TSX Moves Slightly Higher in First Hour

SNC-Lavalin, Enbridge in Focus

Canada's main stock index rebounded from a one-week low on Wednesday, led by industrial and consumer staple shares, although gains were limited by weakness in energy sectors.

The TSX Composite crawled out from the debris of Tuesday’s selloff, squeaking higher 22.8 points to begin Wednesday at 20,196.94.

The Canadian dollar sank 0.24 cents to 78.62 cents U.S.

Enbridge said on Tuesday it signed partnerships with Royal Dutch Shell and Vanguard Renewables to make low-carbon fuels, seeking to tap into sales to companies that want to lower their greenhouse gas emissions.

Millennial Lithium said on Tuesday Chinese battery maker Contemporary Amperex Technology Co Ltd has agreed to buy the miner for $376.8
Million, after outbidding compatriot Ganfeng Lithium.

Veritas Research raised the rating on CAPREIT to buy from sell.

Veritas then raised the rating on Interrent REIT to reduce from sell

Scotiabank raised the target price on SNC-Lavalin Group to $50.00 from $44.00

On the economic front, Statistics Canada’s industrial product price index declined 0.3% month over month in August, but was up 14.3% from August 2020.

The agency’s Raw Materials Price Index decreased 2.4% month over month in August, yet rose 27.7% compared with the same month in 2020.

ON BAYSTREET
The TSX Venture Exchange inched up 0.02 points to 867.61

The 12 TSX sectors were evenly divided, with consumer staples gaining 0.8%, real-estate ahead 0.7%, and industrials better by 0.4%.

The half-dozen laggards were weighed most by health-care, down 1.2%, gold, duller by 0.4%, and energy, off 0.3%.

ON WALLSTREET

U.S. stocks were slightly higher Wednesday as the rapid increase in the 10-year Treasury yield cooled, leading investors to buy some beaten-up tech stocks on the dip.

The Dow Jones Industrials restocked 137.44 points to 34,437.43

The S&P 500 recounted 23.31 points to 4,375.94.

The NASDAQ Composite felt around for the bruises from Tuesday, but then gained 107.98 points to 14,654.66, after the worst day for the
index since March.

The Dow and S&P are now down 3% for September. The NASDAQ is down more than 4.5%.

Tech stocks were rebounding in Wednesday’s early trading. Facebook, Amazon, Apple and Alphabet all rose. Zoom Video added more than 1%.

Shares of the semiconductor company Micron slipped 0.5% after it reported earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates. Shares of discount retailer Dollar Tree jumped 13% after the company announced that it was increasing its stock buybacks and experimenting with higher prices in some locations.

Prices for 10-Year Treasurys gained ground, lowering yields to 1.51% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.

Oil prices shed 58 cents to $74.71 U.S. a barrel.

Gold prices solidified $1.70 to $1,739.20 U.S. an ounce.