Equities in Canada’s biggest market resumed their march skyward at the opening of trade on Wednesday, largely on the backs of energy and health-care issues.
The S&P/TSX Composite Index popped 69.16 points to kick off Wednesday at 16,094.75, improving on Tuesday’s all-time record.
The Canadian dollar hesitated 0.03 cents to 77.54 cents U.S.
Investors will also focus on Bank of Canada Governor Stephen Poloz, who appears before the Standing Senate Committee on banking, trade and commerce. He will be accompanied by Senior Deputy Governor Carolyn Wilkins.
Energy stocks like Encana vaulted 74 cents, or 4.9%, to $15.83, while Cenovus chugged ahead 47 cents, or 3.8%, to $12.99.
Health-care stocks like Canopy Growth sprinted 20 cents, or 2.6%, to $7.90.
RBC cut the rating on Barrick Gold to sector perform from outperform. Barrick shares eked up a penny to $18.65.
Canaccord Genuity raised the price target on Canadian Western Bank to $35.00 from $33.00. CWB retreated 27 cents to $26.07.
RBC raised the rating on Goldcorp to outperform from sector perform. Goldcorp improved 30 cents, or 1.8%, to $17.15.
Canaccord Genuity upped the price target on Laurentian Bank of Canada to $67.00 from $63.00. Laurentian shares dropped penny to $59.99.
Canaccord Genuity raised the price target on Toronto-Dominion Bank to $78.00 from $74.00. TD shares gained 18 cents to $73.52.
On the economic beat, the seasonally-adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index dipped to 54.3 in October from 55.0 in September.
ON BAYSTREET
The TSX Venture Exchange hiked 5.43 points to 790.13
All but two of the 12 TSX subgroups were positive in the first hour, as energy triumphed 2%, health-care stocks were haler by 1.3%, and materials gained 1%.
The two laggards were information technology, skidding 0.4%, and utilities, doffing 0.2%.
ON WALLSTREET
U.S. equities opened at record highs on Wednesday ahead of the latest monetary policy announcement from the Federal Reserve. Stocks also followed overseas markets, which rose overnight along with major commodity prices.
The Dow Jones industrial average sprang up 131.79 points to 23,509.03, with DowDuPont leading advancers. The 30-stock index also traded at a record high.
The S&P 500 surged 9.81 points to 2,585.23, to an all-time high, with energy leading advancers. Estee Lauder was the best-performing individual stock in the index, rising 11%. The company posted better-than-expected quarterly results.
The NASDAQ added 10.04 points to 6,737.71, also notching a record
The Fed is largely expected to keep interest rates unchanged. Market expectations for a rate hike Wednesday are just 1.5%. Investors will, however, look for further confirmation that the central bank will raise rates in December.
In economic news, the U.S. private sector added 235,000 jobs in October, according to a report from ADP and Moody's. Economists polled expected a gain of 200,000 jobs.
The ADP report usually serves as a preview to the government's monthly jobs report, which is scheduled for release Friday.
Other data released Wednesday include the Institute for Supply Management manufacturing index, which hit 58.7 in October, and and construction spending, which rose 0.3%.
Prices for the benchmark 10-year Treasury note were up slightly, lowering yields to 2.37% from Tuesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 65 cents a barrel to $55.04 U.S.
Gold prices gained $6.40 an ounce to $1,276.90 U.S.
