The Toronto stock market continued to advance Wednesday, boosted by rising commodities and trade data from China that signaled the world’s second-largest economy may be strengthening.
The S&P/TSX composite index gained 120.94 points, or nearly 1%, to close Wednesday’s session at 12,585.05
The Canadian dollar recovered 0.10 cents to 99.67 cents U.S.
The gold sector was the leading advancer on the TSX – a sector helped by rising shares in Barrick Gold and Kinross Gold, the latter of which reported after markets closed Tuesday its profits were up by 50% in the first-quarter to $160.5 million U.S.
Barrick shares climbed $1.70, or 8.6%, to $21.50, while Kinross shares triumphed 33 cents, or 6.3%, to $5.61.
July copper was up seven cents at $3.37 U.S. a pound following strong import and export data from China suggesting a recovery from an unexpected slowing in the first quarter.
Among metals stocks, Lundin Mining climbed 6.1% to $4.18, while First Quantum Minerals surged 5.1% to $18.69.
Meanwhile in corporate news, shares in Enbridge Inc. were up five cents at $47.60, as the pipeline giant reported higher first-quarter adjusted earnings that beat expectations. However, the company also warned that it doesn't expect that pace to last.
Enbridge adjusted profits came in at $488 million, or 62 cents per share — beating the average analyst estimate by 10 cents per share, according to Thomson Reuters. During the same period a year earlier, Enbridge earned $373 million, or 49 cents per share.
Shares of Tim Hortons Inc. were down after it appointed longtime senior Nestle executive Marc Caira as its new president and CEO and reported a slight contraction in profits in what was expected to be a "soft quarter." It earned $86.2 million or 56 cents per share, down 2.9% from $88.8 million. Tim Hortons shares were down $1.51, or 2.6%, at $57.13.
On the economic slate, housing starts came in at 174,858 units in April, down from 181,146 in March., according to figures released this morning by Canada Mortgage and Housing Corporation.
The March figure was revised down from the 184,028 units reported a month earlier. Analysts had expected 175,000 starts in April.
ON BAYSTREET
The TSX Venture Exchange recovered 7.90 points to 969.32
All but four of the 14 Toronto subgroups stayed in the green all day Wednesday, led by gold, up 5.7%, while materials gained 4.5%, and the metals and mining group forged higher 4.4%.
The four laggards were hampered by utilities, down 0.7%, while consumer discretionaries and health-care each slid 0.4%.
ON WALLSTREET
U.S. stocks pushed higher into record territory Wednesday, as investors focused on corporate earnings and an improved outlook for the economy.
The Dow Jones Industrials moved higher by 48.92 points, to conclude trading on Wednesday at a new record high of 15,105.10
The S&P 500 index added 6.73 points to 1,632.69, yet another all-time high close -- while the NASDAQ Composite gained 16.64 points to 3,413.27
The modest advance came one day after the Dow closed above 15,000 for the first time ever, and the S&P 500 also finished at a record high. Both indexes set new trading records Wednesday.
Investors have been encouraged by better-than-expected corporate earnings for the first quarter, although revenue growth has been weak, according to one expert.
Stocks have also been supported by renewed optimism about the economy following last week’s surprisingly strong jobs report.
Out of the S&P 500 companies that have reported earnings, 67% have beat analysts' expectations, according to S&P Capital IQ.
On the corporate front, Whole Foods shares surged after the supermarket chain reported quarterly earnings that beat estimates.
Toyota Motors reported a surge in profit for its fiscal year 2013, which ended on March 31.
Electronic Arts said it expects earnings in fiscal 2014 to be above what analysts had expected. Shares jumped 15%.
Shares of JC Penney rose after the troubled retailer released a preliminary report showing a decline in quarterly sales that may not have been as bad as some had expected.
Wendy's shares fell after the restaurant chain reported sales that missed forecasts. Investors slammed AOL for missing earnings estimates.
Apple shares extended the rally they've enjoyed since the company announced a record share buyback program last month.
Tesla, News Corp. and Green Mountain Coffee will report results after the closing bell.
Shares of Manchester United fell nearly after the long-time manager of the English soccer team announced he would retire. This comes less than a year after the company went public
Prices on the 10-year U.S. Treasury gained ground, lowering yields to 1.76% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions
Oil prices jumped 86 cents to $96.48 U.S. a barrel.
Gold prices climbed $21.80 at $1,470.60 U.S. an ounce
