The TSX gained Wednesday, as gains in gold issues cushioned some of the fall endured by health-care stocks.
The S&P/TSX composite index recovered 97.44 points, to finish trading at 14,739.20, after being stung more than 200 points Tuesday.
The Canadian dollar demurred 0.44 cents to 78.37 cents U.S.
The gold sector bolted higher, on stocks like AuRico Gold, which shot higher 31 cents, or 9.2%, to $3.68. Asanko Gold climbed a dime, or 6.1%, to $1.74.
The health-care group turned to sharp losses, weighed down by Valeant Pharmaceuticals that now finds a rival in Endo International in the bid for Salix Pharmaceuticals.
The healthcare sector plunged with Valeant down $9.83, or 3.9%, to $245.62, despite reaching record highs earlier. The drug maker, which lost the bid for Botox maker Allergan last year in a painstakingly long battle, is once again facing a competition in fellow specialty health-care firm Endo in the chase for bowel drug maker Salix.
Endo is reportedly offering $170-$175.00 per share in cash and stock. Endo shares ballooned $3.77, or 3.4%, to $113.77.
Industrials gained, as Air Canada firmed 26 cents, or 2.1%, to $12.48.
Bombardier was the most actively traded stock, gaining 14 cents, or 6%, to $2.48.
ON BAYSTREET
The TSX Venture Exchange nicked higher 0.13 points to 669.63
All but four of the 14 Toronto subgroups were higher on the day, with gold brightening 4%, industrials 1.6% stronger, and materials up 1.5%
The four laggards were led by health-care, down 1.5%, metals and mining off 0.4%, and consumer staples sliding 0.2%.
ON WALLSTREET
U.S. stocks closed mildly lower on Wednesday as equities failed to recover from Tuesday's selloff, amid continued concern over dollar gains and the timing of a Federal Reserve interest rate hike.
The Dow Jones Industrials lurched lower 27.55 points to finish at 17,635.39
The S&P 500 dipped 3.92 points to 2,040.24. The NASDAQ index slid 9.85 points to 4,849.94.
Skyworks Solutions replaces PetSmart—which will go private through an acquisition by BC Partners—in the S&P 500 after the close on Wednesday.
Lumber Liquidators, which was battered by a "60 Minutes" report on the safety of its flooring products, continues to trade in volatile pattern, and surged 14% on Wednesday. The volatility has been driven by strong opinions—both positive and negative—on the future of the company.
Shake Shack is following up a 5% Tuesday gain with a 1.5% decline, ahead of its quarterly earnings report after today's closing bell.
Krispy Kreme Doughnuts will also post earnings
Goldman Sachs added SanDisk to its "conviction buy" list, citing an attractive valuation and expanding gross margins, among other factors. The memory card maker rose more than 4%.
Among the many reports on the Federal Reserve's expected action, analysts viewed a Wednesday article by the Wall Street Journal that said the Fed would drop "patient" from its statement ahead of a rate hike as early as June.
Oil futures extended losses on Wednesday after government data showed U.S. commercial crude inventories rose by 4.5 million barrels last week, well above an industry group report released on Tuesday.
Prices for 10-year U.S. Treasuries were slightly ahead, lowering yields to 2.11% from Tuesday’s 2.13%.
Oil prices forged higher by two cents to $48.31 U.S.
Gold prices faded $7.30 to $1,152.80 U.S.
