Equities in Canada’s largest market traded lower on Wednesday for the second straight session, weighed by mining stocks, although oil refining firm Gibson Energy reported a strong annual outlook.
The TSX was negative 61.17 points to move into noon hour at 20,180.90.
The Canadian dollar shed 0.07 to 74.12 cents U.S.
Gibson rose $1.08, or 5.1%, to $22.51, after the company lifted its annual growth capital outlook and sanctioned two new tanks at Edmonton Terminal; it was set for its best day in over a year, if gains hold.
Among other movers, Thomson Reuters Corp fell 75 cents to $167.39, after an investor consortium including the Reuters News parent and U.S. buyout firm Blackstone Inc sold shares worth about $3.41 billion in market operator London Stock Exchange Group.
Lithium Americas jumped 87 cents, or 2.9%, to $30.80, after the U.S. Interior Department removed one of the last remaining obstacles to the miner's Thacker Pass mine project in Nevada.
In the economic docket, Statistics Canada said foreign investors reduced their exposure to Canadian securities by $19.1 billion in March, the largest divestment since September 2022. Meanwhile, Canadian investors reduced their holdings of foreign securities by $5.6 billion in March, a fourth consecutive monthly divestment.
Meanwhile, the Canadian Real Estate Association said national home sales jumped by double digits on a month-over-month basis. National home sales surged 11.3% month-over-month in April. Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
ON BAYSTREET
The TSX Venture Exchange poked up 3.1 points to 610.12.
All but three of the 12 TSX subgroups were still negative, with gold dulling in price 1.5%, materials down 1.2%, and consumer staples off 0.8%.
The three gainers were health-care, up 0.7%. energy, better by 0.3%, and financials, up 0.2%.
ON WALLSTREET
Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic debt default.
The Dow Jones Industrials climbed 176.13 points, to break for lunch Wednesday at 33,188.27. The 30-stock index is down more than 3%
this month, including a 1% decline on Tuesday.
The S&P 500 pulled ahead 21.48 points to 4,131.38.
The NASDAQ Composite regained 65.11 points to 12,408.16.
Regional bank shares rebounded on Wednesday, helping market sentiment, as Western Alliance Bancorp detailed improving deposit growth. Western shares sprouted $4.58. or 14.5%, to $36.17.
Tesla shares rose $6.65, or 4%, to $173.17, on Wednesday after the electric vehicle maker’s annual shareholder meeting boosted some investor optimism in the company.
At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.
Prices for the 10-year Treasury demurred, raising yields to 3.57% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices added $1.29 to $72.16 U.S. a barrel.
Gold prices forfeited $9.10 to $1,983.90 U.S. an ounce.
