The TSX was up Wednesday, supported by the continued buying momentum in financial stocks. Limiting the climb, however, were embattled energy shares.
The S&P/TSX composite index added 49.94 points to conclude Wednesday’s business at 15,154.68
The Canadian dollar fell 0.31 cents to 80.31 cents U.S.
Metals and mining proved the big winner, as First Quantum Minerals swelled in price 86 cents, or 5%, to $17.96, and Lundin Mining improved 19 cents, or 3.3%, to $5.90.
Also climbing were shares in consumer staples, most notably Alimentation Couche-Tard gained $1.35, or 2.8%, to $50.32.
Financials advanced with Royal Bank of Canada posting the largest gain among the six biggest banks -- $1.08, or 1.4%, to $80.21.
On the negative side, gold issues lost some of their lustre, as Eldorado Gold was roughed up 30 cents, or 4.9%, to $5.73.
Energy stocks tumbled as Lightstream Resources took a pasting of six cents, or 5.2%, to $1.09, while Penn West Petroleum sagged 12 cents, or 4.6%. Utilities shed strength, as TransAlta Corporation dropped 28 cents, or 2.6%, to $10.49.
Stingray Digital Group was still the most heavily traded stock, gaining a dollar, or 16%, to $7.25, on 8.4 million shares.
Economically speaking, Statistics Canada reported today that our imports declined 2.5% in April and exports were down 0.7%, meaning Canada's merchandise trade deficit with the world narrowed from $3.9 billion in March to $3.0 billion in April.
ON BAYSTREET
The TSX Venture Exchange gained 2.18 points to 691.27
Nine of the 14 TSX subgroups were gainers on the day, as metals and mining moved upward 1.6%, consumer staples 1.5%, and financials prospered 1.1%.
The five laggards were weighed mostly by gold, slumping 1.3%, energy, slouching 1%, and utilities, off 0.9%.
ON WALLSTREET
U.S. stocks closed higher on Wednesday despite a sharp rally in bond yields as investors found encouragement in signs of economic growth and coming resolution in the Greece debt talks.
The Dow Jones Industrials climbed 64.33 points – off their highs of the day – to close at 18,076.27, with Home Depot and JPMorgan
Chase leading advancers and Intel the greatest laggard.
The S&P 500 index gained 4.65 points to 2,114.25, with telecommunications leading seven sectors higher and utilities the greatest decliner.
The NASDAQ tacked on 22.71 points to 5,099.23.
On the economic slate, ADP private sector payrolls increased 201,000 in May, with the service sector boosting the figure to above the expected 200,000.
The U.S. trade deficit narrowed in April as exports of services hit a record high and imports fell.
The U.S. Commerce Department on Wednesday said that the U.S. trade gap shrunk to $40.9 billion U.S. in April, the largest decrease since early 2009 and down from March's revised deficit of $50.6 billion U.S.
The Institute for Supply Management’s non-manufacturing index came in at 55.7, nearly a year low. Analysts expected the figure to slip to 57 in May from 57.8 in April.
The U.S. Markit Purchasing Managers’ Index Services read for May showed a slight decline from April and came in below expectations at 56.2.
The Federal Reserve's Beige Book said economic activity expanded at a modest to moderate pace, a view affirmed by the morning's data reports on private payrolls, the service sector and trade.
Greek Prime Minister Alexis Tsipras will meet senior European officials later in the day in Brussels, where he is expected to hear the terms of a plan drawn up this week by top policymakers including German Chancellor Angela Merkel, Reuters said.
Athens faces a 300-million-euro payment deadline to the International Monetary Fund this Friday.
At a press conference, European Central Bank President Mario Draghi reaffirmed the continuation of ECB's asset purchase program and said he wants Greece to stay in the euro-zone. He would not comment on the Greece debt talks. Earlier in the day, the ECB left the benchmark interest rate unchanged at 0.05%, as expected.
Prices for 10-year U.S. Treasuries collapsed, spiking yields to 2.37% from Tuesday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.63 a barrel to $59.63 U.S.
Gold prices dropped $8.60 at $1,185.80 U.S. an ounce.
