TSX Recovers from Virus-Driven Selloff

Kinaxis, Semafo in Focus

Canada's main stock index rose on Wednesday, recovering from a more than 4% loss over the past three sessions that was driven by fears of a coronavirus pandemic.

The TSX Composite Index had surged by noon EST 105.11 points to 17,282.48.

The Canadian dollar doffed 0.22 cents to 75.10 cents U.S.

The top gainers on the TSX were Kinaxis, which jumped $13.96, or 13.9%, to $114.46, after posting stronger quarterly results. OceanaGold , however, gave up some of its earlier gains and hugged the breakeven level at $2.39.

Semafo Inc fell five cents, or 1.5%, to $3.20, while Northland Power was down $1.43, or 4.4%, to $31.35 after touching a record high in the run-up to its fourth-quarter results.


ON BAYSTREET

The TSX Venture Exchange remained negative 1.7 points to 545.56

All but one of the 12 TSX subgroups were higher midday, led by information technology, soaring 2%, health-care, improving 1.3%, and gold, up 1.2%.

Only energy missed the party, down 0.2%.

ON WALLSTREET

Stocks gave back most of their earlier Wednesday gains as the 10-year Treasury yield traded near record lows amid concerns over the coronavirus spreading even further.

The Dow Jones Industrials came off their highs of the morning, but remained ahead 76.85 points to venture into noon hour EST at 27,158.2

The S&P 500 recovered 6.75 points to 3,134.96. The S&P 500 tech sector entered correction territory Tuesday, falling 10% from its 52-week high, after posting a fresh record close just last Wednesday. Apple through Tuesday was down 12% from its recent high.

The NASDAQ stayed buoyant 42.19 points to 9,007.81.

The Dow completed on Tuesday its worst two-day stretch in two years while the S&P 500 had its biggest consecutive-days selloff in more than four years.

Prices for the 10-Year U.S. Treasury rebounded, lowering yields to 1.32% from Tuesday’s 1.34%. Treasury prices and yields move in opposite directions.

Oil prices faded 59 cents to $49.31 U.S. a barrel.

Gold prices dumped $6.60 to $1,643.40 U.S. an ounce.