Equities in Toronto continued their mid-month rally Wednesday, on news about shares of Rubik's Cube-owner Spin Master.
The TSX Composite galloped 162.64 points to face the closing bell Wednesday at 19,663.84.
The Canadian dollar sank 0.06 cents at 73.54 cents U.S.
As for Spin Master, its shares rose $2.02, or 6%, to $35.75 after the toys and games-maker said it will buy U.S.-based toy-maker Melissa & Doug for $950 million in cash.
Among gold, the leader among gainers, Eldorado Gold grabbed 57 cents, or 4.6%, to $12.96, while B2Gold soared 11 cents, or 2.7%, to $4.26.
In communications, Cogeco Communications jumped $3.16, or 5.2%, to $63.96, while Quebecor took on 84 cents, or 2.9%, to $29.73.
Utilities were also in the green, with Fortis Inc. climbing $1.33, or 2.5%, to $55.47, while Innergex pointed higher 25 cents, or 2.5%, to $10.11.
Health-care did not fare so well, though, with Bausch Health Companies surrendering 45 cents, or 4.3%, to $10.11, while Tilray doffed nine cents, or 3.1%, to $2.82.
On the economic slate, Statistics Canada informs us that building permits jumped 3.4% in August to $11.9 billion.
ON BAYSTREET
The TSX Venture Exchange edged ahead 0.56 points to conclude Wednesday at 534.65.
All but one of the 12 TSX subgroups were higher, with gold brighter 2.1%, communications, ahead 1.9%, and utilities, up 1.6%.
Only health-care missed the party, plunging 1.1%.
ON WALLSTREET
Stocks ticked higher Wednesday as traders awaited the release of new U.S. consumer inflation numbers and Treasury yields continued to retreat.
The Dow Jones Industrials recovered 65.57 points, to close Wednesday at 33,804.87.
The S&P 500 index progressed 18.71 points to 4,376.95.
The NASDAQ index hiked 96.83 points at 13,659.68.
Earlier Wednesday, Exxon Mobil agreed to buy shale driller Pioneer Natural Resources in an all-stock transaction worth $59.5 billion, the largest merger announced on Wall Street this year. Pioneer shares were up 1.4%, while Exxon was down by about 3.6%.
Investors continue to assess the ongoing war unfolding between Israel and Hamas after the militant group launched an attack on Israeli civilians in what marked the deadliest offensive the country’s experienced in 50 years. President Joe Biden condemned the Hamas attacks as terrorism in remarks Tuesday and said that the United States stands with Israel.
The consumer price index report for September is slated for release Thursday. Economists surveyed by Dow Jones expect an increase of 0.3% from the previous month and 3.6% year over year. Investors will keep a close eye on the data as they search for clues on future Federal Reserve policy moves. The numbers will come a day after traders pored through hotter-than-expected wholesale inflation figures.
The producer price index rose 0.5% for September, coming out higher than the Dow Jones estimate for a 0.3% rise. The figure still represented a slowing from the 0.7% producer prices increase in the prior month.
Prices for the 10-year Treasury gained sharply, lowering yields to 4.56% from Tuesday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices handed back $1.96 to $84.01 U.S. a barrel.
Gold prices added $11.60 to $1,886.90.
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