Equities in Toronto rose on Wednesday to a near six-month high as financial and material shares rose, while lower oil prices weighed on energy stocks.
The S&P/TSX Composite Index pulled ahead 78.44 points to greet noon at 13,945.72.
The index has rallied more than 20% since its near 3-1/2-year low in January, considered by some as signs of a bull market.
The Canadian dollar recovered 0.3 cents to 79.23 cents U.S.
Financials provided much of the engine of this upward progress, as Bank of Nova Scotia rose 0.9% to $64.92, and Royal Bank of Canada advanced 0.5% to $78.71.
The materials group, which includes precious and base metals miners and fertilizer companies, rose, on a 4.8% hike in the shares of Teck Resources to $13.98.
Consumer staples advanced, led by a 2.6% gain for Metro Inc to $43.11.
The energy group fell, pressured by a drop in oil prices. Suncor Energy fell 1.8%to $36.46, while Cenovus Energy was down 0.9% at $17.81.
The shares of Canadian Pacific Railway Ltd hesitated 2.1% to $186.03, having announced plans to repurchase up to 5%of its shares, just over a week after abandoning a bid to buy Norfolk Southern Corp.
On the economic slate, Statistics Canada reported this morning that wholesale trade decreased 2.2% to $55.8 billion in February, after three consecutive increases.
The agency added lower sales were reported in five of seven sub-sectors, accounting for 66% of total wholesale sales. In volume terms, wholesale sales declined 1.9%.
ON BAYSTREET
The TSX Venture Exchange appeared unstoppable, taking on 5.03 points to 654.35, adding to its win streak.
All but three of the 13 TSX subgroups advanced, with metals and mining charging ahead 3.7%, materials up 1.2%, and gold doing better 1.1%.
The three laggards were information technology, real-estate and utilities, each down 0.1%.
ON WALLSTREET
American equities traded in a narrow range Wednesday, hovering near their highest levels of the year so far amid earnings and stabilization in oil prices.
The Dow Jones Industrials grew 47.22 points by midday to 18,100.81. Boeing and Coca-Cola lost most in the Dow, while IBM and UnitedHealth were the top gainers.
The S&P 500 jumped 4.18 points to 2,104.98. Financials and health-care led S&P 500 advancers, while consumer staples lagged with a decline of more than 1% as shares of Coca-Cola held about 5% lower.
The NASDAQ index restored 14.94 points to 4,955.27
Coca-Cola earned an adjusted 45 cents U.S. per share for the first quarter, one cent above estimates, with revenue slightly above forecasts. Worldwide case volume was up two percent, slightly below analysts' forecasts.
Intel beat forecasts by six cents with adjusted quarterly profit of 54 cents U.S. per share, with revenue essentially in line. However, the chip maker gave lower-than-expected revenue guidance and cut its full-year profit margin outlook. It also announced it would cut up to 12,000 jobs and that Chief Financial Officer Stacy Smith would leave that post to lead Intel's sales efforts.
In economic news, existing home sales surged 5.1% to a seasonally-adjusted annual rate of 5.33 million units in March. February's sales pace was revised slightly down to 5.07 million units from the previously reported 5.08 million units.
WTI pared losses and turned higher. Weekly crude oil inventories from the Energy Information Agency showed a build of 2.08 million barrels.
Prices for the 10-year Treasury gained slightly, bringing yields down to 1.80% from Tuesday’s 1.79%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 28 cents a barrel to $41.36 U.S.
Gold prices added $3.33 to $1,253.32 U.S. an ounce.
