Equity markets in Toronto climbed on Wednesday, supported by positive U.S. economic data and a jump in Cameco Corp shares as the uranium miner looked to benefit from a favourable shift in Japanese nuclear
policy.
The S&P/TSX composite index was up 14.46 points to greet noon at 14,203.44
The Canadian dollar faded 0.23 cents to 89.97 cents U.S.
The market's focus also rested on Royal Bank of Canada, which reported a 2% rise in quarterly profit, beating market estimates, and raised its dividend by 6%. The stock was little changed.
The results from the country's biggest lender followed quarterly reports from Bank of Montreal and National Bank of Canada earlier this week.
Financials were flat as BMO rose 0.7% to $73.17.
Shares of energy companies gave back some ground as Suncor Energy slipped 0.5% to $36.72, and Encana lost 1% to $20.95.
But Cameco jumped 4.8% to $26.64. Analysts have said uranium miners are benefiting from a shift in Japanese policy that supports a return of nuclear power to the country's energy mix.
Shares of Paladin Energy, another uranium miner, shot up 13.4% to 55 cents.
Economically speaking, German consumer morale rose to its highest level in seven years heading into March as shoppers in Europe's biggest economy became more upbeat about their future income.
ON BAYSTREET
The TSX Venture Exchange shifted lower 1.30 points to 1,009.44.
Seven of the 14 Toronto subgroups were higher, led by information technology, up 1.7%, health-care, up 1.2%, and industrials, gaining 0.8%.
The half-dozen laggards were weighed by gold, fading 1.8%, while materials slid 0.8%, and utilities faded 0.2%. Financials were flat at noon ET.
ON WALLSTREET
Stocks moved slightly higher Wednesday as investors digested a big batch of earnings reports.
The Dow Jones Industrial Average had gained 37.64 points midday to 16,217.30
The S&P 500 index moved higher 5.99 points to 1,851.11. The NASDAQ gained 25.57 points to 4,313.16
Barnes & Noble shares jumped after the troubled bookstore chain swung to a quarterly profit thanks to cost-cutting measures. The company also announced plans to introduce a new color Nook in early fiscal 2015.
Shares for Abercrombie & Fitch rose after the teen clothing retailer announced a decline in revenue and profit that still managed to beat expectations.
Target shares were also higher even after the company blamed a data breach for a quarterly drop in revenue and profit.
Anheuser-Busch InBev shares gained ground after the brewer, which makes Budweiser and Stella Artois, reported better-than-expected fourth quarter results and outlined plans to boost sales during the upcoming FIFA World Cup in Brazil.
On the downside, Credit Suisse shares slipped after a Senate report released Tuesday outlined how the Swiss bank helped clients hide billions from the IRS. The bank's executives will appear before the Senate Wednesday.
Shares of First Solar fell 10% after reporting earnings that missed expectations.
Sturm Ruger shares tumbled even after the gun company delivered strong gains in sales and profit due to the launch of new products.
After the close, Baidu and J.C. Penney will report results.
In economic news, data on January sales of new homes came in stronger than expected, easing concerns of a slowdown in the U.S. housing market. Sales jumped almost 10% in January to the highest level since July 2008.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 2.70%.
Oil prices moved higher 90 cents to $102.73 U.S. a barrel.
Gold prices gave back $16.60 to $1,326.10 U.S. an ounce.
