30 cents to $1,876.20 U.S. an ounce.
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