Stocks in Toronto rose in early trade on Wednesday, helped by a bounce in railway stocks, gold miners and energy companies that offset weakness in consumer names.
The S&P/TSX composite index climbed 115.26 points to open Wednesday at 13,814.86.
The Canadian dollar was gained 0.37 cents at 75.75 cents U.S.
Canadian National Railway Co on Tuesday reported an 18% rise in quarterly profit, as higher freight rates helped lift revenue despite lower volumes. Its net income rose to $1.01 billion, or $1.26 per share, in the third quarter from $853 million, or $1.04 per share, a year earlier.
Revenue rose 3.3% to $3.22 billion. Analysts had forecast earnings per share of $1.15. It also announced a share-buyback program and a fourth-quarter 2015 dividend of $0.3125 on its common shares.
CN jumped $3.09 in price, or 3.9%, to $82.60.
MEG Energy posted a quarterly operating loss compared with a year-ago profit, hurt by weak commodity prices and higher expenses.
Its operating loss was $87 million, or 39 cents per share, in the third quarter, compared with an operating profit of $87 million, or 39 cents per share, a year earlier. Revenue fell 35% to $460 million.
MEG shares leaped $1.09, or 11.4%, to $10.67.
Activist firm ValueAct is meeting with other large investors in Valeant Pharmaceuticals International as the company aims to rally support amid allegations of improper accounting and aggressive pricing.
Valeant – which has taken its lumps of late – sank 21 cents in price to $145.25.
CIBC cut the price target on DH Corp to $38.00 from $44.00, believing that management addressed several concerns, but questions around Fundtech organic growth remain.
DH shares added $1.75, or 5.3%, to $34.60.
CIBC cut the target price on Painted Pony Petroleum to $6.50 from $8.00 based on the company’s lofty valuation, buoyed by strong growth expectations, and the ability to fund that growth in light of a weak gas price environment.
Painted Pony shares dipped 14 cents, or 2.9%, to $4.64.
Agnico Eagle Mines is out with Q3 numbers, expecting earnings of two cents per share. Agnico shares gained $1.40, or 3.8%, to $38.58.
Barrick Gold is expecting Q3 earnings of seven cents per share. The world’s biggest gold company saw its shares rocket 57 cents, or 5.7%, to $10.59.
ON BAYSTREET
The TSX Venture Exchange regained 1.05 points to 543.53
All but one of the 13 TSX subgroups were higher to start Wednesday, led by gold, up 3.1%, materials, up 2.1%, and industrials, strengthening 1.8%.
Only consumer staples missed the party, losing 0.6%.
ON WALLSTREET
U.S. stocks traded in a range Wednesday ahead of the afternoon release of the Fed statement.
The Dow Jones industrial average regained 66.91 points to 17,648.34, with Apple leading gainers and UnitedHealth the greatest laggard.
The S&P 500 recouped 9.06 points to 2,074.95, with telecommunications leading eight sectors higher and consumer staples and health care the only decliners.
The NASDAQ index hiked 10.9 points to 5,041.05, as declines in Walgreens Boots Alliance, Gilead and Akamai mostly offset gains in Apple.
Earnings season continues with Paypal, Yelp and Western Digital among those due to report after the close.
After the close Tuesday, Apple reported quarterly profit of $1.96 U.S. per share, eight cents above estimates, with revenue slightly above forecasts. The company sold more than 48 million iPhones during the quarter and nearly doubled its China sales, but it did issue conservative current quarter revenue guidance.
In other corporate news, Hyatt Hotels is in talks to buy Starwood Hotels & Resorts in a deal that is said to be as little as a week away.
Activist investor Carl Icahn on Wednesday disclosed a large stake inAIG and called for the company to break itself up.
Barclays appointed former investment banker Jes Staley as its new chief executive to start on December 1.
The U.S. advance September goods trade deficit was $58.63 billion.
The Federal Open Market Committee concludes its two-day monetary policy meeting Wednesday and is scheduled to release its statement at 2 p.m., ET. Most expect the central bank to keep rates unchanged.
Prices for 10-year U.S. Treasuries sank, raising yields to 2.05% from Tuesday’s 2.04%. Treasury prices and yields move in opposite directions.
Oil prices gained 60 cents a barrel to $43.80 U.S.
Gold prices spiked $15.12 to $1,182 U.S. an ounce.
