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TSX Gains with Defensive Stocks

Canopy, Cascades in Spotlight

PROVIDES UPDATE ON EARLY WALL STREET FINISH

Equities in Canada’s largest centre rose on Wednesday, led by gains in defensive shares, while those of the world's largest cannabis producer Canopy Growth had to play catch-up after its co-chief executive officer said he was fired from the company.

The S&P/TSX Composite Index acquired 72.8 points to greet noon Wednesday at 16,544.09.

The Canadian dollar tacked on 0.18 cents to 76.50 cents U.S.

Canopy Growth overcame morning losses to muscle ahead 28 cents, on co-CEO Bruce Linton's surprise exit. The stock registered at $52.77

The largest percentage gainers on the TSX were Cascades, which jumped 45 cents, or 4% after TD Securities raised its price target on the shares of paper packaging companies.

Ensign Energy Services slid nine cents, or 2.2%, to $4.03.

Mullen Group rose 48 cents, or 5.1%, to $9.97, after CIBC raised rating on its shares to "outperform" from "neutral".

On the economic calendar, Statistics Canada noted that exports rose 4.6% in May, while imports increased 1.0%.

Thus, this country’s merchandise trade balance with the world was in a surplus position in May for the second time since December 2016. The $762-million surplus in May followed a $1.1 billion deficit in April.

ON BAYSTREET

The TSX Venture Exchange regained 1.05 points to 586.51

All but three of the 12 Toronto subgroups were positive by midday, with consumer staples jacking up 1.7%, real-estate 1.2% more solid, and utilities clicking 1.1% higher.

The three laggards were materials, dropping 0.8%, energy, lower by 0.3%, and gold, dulling in price 0.2%.

ON WALLSTREET

Stocks closed at record highs on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.

The Dow Jones Industrial Average popped 179.32 points to near the end of the session at 26,966, notching intraday and closing all-time highs.

The S&P 500 added 22.81 points as the real estate and consumer sectors powered the broad index to record levels. Tech also boosted the index, rising 0.7% to a record high at 2,995.82.

The NASDAQ Composite gained 61.14 points to 8,170.23

Wednesday’s session ended at 1 p.m. ET due to the Fourth of July holiday.

Shares of Facebook, Amazon, Netflix and Google-parent Alphabet all rose on Wednesday

In corporate news, Tesla shares jumped more than 4% after the auto maker reported record delivery and production numbers. Meanwhile, Symantec surged 13.6% on news the company is in talks to be acquired by Broadcom. The two companies are targeting an announcement by mid-July.

Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.

The disappointing data strengthens the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it will “act as appropriate” to maintain the current economic expansion.

Prices for the benchmark 10-year U.S. Treasury were higher, lowering yields to 1.95%, from Tuesday’s 1.98%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.05 to $57.30 U.S. a barrel.

Gold prices were up $13.30 to $1,421.30 U.S. an ounce.