The Toronto stock market was slightly higher amid a big deal in the energy sector and a flood of corporate earnings.
The S&P/TSX composite index gained 39.45 points to greet noon ET at 14,651.74. The Canadian benchmark index is up more than 7% this year.
The Canadian dollar gave back 0.04 cents at 91.79 cents U.S.
Encana aims to roughly double its oil production with a $3.1-billion acquisition of a package of oil-producing properties in Texas from Freeport-McMoRan. Encana shares ran up almost 5%
Among a heavy slate of earnings out Wednesday, Tim Hortons earned a profit of $90.9 million, up 5.5% a year ago. However, the results fell short of analyst expectations and its shares dipped 21 cents to $59.47.
Shares of Talisman Energy, Husky Energy and Enbridge all advanced after they posted profits.
Talisman climbed 2.4% to $11.40 after the company posted a first-quarter profit, compared with a year-earlier loss, as oil and natural gas liquids production in North America soared 45%.
Husky reported a bigger-than-expected 24% rise in first-quarter profit, helped by stronger prices for crude oil, natural gas liquids and bitumen. The stock added 1.7% to $36.08.
Enbridge reported a 56% rise in quarterly profit, sending shares of the pipeline company up 0.2% to $53.11.
On the economic beat, Statistics Canada reported this morning that building permits totaled $6 billion in March, down 3% from February. The March decline followed an 11.3% decrease the previous month.
The nation’s number-crunchers added that lower construction intentions in the non-residential sector in six provinces, led by Ontario, more than offset a gain in the residential sector.
ON BAYSTREET
The TSX Venture Exchange hesitated 2.83 points to 1,002.79
Seven of the 14 Toronto subgroups went south, as gold and information technology each lost 1.9%, while materials slid 1%
The six gainers were led by telecoms, up 1.1%, energy, up 0.9%, and industrials, up 0.8%. Consumer discretionary shares were flat at noon hour.
ON WALLSTREET
A rally on Wall Street lost a bit of momentum on Wednesday morning on Fed Chief Janet Yellen’s testimony on the state of the American economy.
Even so, the Dow Jones Industrial Average hiked 106.86 points to 16,507.88
The S&P 500 added 6.02 points to 1,873.74, but the NASDAQ composite index fell 31.10 points to 4,049.66.
Traders are also buzzing about Alibaba's long awaited U.S. initial public offering, which could be the biggest in U.S. history.
In corporate news, Whole Foods shares plummeted 20% after posting earnings that fell short of expectations and dimming its guidance.
Likewise, AOL retreated 19% as an ad-driven rise in revenue was overshadowed by tumbling profits.
Shares of Groupon dove 14% after the daily deals company logged a larger-than-expected quarterly loss.
Brewer Molson Coors reported that "underlying after-tax income" more than doubled during the quarter, compared to one year ago, but net sales slipped and worldwide beer volume was flat.
Shares of Anheuser-Busch InBev flatlined after the brewer reported lower-than-expected profits. Tesla and SolarCity are set to report after the close.
Despite holding a major stake in Alibaba, Yahoo shares fell over 5% in early trading following the big IPO filing announcement.
After a brutal selloff yesterday, Twitter stock is once again down. It is now trading below $31 U.S. and even touched under $30 U.S. at one point today.
But all eyes are on Capital Hill, where Yellen said she believes a "high degree of monetary policy accommodation remains warranted" due to the health of the job market. That's code for not raising interest rates any time soon, which should help risk assets like stocks.
Yellen's script has so far largely mirrored the Fed's statement last week when it decided to dial back its bond-buying program by an additional $10 billion U.S. The Fed chief blamed bad weather for the economy's ugly first quarter, but said growth should rebound.
Prices for 10-year U.S. Treasuries recovered, lowering yields back to Tuesday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.17 to $100.67 U.S. a barrel.
Gold prices faltered $15.50 to $1,293.10 U.S. an ounce.
