Equity markets in Toronto rose on Wednesday, led by gains for financial sector stocks, while slippage in crude oil prices weighed on energy shares.
The S&P/TSX composite index gained 82.66 points to open midweek Wednesday at 13,002.23
The Canadian dollar eased 0.04 cents to 72.79 cents U.S.
Valeant Pharmaceuticals International cut its revenue and profit forecasts for 2015, but said it still expected double-digit percentage sales growth through higher volumes in 2016. Valeant shares resumed their upward progress, taking on $4.60, or 3.1%, to $154.35.
The Public Sector Pension Investment Board’s CEO said one of Canada's 10 largest pension fund managers is considering entering the oil and gas sector as weak crude prices create opportunities for long-term investors
Raymond James cut the rating on Enerflex Ltd. to market perform from outperform its target price to $15.50 from $15.00. Enerflex shares dropped 52 cents, or 3.8%, to $12.97.
The U.S. Federal Reserve is expected to announce a token hike of 25 basis points, from near zero, at 2 p.m. ET
On the economic front, Statistics Canada reported that foreigners invested $22.1 billion in Canadian instruments in October, while Canadian investors added $3.2 billion of foreign securities to their holdings, mostly non-U.S. foreign bonds.
ON BAYSTREET
The TSX Venture Exchange moved up 1.63 points to 497.38.
All but two of the 13 TSX subgroups were higher in the first hour, with gold shining 3.9% brighter, metals and mining stronger by 2.9%, and materials improving 2.8%
The two laggards were energy stocks, down 0.2%, and consumer staples, off 0.1%.
ON WALLSTREET
U.S. stocks traded higher Wednesday as global equities rallied ahead of the widely expected first Federal Reserve rate hike in nearly a decade.
The Dow Jones industrial average climbed 94.73 points to 17,619.64, with UnitedHealth leading advancers and Exxon Mobil and Intel the only decliners. The index had sprouted 150 in the early going.
The S&P 500 added 13.5 points to 2,056.91. Telecommunications and utilities replaced financials as the top advancers in the S&P 500, which tried to hold in positive territory for 2015 in intraday trade.
The NASDAQ index gained 19.44 points to 5,014.79
In economic news, housing starts rose 10.5% in November, while building permits rose 11%.
U.S. industrial production saw its sharpest decline in more than three and a half years in November as utilities dropped sharply, a sign of weakness that could moderate fourth-quarter growth.
The Fed said Industrial output slipped 0.6% after a downwardly revised 0.4% dip in October, marking the third straight month of declines. Capacity utilization was 77.0 percent.
December Flash Manufacturing Purchasing Managers Index fell to from November to 51.3, the weakest improvement in manufacturing sector business conditions in three years
The Federal Open Market Committee is due to release its post-meeting statement at 2 p.m. ET. Fed Chair Janet Yellen is scheduled to follow with a press conference at 2:30 p.m.
Prices for the 10-year Treasury faded, raising yields to 2.29% from Tuesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices gave back 64 cents a barrel to $36.71 U.S.
Gold prices hiked $14.18 to $1,075.40 U.S. an ounce.
