Equities were on the march Wednesday noon, as energy companies gained along with oil prices and investors awaited a U.S. Federal Reserve policy decision later in the session.
The S&P/TSX Composite Index gained 51.67 points to pause for lunch at 13,451.98
The Canadian dollar gained 0.03 cents to 74.82 cents U.S.
The most influential gainers on the index included Suncor Energy, which advanced 1.4% to $36.25, and Canadian Natural Resources, up 1.6% to $35.76.
Oil prices jumped on news producers will meet next month to discuss a proposal to freeze output and on growing signs of a decline in U.S. crude production.
Encana Corp gained 4.8% to $7.63 after rating agency Fitch assigned the company a first-time rating of BBB- on Tuesday with a negative outlook.
Among gold plays, Barrick Gold Corp declined 1.4% to $18.72 and Kinross Gold Corp fell 2% to $3.88.
On the economic slate, Statistics Canada reported that manufacturing sales rose 2.3% in January to $53.1 billion, an all-time high.
Moreover, the agency said, foreign acquisitions of Canadian securities reached $13.5 billion in January, mainly private corporate debt instruments. At the same time, Canadian investors reduced their holdings of foreign securities by $13.8 billion, mostly equities.
ON BAYSTREET
The TSX Venture Exchange strengthened 1.08 points to 568.49
All but two of the 13 TSX subgroups were higher by noon ET. Health-care surged 1.8%, while information technology gained 1.3% and real-estate improved 1.1%.
The two laggards were gold, down 2.2%, and materials, wilting 1.3%.
ON WALLSTREET
Equities stateside tried for gains Wednesday ahead of the scheduled afternoon conclusion of the U.S. Federal Reserve meeting.
The Dow Jones Industrial average notched ahead 5.17 points to 17,256.7, with Boeing contributing the most to gains and Exxon Mobil and Wal-Mart contributing the most to declines.
The S&P 500 poked ahead 1.5 points to 2,017.43. Information technology surpassed energy to lead S&P 500 advancers in midday trade, while utilities and consumer staples lagged.
The NASDAQ index improved 14.48 points to 4,743.15, as Apple asserted new strength.
Investors also digested inflation figures Wednesday. Ex-food and energy, the so-called core Consumer Price Index rose 0.3% in February for a 2.3% rise over the 12 months through February. The overall consumer price index showed a 0.2% decline.
Elsewhere on the economic scene, U.S. housing starts rose 5.2% in February. Industrial production data declined 0.5% in February, with capacity utilization at 76.7%
The Federal Open Market Committee is due to conclude its two-day meeting on Wednesday with the 2 p.m. ET release of its statement and economic projections. Those include the highly scrutinized "dot plot," which shows the targets for appropriate federal funds rates by
FOMC participants.
Fed Chair Janet Yellen is also scheduled to give a news conference at 2:30 p.m.
Prices for the 10-year Treasury dropped, raising yields to 1.99% from Tuesday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.41 a barrel to $37.75 U.S.
Gold prices sank $3.32 to $1,229.06 U.S. an ounce.
