Stocks Move Back up Again

Bank Rate Announcement Released

Canada's main stock index opened flat on Wednesday as a drop in oil prices offset the boost from positive corporate earnings.

The TSX recovered 48.33 points to begin the mid-week session at 19,089.11.

The Canadian dollar slipped 0.08 cents to 79.20 cents U.S.

Rogers Communications reported first-quarter revenue that trumped analysts' estimates, as more live sports on television helped boost the Canadian telecom operator's advertisement sales.

Rogers gained $1.43, or 2.3%, to $62.97.

Cormark Securities initiated coverage on Boat Rocker Media with a buy rating, and a price target of $13. Boat Rocker shares were stable at $8.62.

CIBC raises target price on Emera to $58.00 from $57.00. Emera shares picked up 21 cents to $57.87.

RBC cut the rating on PrairieSky Royalty to sector perform from outperform. PrairieSky shares ditched 11 cents to $12.90.

In the economic docket, Statistics Canada says March’s Gross Domestic Product rose 2.2% on a year-over-year basis, up from a 1.1% gain in February. On a seasonally adjusted monthly basis, the CPI rose 0.1% in March.

Also, the Bank of Canada today held its target for the overnight rate at the effective lower bound of 0.25%, with the Bank Rate at 0.5%and the deposit rate at 0.25%

ON BAYSTREET

The TSX Venture Exchange eked up again 1.42 points to 916.18.

All but two of the 12 TSX subgroups were positive in the first hour, as communications improved 1%, gold brightened 0.9%, and utilities poked forward 0.5%.

The two laggards were energy, sagging 0.1%, while information technology shares waned 0.02%.

ON WALLSTREET

U.S. stocks rose on Wednesday led by a rebound in cyclical names as equities tried to recover from two straight days of losses.

The Dow Jones Industrials restocked 135.69 points to open Wednesday at 33,956.98

The S&P 500 regained 10.31 points to 4,145.25.

The NASDAQ Composite strengthened 14.79 points to 13,801.05.

Shares of Norwegian Cruise Line Holdings led a pop in reopening plays after Goldman Sachs upgraded the stock. Norwegian jumped more than 5%, while Carnival and Royal Caribbean rose about 2% each.

United Airlines rebounded 1.3% after plunging 8.5% on Tuesday after the carrier reported its fifth consecutive quarterly loss and said that business and international travel is still far from a recovery.

The State Department said it would increase "do not travel" advisories to 80% of the world’s countries, adding that the pandemic presents an "unprecedented risk to travelers."

Netflix shares plunged about 8% after the streaming giant reported subscriber additions that fell far short of Wall Street estimates as the demand surge from the pandemic started to fade. The company also said it only expects to add about one million subscribers in the current quarter, well below estimates. Shares of Roku fell 3% in sympathy.

Prices for 10-Year Treasurys slid, raising yields to 1.57% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.

Oil prices doffed 74 cents to $61.93 U.S. a barrel.

Gold prices zoomed $17.70 to $1,796.10 U.S. an ounce.