Stocks in Canada’s biggest centre took on strength at the open on Wednesday, in broad-based gains led by financials, while energy stocks were buoyed by firmer crude oil prices.
The S&P/TSX Composite Index gained 45.06 points to begin Wednesday at 15,142.90
The Canadian dollar took on 0.22 cents to 78.62 cents U.S.
Among resource stocks, First Quantum Minerals increased in price 34 cents, or 2.8%, to $12.57, while Agnico Eagle Mines tacked on 27 cents to $58.51.
Financials were also among the leaders, with Royal Bank gaining 44 cents to $93.77, while Bank of Nova Scotia jumped 33 cents to $78.09.
Among energy issues, Imperial Oil grew 14 cents to $36.16, while Suncor gained nine cents to $40.81.
CIBC cut the target price on Metro Inc. to $46.00 from $48.00. Metro shares dropped a penny to $42.63.
National Bank of Canada cut the rating on Prometic Life Sciences to sector perform. Prometic shares deducted five cents, or 3.7%, to $1.32.
On the macroeconomic scene, Statistics Canada reported that foreign investors reduced their holdings of Canadian securities by $923 million in June, the first monthly divestment since July 2015.
At the same time, Canadian investment in foreign securities amounted to $13.2 billion, led by acquisitions of equities.
ON BAYSTREET
The TSX Venture Exchange lost 2.32 points to 767.55
All 12 TSX subgroups were positive to begin the session, with materials up 0.7%, financials ahead 0.4%, and energy churning upwards 0.3%.
ON WALLSTREET
U.S. equities traded higher on Wednesday as investors looked ahead to a key release from the Federal Reserve.
The Dow Jones Industrials gained 73.91 points to begin Wednesday to 22,072.90, with Home Depot contributing the most gains.
The S&P 500 gained 6.63 points to 2,471.24, with materials leading advancers.
The NASDAQ jumped 11.9 points to 6,344.92,
The U.S. central bank is scheduled to release the minutes from its July 26 meeting at 2 p.m. in New York. The minutes are a summary of what the top Fed officials discussed during their meetings.
Investors also digested weaker-than-expected housing data, as housing starts and permits fell unexpectedly last month.
Prices for the benchmark 10-year Treasury note backtracked, raising yields to 2.27% from Tuesday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices rose 14 cents to $47.69 U.S. a barrel
Gold prices fell $1.90 to $1,277.80 U.S. an ounce.
