Canada's main stock index notched a fresh high on Wednesday, lifted by a surge in Shopify shares after the e-commerce company's revenue forecast exceeded estimates, while gains in gold prices lifted mining stocks.
The TSX came off its highs of the morning, but still soared 372.47 points, or 1%, to move into noon hour EDT Wednesday at 36,174.06.
The Canadian dollar pointed upward 0.02 cents at 71.32 cents U.S.
Kinross Gold rose $2.47, or 7.4%, to $35.65.
On the earnings front, Thomson Reuters beat second-quarter profit and revenue estimates and raised its annual revenue growth forecast. Thomson shares stepped back $12.48, or 8.2%, to $140.64.
Suncor Energy beat second-quarter adjusted profit estimates, while insurance and wealth manager iA Financial topped quarterly core EPS estimates late on Tuesday. Suncor shares dipped $1.73, or 1.9%, to $89.04.
The latest results add to a busy earnings season, with PHX Energy and Dexterra Group having also reported results after market close on Tuesday. PHX inched up 34 cents, or 2.9%, to $11.24, while Dexterra shares docked 58 cents, or 3.7%, to $15.14.
Mining shares gained as gold prices surged, after hopes of a U.S.-Iran peace deal tempered some inflation concerns.
NovaGold hiked 74 cents, or 8.6%, to $9.64, Eldorado Gold spiked $5.48, or 12.3%, to $50.21, and Discovery Mining was up $1.07, or 11.3%, to $10.58.
Among individual stocks, iA Financial shares gained $6.85, or 3.3%, to $213.97, after the insurance and wealth manager topped quarterly core EPS estimates.
Gran Tierra Energy jumped $3.53, or 36.4%, to $13.15, after the oil and gas producer said it had agreed to sell its Colombian and Ecuadorean oil operations to France's Maurel & Prom for $1.33 billion, including debt.
ON BAYSTREET
The TSX Venture Exchange galloped 25.05 points, or 2.8%. to 923.94
The 12 TSX subgroups were evenly divided, with gold shinier by 7.6%, materials climbed 5.9%, and information technology leaped 3.6%.
The half-dozen laggards were weighed most by energy, sinking 2.6%, while consumer staples lost 1.7%, and industrials gave up 1.6%.
ON WALLSTREET
The Dow Jones Industrial Average rose to a new all-time intraday record on Wednesday, building on its big rally in recent days, as traders pored through the latest batch of strong corporate earnings reports and grew hopeful that the Strait of Hormuz would be reopened in the near term.
The 30-stock index shot higher 406.85 points, to 54,492.73, improving on Tuesday’s record.
The S&P 500 scaled back 4.86 points to 7,731.66.
The NASDAQ Composite dropped 116.82 points to 26,174.06.
Wednesday’s new record highs were supported by Dow member Disney, which rose more than 2% on better-than-expected earnings for its fiscal third quarter, as well as Eli Lilly. Shares of the pharmaceutical giant also moved higher by 2% after its second-quarter earnings and revenue surpassed estimates.
Investors shook off a 4% drop in shares of chip giant Advanced Micro Devices, which posted adjusted earnings that only came in slightly ahead of the Street’s estimates.
Prices for the 10-year Treasury settled, raising yields to 4.64% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 23 cents to $75.54 U.S. a barrel.
Gold prices spiked $150.80 to $4,303.40 U.S. an ounce.
