Equities in Canada stayed buoyant midday Wednesday, as the heavily weighted bank stocks led broad gains and firmer commodity prices bumped resource issues higher.
The S&P/TSX Composite Index gained 51.56 points to greet noon at 15,149.40
The Canadian dollar took on 0.29 cents to 78.69 cents U.S.
In Canada, talks with the United States and Mexico on modernizing the North American Free Trade Agreement commenced.
Manulife Financial was among the most influential gainers, rising 1% to $25.40. Financial stocks account for about a third of the index's weight.
Base-metal miner Teck Resources Ltd was up 2.3% to $28.98 while First Quantum Minerals rose 4.7% to $12.80. HudBay Minerals Inc jumped 8.4% to $9.96.
The overall materials group, which includes base metals mining companies, added strength as the price of zinc rose to its highest in almost a decade on construction spending in China, and copper and nickel prices also traded higher.
Energy stocks climbed, with Crescent Point Energy Corp up 2.9% to $8.90.
On the macroeconomic scene, Statistics Canada reported that foreign investors reduced their holdings of Canadian securities by $923 million in June, the first monthly divestment since July 2015.
At the same time, Canadian investment in foreign securities amounted to $13.2 billion, led by acquisitions of equities.
ON BAYSTREET
The TSX Venture Exchange lost 2.68 points to 767.19
All but two of the 12 TSX subgroups stayed positive by noon, with materials up 1.2%, information technology and consumer discretionary stocks soaring 0.7% each.
The two laggards were health-care, down 0.1%, and industrials, off 0.01%.
ON WALLSTREET
U.S. equities traded higher on Wednesday as investors looked ahead to a key release from the Federal Reserve.
The Dow Jones Industrials gained 80.23 points to begin Wednesday to 22,079.22, with Home Depot contributing the most gains.
The S&P 500 gained 9.08 points to 2,473.69, with materials leading advancers.
The NASDAQ jumped 35.15 points to 6,368.16, as shares of Apple hit a record high.
Earnings-wise, NetApp and Cisco Systems report today.
The U.S. central bank is scheduled to release the minutes from its July 26 meeting at 2 p.m. in New York. The minutes are a summary of what the top Fed officials discussed during their meetings.
Investors also digested weaker-than-expected housing data, as housing starts and permits fell unexpectedly last month.
Prices for the benchmark 10-year Treasury note backtracked, raising yields to 2.27% from Tuesday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices rose 14 cents to $47.69 U.S. a barrel
Gold prices fell $1.90 to $1,277.80 U.S. an ounce.
