Markets in Toronto touched their highest point in nearly six years on Wednesday as positive U.S. economic data supported market sentiment and shares of gold miners jumped with the price of bullion.
The S&P/TSX composite index faced noon ET up 44.14 points to 14,424.69.
The Canadian dollar subtracted 0.03 cents at 90.64 cents U.S.
The Toronto market climbed for a fourth straight session, up about 5.8% this year and is one of the strongest performers among major global indices.
Shares of gold producers jumped, with Barrick Gold rising 3.7% to $20.46 and Goldcorp Inc. gaining 2.9% to $27.86.
Despite weakness in oil prices, shares of energy companies advanced. Suncor Energy Inc climbed 0.5% to $38.81, and Canadian Natural Resources Ltd added 0.6% to $42.70.
In corporate news, Yamana Gold Inc planned to buy a 50% stake in Osisko Mining Corp's mining and exploration assets for $930 million in a move to block a hostile bid from Goldcorp. Osisko shares jumped 8.6% to $7.47, and Yamana added 1.4% to $9.85.
Agrium said that a big backlog of grain shipments on Canada's railways and a late start to spring planting will hurt its first-quarter profits. Shares of the fertilizer company gave back 1.8% to $105.60
ON BAYSTREET
The TSX Venture Exchange picked up 3.75 points to 1,004.68
All but three of the 14 Toronto subgroups were higher, led by gold, up 2.8%, materials, progressing 1.3%, and metals and mining, stronger by 0.9%.
The three laggards were telecoms, down 0.4%, utilities, easing 0.2%, and health-care, off 0.1%.
ON WALLSTREET
Markets were cautious Wednesday morning after Tuesday's gains as investors eye the latest jobs data and start to focus on Friday's much anticipated March unemployment report.
The Dow Jones Industrial Average gained 16.89 points to 16,549.50. The S&P 500 gained 3.81 from Tuesday’s all-time high to 1,889.33. The NASDAQ inched up 3.49 points to 4,271.53
Pharmaceutical firm Mannkind was the hottest stock of the morning. Its shares are sharply higher after the company said its inhaled diabetes drug Afrezza was given the approval nod by a Food and Drug Administration advisory committee. The FDA is expected to make its final decision on Afrezza next week.
GM remains in focus again today as CEO Mary Barra returns to Capitol Hill to answer legislators' questions regarding the automaker's botched ignition switch recall. Despite all the negative publicity, GM reported sales Tuesday that topped analysts' expectations.
The auto recall woes have now extended to Chrysler. The company reported today that it is recalling nearly 900,000 SUVs to install a shield that protects brake boosters from corrosion. Chrysler was supposed to announce its IPO last year, but it was delayed.
Blackberry shares are higher following news that T-Mobile will no longer sell BlackBerry phones after April 25. BlackBerry owners who use T-Mobile will still be able to use their phones and get product support even after the deadline, but the contract between the two companies won't be renewed according to BlackBerry.
Shares of Stratasys are higher after the 3-D printer maker announced the acquisition Tuesday of Solid Concept and Harvest Technologies, two 3-D printing services companies. Along with its 3-D printer rivals, Stratasys stock has tanked this year, though it's still up more than 50% over the last 12 months.
The Rubicon Project began trading today. It was up 33% in early trading. The online advertising service provider priced its initial public offering last night at $15 U.S. a share, on the lower end of expectations.
Shares of Monsanto are lower this morning despite the company's reports of better than expected second quarter earnings. Monsanto also affirmed its expectation of $5.00 to $5.20 a share this year.
This morning's ADP employment report, viewed as a bellwether of the big report on Friday, showed a gain of 191,000 private sector jobs last month -- slightly below expectations. February's ADP number was also revised to show a gain of 178,000 from an initial reading of 139,000.
What’s more, factory orders for February also came in better than expected at 1.6% growth for the month.
Prices for 10-year U.S. Treasuries were down, raising yields to 2.80% from Tuesday’s 2.76%. Treasury prices and yields move in opposite directions.
Oil prices fell 30 cents to $99.44 U.S. a barrel.
Gold prices remained positive $13.40 to $1,293.40 U.S. an ounce.
