The Toronto stock market advanced as a positive forecast on the global economy helped boost oil and metal prices.
The S&P/TSX composite index picked up 80.20 points to end the session at 13,772.58
The Canadian dollar eked higher by 0.03 cents to 91.38 cents U.S.
The base metals component was the leading TSX advancer, as the March copper contract added two cents to $3.35 U.S. a pound. Teck Resources
was $1.03, or 3.9%, higher at $27.32.
Rail stocks moved up alongside miners as Canadian National Railways gained $1.44 to $59.73.
The tech sector gained with Open Text ahead $2.19 to $99.23 while BlackBerry climbed 26 cents to $9.36.
The gold sector moved into positive territory, as Barrick Gold climbed 29 cents to $19.78.
Osisko Mining Corp. says a hostile takeover bid for the company by Goldcorp Inc. is "very low" and urged shareholders to hold off from accepting the $2.6-billion offer until the board makes a recommendation.
Osisko shares have traded well above the $5.95 implied value of the Goldcorp offer since the stock-and-cash proposal was first announced Monday. On Wednesday, Osisko shares took on two cents to $6.25 while Goldcorp demurred six cents to $24.28.
The consumer discretionary group was up and shares in Magna International Inc. were up 98 cents to $93.12 as the auto parts maker forecast between $33.8 billion U.S. and $35.5 billion U.S. of total sales this year, with about half of that generated from North America.
Financials climbed with Power Corp. of Canada ahead 60 cents to $31.37 and Manulife Financial up 38 cents at $21.96.
On the economic front, the number of home sales processed through the MLS® Systems of Canadian Real Estate Boards and Associations and other co-operative listing systems was down 1.8% on a month-over-month basis in December 2013, marking the third straight monthly decline. Activity now stands 5.2% below the peak reached in September 2013
ON BAYSTREET
The TSX Venture Exchange zoomed 11.10 points to 975.81.
All but three of the 14 Toronto subgroups were higher by day’s end, led by the metals and mining sector, rocketing 3.9%, global base metals, up 2%, and materials, up 1.8%.
The three laggards were health-care, sicker by 0.3%, real-estate, receding 0.2%, and telecoms, down 0.1%.
ON WALLSTREET
Stocks rose for a second day Wednesday, with the S&P 500 ending at a new record on strong bank earnings and solid economic reports.
The Dow Jones Industrial Average vaulted 108.08 points to close at 16,481.50
The S&P 500 index gained 9.50 points to 1,848.38, inching above its previous closing high from Dec. 31, led by big gains in shares of technology companies, such as NetApp and Citrix Systems The NASDAQ jumped 31.86 points to 4,214.88, its highest levels in 13 years, with Twitter and Apple both up.
Bank of America boosted investor confidence by reporting better-than-expected earnings and revenue for the fourth quarter. The report followed solid earnings Tuesday fromJPMorgan Chase and Wells Fargo. Shares of Bank of America rose on the news, as did major banks that have yet to report such as Goldman Sachs and Citigroup
General Motors shares fell even though the automaker announced on Tuesday that it will pay its first dividend since 2008. The stock was down because the company said Wednesday morning that it expects 2014 profit margins to be similar to last year and that restructuring costs for fixing problems in Europe are expected to be about $1.1 billion U.S.
The automaker also predicted most growth globally for the industry this year.
Shares of electric automaker Tesla Motors were up again after CEO Elon Musktold CNN late Tuesday that the company is on track to produce a cheaper, mass-market car in three years and still plans to offer a full-size pickup similar to the Ford F-150 in four to five years.
Netflix shares fell one day after a federal appeals court struck down Federal Communications Commission rules that prohibit Internet service providers from restricting access to legal Web content. The stock was the biggest loser in the Tech 30 index.
Shares of 3D printer maker ExOne fell sharply after it warned late Tuesday that revenue would be far below its earlier forecasts. The warning follows disappointing guidance from 3D printer maker Stratasys earlier in the day. Fellow 3D printer companies 3D Systems and Voxeljet were down in early trading as well.
In economic news, the U.S. government said producer prices increased 0.4% in December. Manufacturing activity in the New York area expanded at a rapid pace in January, according to the Federal Reserve Bank of New York.
The Fed's latest snapshot of economic conditions across the country showed that growth continued at a modest pace in recent weeks. Most of the central bank's regions expect "more of the same" or an improvement in activity going forward, according to the Beige Book.
Prices for 10-year U.S. Treasuries fell a bit, raising yields to 2.88% from Tuesday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.85 to $94.44 U.S. a barrel.
Gold prices sank $5.40 to $1,240 U.S. an ounce.
