The Toronto stock market continued its week-long rally Wednesday despite a sharp drop in oil and falling metals prices.
The S&P/TSX composite index gained 27.49 points to close Wednesday at 15,217.96
The Canadian dollar faded 0.23 cents to 79.72 cents U.S.
Health-care issues were the strongest on the day, with Valeant Pharmaceuticals rocketing $9.46, or 3.8%, to $258.25.
Base metals stocks also advanced, with First Quantum Minerals leaping 42 cents, or 2.5%, to $16.91, and Capstone Mining taking on three cents, or 2.3%, to $1.34.
Energy stocks took it on the chin Wednesday, as the glut of crude supplies continued to weigh on oil prices. Bonavista Energy was among the hardest hit, tumbling 51 cents, or 7.4%, to $6.40, while Canadian Energy Services fell 47 cents, or 7.2%, to $6.04.
Gold stocks also fell, as Primero Mining doffed 23 cents, or nearly 5%, to finish at $4.42, while Sandstorm Gold lost 20 cents, or 4.3%, to $4.45.
ON BAYSTREET
The TSX Venture Exchange slipped into negative territory by 0.69 points to 688.68
All but three of the 14 Toronto subgroups were higher, with health-care spiking 2.5%, metals and mining up 1.6%, and global base metals gaining 1.2%.
The three laggards were energy, down 2.1%, gold, slowing 1.1%, and materials, off 0.2%.
ON WALLSTREET
U.S. stocks closed higher on Wednesday as investors shook off a plunge in oil prices and digested the Federal Reserve's meeting minutes as mostly dovish.
The Dow Jones Industrials ended higher by 27.09 points to close at 17,902.51, with Nike leading gains and Chevron and Exxon Mobil the greatest laggards. Apple closed down 41 cents, or 0.3%, at $125.60 U.S. a share.
The S&P 500 index gained 5.57 points to 2,081.90,
The NASDAQ index regained 40.59 points to 4,950.82
The Federal Reserve Open Market Committee released the minutes of its March meeting, revealing that central bank policy makers were divided over the timing of an interest rate hike.
The Fed dropped "patient" from its March meeting statement as an indication it is setting up for normalization of monetary policy. The overall tone of the minutes was expected to remain dovish, but signs of division among the members over the timing of a rate hike initially led to a more hawkish interpretation.
Generic and specialty pharmaceuticals company Mylan has proposed buying Perrigo for $205 U.S. per share in a cash-and-stock deal, Mylan said Wednesday.
Perrigo confirmed that it received "an unsolicited, indicative proposal from Mylan regarding a possible offer for the Company." Shares of both firms surged more than 15% on the news.
Family Dollar reported earnings that missed on both the top and bottom lines.
Alcoa kicks off corporate earnings season, with its first ports. Earnings season gets into full swing next week when major banks and technology companies report.
The initial Apple Watch reviews came out mostly positive on Wednesday morning.
Tesla announced an upgrade of its flagship Model S, featuring a larger battery pack and all-wheel drive.
Walt Disney and IMAX have renewed their movie exhibition deal, covering releases from Disney, Pixar, Marvel, and Lucasfilm.
European energy stocks surged following news that Royal Dutch Shell will buy BG Group for $70 billion U.S. in cash and stock in the first major oil company takeover deal since Chevron bought Texaco for $36 billion U.S. in 2000.
Total mortgage application volume rose 0.4% week-to-week on a seasonally adjusted basis for the week ending April 3, according to the Mortgage Bankers Association. The move was driven entirely by a 7% surge in applications by homebuyers
Prices for 10-year U.S. Treasuries dropped, raising yields to 1.91% from Tuesday’s 1.89%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.05 to $51.54 U.S.
Gold prices fell $7.70 to $1,202.90 U.S.
