Equities in Canada’s major market made gains in early trade on Wednesday as mining and energy issues led a broad rise with higher commodity prices.
The S&P/TSX Composite leaped 101.31 points to open Wednesday at 14,623.29
The Canadian dollar dipped 0.02 cents to 75.79 cents U.S.
Canadian Imperial Bank of Commerce has formed a strategic partnership with National Australia Bank and Israel's Bank Leumi to work on new innovations.
CIBC shares rose 46 cents to $101.69.
New Gold Inc., which has unnerved shareholders this month by revising upward to over $1 billion the estimated cost of a mine it is building, reports its CEO is confident that this will be the last projected increase.
New Gold gained 23 cents, or 3.8%, to $6.22.
Dundee starts coverage on Bank of Montreal with a neutral rating, and a $91.00 target price. BMO shares took on 83 cents to $85.77.
Desjardins cut the target price on Crescent Point Energy to $24.00, with a buy rating. Crescent Point shares gained 25 cents, or 1.5%, to $16.69.
Paradigm Capital raised the target price on Teck Resources to $29 from $23.75, with a buy rating. Teck shares ticked up 33 cents, or 1.4%, to $23.94.
On the economic calendar, Statistics Canada reported that July wholesale trade rose 0.3% to $56.5 billion in July, a fourth straight gain.
The agency says increases were recorded in five of seven sub-sectors.
ON BAYSTREET
The TSX Venture Exchange climbed 7.61 points to 810.82
All but one of the 12 TSX subgroups were gainers in early trade, with gold shining 2.2%, materials stronger by 1.7%, and industrials up 0.9%.
Only real-estate lost out, and only 0.1% at that.
ON WALL STREET
U.S. stocks rose Wednesday as investors eagerly awaited the conclusion of the Federal Reserve's two-day policy meeting and digested the Bank of Japan's monetary policy overhaul.
The Dow Jones Industrials hoisted 80.33 points to 18,210.29, with Caterpillar leading advancers and Walt Disney the biggest laggard.
The S&P 500 was climbed 10.73 points to 2,150.49, with telecommunications leading 10 sectors higher and real-estate the only laggard.
The NASDAQ Composite grew 29.43 points to 5,270.78
The U.S. central bank is largely expected to keep interest rates unchanged. According to the Royal Bank of Scotland, market expectations for a rate hike Wednesday were 22%.
The Fed is scheduled to release a statement announcing its latest decision on monetary policy at 2 p.m. ET, followed by a news conference held by Fed Chair Janet Yellen at 2:30 p.m. ET.
Today is light on economic announcement apart from that, although the Energy Information Administration is scheduled to release inventories data at 10:30 a.m. ET.
Prices for the 10-year Treasury dipped slightly, raising yields to 1.7% from Tuesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 85 cents at $44.90 U.S. a barrel
Gold prices muscled higher $11.80 at $1,330.00 U.S. an ounce.
