Equity markets in Canada’s largest market rose at the open on Wednesday, boosted by bank stocks after Italy indicated that it was open to reducing budget deficits and debt in the coming years.
The S&P/TSX Composite Index eked up 3.84 points to begin Wednesday at 16,021.07
The Canadian dollar ducked 0.09 cents to 77.89 cents.
Husky Energy said on Tuesday it had formally offered to acquire all the outstanding common shares of MEG Energy.
Husky shares gained 15 cents to $20.72, while MEG shares backtracked three cents to $10.84.
The Canadian Food Inspection Agency said on Tuesday grocery and drugstore chain Loblaw Cos is recalling certain $10 chicken fries in the wake of a potential Salmonella contamination.
Loblaw shares lost 32 cents to $64.68.
Raymond James raised the target price on Canadian Pacific Railway to $305.00 from $285.00. CP shares inched up seven cents to $273.82.
CIBC cut the price target on Corus Entertainment to $7.00 from $8.00. Corus shares gave back a penny to $4.25.
ON BAYSTREET
The TSX Venture Exchange erased 0.46 points to 704
Seven of the 12 subgroups were positive in the first hour of trade, as health-care chugged ahead 1.9%, while information technology clicked 0.8% higher, and energy was better by 0.4%.
The five laggards were weighed most heavily by materials, down 0.4%, while gold and industrials each moved backward 0.3%.
ON WALLSTREET
Stocks traded higher on Wednesday after a report showed better-than-expected jobs creation last month.
The Dow Jones Industrial Average piled another 121.36 points above Tuesday’s all-time close to 26,895.30, led by Intel and J.P. Morgan Chase.
The S&P 500 gained 10.32 points to 2,933.75, as financials and tech outperformed.
The NASDAQ restored 43.06 points to 8,042.60, with Apple rising more than 0.5%
Bank shares rose, J.P. Morgan Chase and Bank of America both up 0.7% while Citigroup shares gained 0.8%.
General Motors shares jumped more than 5% after the company announced Honda is investing in GM's Cruise Holdings subsidiary. The two automakers will work toward building an autonomous vehicle. GM also said Honda's investment puts Cruise's valuation at $14.6 billion.
Other data scheduled for release include the Institute for Supply Management non-manufacturing index at 10 a.m. ET.
Private payrolls increased by 230,000 in September — the most since February — according to a report from ADP and Moody's Analytics. Economists polled by Refinitiv (formerly Thomson Reuters) expected a gain of 185,000. The report is often seen as a preview to the government's non-farm payrolls report, which is set for release Friday morning.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 3.10% from Tuesday’s 3.06%. Treasury prices and yields move in opposite directions.
Oil prices dropped 25 cents at $74.98 U.S. a barrel.
Gold prices ducked back $1.60 to $1,205.40 U.S. an ounce.
