Status-quo tidings from Canada’s central bank – as well as the perception that things couldn’t get much worse, following Tuesday’s market meltdown – aided in bringing more positive readings to stock markets in Canada at the start of trading Wednesday.
The S&P/TSX Composite Index sprang back to life Wednesday, gaining 100.36 points to kick off the session at 15,163.45
The Canadian dollar lost 0.15 cents to 75.28 U.S.
Hudson's Bay Co reported a bigger third-quarter loss as depreciation and amortization expenses rose and joint venture losses increased.
Bay shares were unchanged at $9.04.
Two major pipelines carrying oil from Canada to the United States were hit by weather-related disruptions on Tuesday, the latest hit to Canada's oil industry just days after the Alberta government announced forced cuts in crude production.
Canadian Natural Resources forecast a 2019 capital budget about $1 billion lower than last year, blaming a lack of market access for its oil and "dysfunctional" government processes.
Natural Resources stock gushed 70 cents, or nearly 2%, to $36.51.
Barclays cut the price target on Bank of Montreal to $103.00 from $105.00. BMO shares acquired 66 cents to $95.85.
Desjardins upgraded the rating on Dollarama to buy from hold. The discount store chain saw its shares leap $1.14, or 3.1%, to $37.81.
National Bank of Canada raised the price target on Thomson Reuters to $73.00 from $69.00. Thomson shares slumped $1.11, or 1.6%, to $66.47.
As widely expected, the Bank of Canada maintained its target for the overnight rate at 1.75% The Bank Rate remains 2%, and the deposit rate is 1.5%.
ON BAYSTREET
The TSX Venture Exchange lopped off 1.29 points to begin Wednesday at 570.84
All 12 TSX subgroups were positive in the first hour of trade, with industrials roaring ahead 1.3%, energy better by 1.2%, and consumer discretionary hiking 1.1%.
Overseas, in Japan, the Nikkei 225 hesitated 0.5% overnight Wednesday, while in Hong Kong, the Hang Seng index tumbled 1.6%
Oil prices gained 18 cents to $53.43 U.S. a barrel.
Gold prices subtracted four dollars to $1,242.60 U.S. an ounce.
ON WALLSTREET
On Wednesday, U.S. equity, option and fixed income markets are closed due to the declaration of a National Day of Mourning in memory of former President George H.W. Bush
