The Toronto stock market registered a small gain Wednesday with lift coming from energy stocks as oil prices rose amid an upward revision in U.S. economic growth in the third quarter and data showing American crude supplies dropped more than expected last week.
The S&P/TSX composite index improved 15.55 points to close at 13,380.70
The Canadian dollar gained 0.30 of a cent to 98.64 cents U.S.
Canadian Natural Resources gained 52 cents to $44.38 while Suncor Energy climbed 82 cents to $38.34.
Financials also lifted the TSX with TD Bank ahead 54 cents at $73.60.
The gold sector lost ground as Barrick Gold Corp. faded 65 cents to $51.97.
The base metals sector was down with the March copper contract on the Nymex unchanged from Tuesday's record high close of $4.27 U.S. a pound. Equinox Minerals Ltd. gained 15 cents to $6.10 while Lundin Mining Corp. fell 19 cents to $7.05.
Industrial stocks also moved lower with Canadian National Railways down 62 cents to $67.26.
Bombardier Transportation has signed a seven-year contract valued at $101 million U.S. to service its train system at Denver International Airport. Its shares gained one cent to $4.83.
In other corporate news, the Globe and Mail reported that the battle between Magna International founder Frank Stronach and other shareholders of MI Developments Inc. has ended in a truce that will give Stronach ownership of several MI-held racetracks in exchange for giving up control of the company. MI Developments shares soared $8.68, or 44.9% to $28.00.
Centric Health Corp. is buying certain assets of Dedicated National Pharmacies Inc., Methadrug Clinic Ltd. and Union Medical Pharmacy Inc. from a court-appointed receiver for an undisclosed amount. Its shares were two cents lower at 90 cents.
ON BAYSTREET
The TSX Venture Exchange advanced 11.51 points to 2,167.34, while the Nasdaq Canada index picked up 1.06 points to 748.88.
In Toronto, gainers and losers were evenly split among the 14 subgroups. Energy led the former group, gaining 1.1%, while telecoms improved 0.7%, and financials moved up 0.5%.
The laggards were weighed by gold, 1.6% lower, materials, down 1.2%, and industrials, off 0.3%.
ON WALLSTREET
In New York, equities climbed slightly higher and oil rose above $90 U.S. a barrel Wednesday, as investors begin to pack up for the holidays and prepare for 2011.
The Dow Jones Industrials were 26.33 points better to close at 11,559.50
The S&P 500 added 4.24 points to 1,258.84. The Nasdaq Composite Index moved up 3.87 points to 2,671.48.
Oil prices were in the spotlight Wednesday after a weekly report showed crude stockpiles dropped by 5.3 million barrels last week. The report sent crude prices up to settle above the $90 U.S mark for a barrel, levels they hadn’t seen since October 2008.
Stock trading is expected to be light heading into the holiday season. But while there's little news on tap for the rest of the year, stocks have trended upward. Bank stocks were the bright spot Wednesday, with Bank of America and JPMorgan each up almost 3%.
December has been a strong month for stocks -- the blue-chip Dow index is up about 3% this month, while the S&P and Nasdaq have gained nearly 5%. All three major indexes are positioned for double-digit gains for the year.
Before the opening bell, Walgreens reported record quarterly earnings and sales for the first quarter of fiscal year 2011. Earnings per share rose 62 cents U.S. for the quarter ended Nov. 30 -- blowing past analyst expectations of 54 cents U.S. The pharmacy's profits jumped 18.8% to $580 million U.S., up from $489 million U.S. in the same quarter a year ago. Shares of Walgreen ended 5.5% higher.
American Airlines severed its relationship with online travel site Orbitz.com after an Illinois court said the airline could cancel its contracts. Shares of its holding company, AMR Corp. fell 1.2%.
On the economic ledger, the U.S. Commerce Department said the economy grew 2.6% in the third quarter -- slightly more than the 2.5% previously reported. The third and final take on third-quarter gross domestic product (GDP) was slightly less than the 2.7% expected by economists.
After the opening bell, National Association of Realtors' monthly report said sales of previously-owned homes jumped 5.6% in November to an annual rate of 4.68 million. The rate was down 27.9% from 12 months earlier.
The price on the benchmark 10-year U.S. Treasury inched down, raising the yield to 3.35% from Tuesday’s 3.33%. Treasury prices and yields move in opposite directions.
Oil for February delivery added 73 cents a barrel to $90.55 U.S.
Gold futures for February delivery fell $1.40 to settle at $1,387.40 U.S. an ounce.
