Equities in Canada’s largest centre put together some reasonable gains before the closing bell on Wednesday, as strength in energy and materials shares overcame negativity in consumer staples and communications stocks.
The S&P/TSX Composite Index pulled ahead 21.41 points to finish the day Wednesday at 15,484.55
The Canadian dollar raced ahead 0.69 cents to 76.04 cents U.S.
Among energy issues, Imperial Oil took on 78 cents, or 2.1%, to $37.38, while Encana Corporation gained six cents to $9.18.
In materials, Frontier Lithium ballooned 6.5 cents, or 16.3%, to 47 cents, while First Quantum Minerals jumped 59 cents, or 4.3%, to $14.30.
In the tech sector, Shopify vaulted $5.34, or 2.6%, to $213.95, while BlackBerry acquired 12 cents, or 1.1%, to $10.68.
Consumer staples did not fare so well, however, as Alimentation Couche-Tard beat a retreat 38 cents to $70.75, while Loblaw lost 40 cents to $63.01.
In communications, Rogers swooned $1.04, or 1.5%, to $69.73, while BCE sank 32 cents to $56.63.
Among consumer discretionary stocks, Canada Goose Holdings let go of 40 cents to $65.54.
On the economic front, Statistics Canada reported Wednesday that average weekly earnings of Canadians in non-farm roles came in at $1.012 in November, little changed from the previous month. The agency adds that, compared with 12 months earlier, earnings grew by 2%.
ON BAYSTREET
The TSX Venture Exchange nicked higher 0.11 points to 615.20
Seven of the 12 TSX subgroups had climbed into positive territory by day’s end, with energy ahead 1.2%, materials up 0.7%, and information technology picking up 0.5%.
The five laggards were weighed most by consumer staples, off 0.9%, communications, down 0.5%, and consumer discretionary stocks 0.4% to the bad.
ON WALLSTREET
Stocks rose sharply on Wednesday after the Federal Reserve kept interest rates unchanged and stated it will be “patient” with raising rates moving forward. Strong earnings from Boeing and Apple also boosted the market.
The Dow Jones Industrials zoomed 434.9 points, or 1.8%, to 25,014.86, as Boeing and Apple outperformed. Wednesday also marked the Dow’s first close above 25,000 since Dec. 4.
The S&P 500 climbed 41.05 points, or 1.6%, to 2,681.05, led by the tech and consumer discretionary sectors.
The NASDAQ Composite sprang up 154.79 points, or 2.2%, to 7,183.08
Boeing shares jumped 6.3% after its quarterly earnings easily beat expectations. The aerospace giant also posted annual revenue of more than $100 billion for the first time and gave strong earnings guidance for 2019.
Apple climbed 6.8% after reporting a quarterly profit that barely beat estimates. The company’s overall quarterly revenue topped expectations, but iPhone sales for the quarter came in below estimates. The report comes after the company had slashed its revenue guidance earlier this month, citing a slowdown in China.
AMD shares also surged nearly 20% after releasing earnings that matched expectations. The chip maker added it expects 2019 sales to grow in the "high single-digit percentage" range. Facebook and Microsoft are scheduled to report after the bell Wednesday. Qualcomm and Tesla are also slated to report.
Fed Chairman Jerome Powell said in a news conference that the case for hiking rates "has weakened," noting he would "need to see a need for further rate hikes." The S&P 500 posted on Wednesday its first positive close on a Fed-decision under Powell’s tenure, data from Bespoke Investment Group show.
The results from the Dow members come during the busiest week of the earnings season. By the end of this week, more than 100 S&P 500 companies will have released their quarterly results. So far, 71% of the companies that have reported have surpassed earnings expectations.
On the data front, U.S. private payrolls grew by 213,000 in January, according to data released by ADP and Moody’s Analytics. Analysts expected a gain of 178,000. The data come ahead of Friday’s non-farm payrolls report.
Prices for the benchmark 10-year U.S. Treasury regained lost ground, lowering yields to 2.69% from Tuesday’s 2.71%. Treasury prices and yields move in opposite directions.
Oil prices gained 98 cents to $54.29 U.S. a barrel.
Gold prices popped $8.70 to $1,323.90 U.S. an ounce.
