The Toronto stock market was higher as oil prices stabilized following a series of jolts and traders considered the ramifications of Republicans regaining control of the U.S. Congress for the first time in eight years.
The S&P/TSX composite index moved ahead 172.08 points, or 1.2%, to greet noon at 14,562.51
The Canadian dollar recovered 0.24 cents to 87.89 cents U.S.
On the earnings front, pipeline company Enbridge Inc. posted a quarterly net loss of $80 million or 10 cents a share compared with a profit of $421 million or 51 cents per share a year ago. Its shares ticked 26 cents higher to $52.50.
Energy stocks led the market higher, as Imperial Oil jumped 2.8% to $52.90, and Bellatrix Exploration hiked 4.7% to $4.94.
Among consumer discretionary issues, Linamar Corporation leaped 12.7% to $64.88.
ON BAYSTREET
The TSX Venture Exchange gave back 2.51 points to 748.61.
All but three of the 14 Toronto subgroups were higher midday, as energy acquired 3.6%, consumer discretionary stocks climbed 1.9%, and industrials took on 1.2%.
The three laggards were gold, down 1%, health-care, down 0.4%, and information technology, sliding 0.1%.
ON WALLSTREET
U.S. stocks rose Wednesday, taking the Dow to another historical peak, a day elections had Republicans taking control of the Senate and as a report on the jobs market came in better than anticipated.
The Dow Jones Industrials gained 93.89 points to 17,477.73, with Coca-Cola pacing blue-chip gains that extended to 19 of 30 components.
The S&P 500 regained 9.70 points to 2,021.80. The NASDAQ index prospered 5.54 points to 4,629.18.
Investors welcomed the results of midterm elections in which Republicans, generally viewed as business-friendly, gained control of the Senate. A better-than-expected private-sector jobs report also aided markets in the early going Wednesday.
Private employers added 230,000 jobs last month, more than estimated and the largest gain since June, according to the ADP National Employment report, which casts a positive light on the labour front two days before the payrolls report.
Separately, a measure of the services sector compiled by the information-services company Markit fell to 57.1 in October from 58.9 the month before.
Prices for 10-year U.S. Treasuries stumbled, raising yields to 2.35% from Tuesday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.06 to $78.25 U.S. a barrel.
Gold prices slumped another $22.80 to $1,144.90 U.S. an ounce.
