Canada's main stock index rose modestly at the open on Wednesday as the energy sector tracked gains in oil prices, while hopes of a resolution to the U.S.-China trade war also buoyed sentiment.
The S&P/TSX Composite gained 19.58 points to begin Wednesday at 16,556.92The Canadian dollar dipped 0.08 cents to 76 cents U.S.
A unit of Spain's Ferrovial S.A. is appealing a Canadian court decision over SNC Lavalin Group's former 10.01% stake in a toll highway.
SNC shares hustled 35 cents, or 2%, to $18.27.
Catalyst Capital Group holds roughly 16% of Hudson's Bay Co shares after investors took part in its tender offer, bolstering the buyout firm's position against a take-private deal, according to a Canadian securities filing made on Tuesday. Bay shares traveled 19 cents, or 1.9%, higher to $10.14.
JP Morgan established a Dec. 2020 price target of $41.00 on Canadian Natural Resources, compared to a Dec. 2019 price target of $44.00. Natural Resources shares gathered 37 cents, or 1%, to $34.13.
CIBC raised the price target on Fortis to $56.00 from $55.00. Fortis lost 32 cents to $54.85.
ON BAYSTREET
The TSX Venture Exchange regrouped 2.31 points to 584.87
Seven of the 12 Toronto subgroups were positive in the first hour, as gold shone 1% brighter, information technology gained 0.7%, and materials registered 0.3%.
The five laggards were weighed most by health-care, down 0.5%, while real-estate and utilities each let go of 0.3%.
ON WALLSTREET
Stocks traded slightly higher on Wednesday as Apple added to its gains from the previous session after unveiling a slew of new products.
The Dow Jones Industrial Average threatened to run its win streak to six sessions Wednesday, with a gain of 22.87 points at the opening to 26,932.30
The S&P 500 added 36.6 points to 2,983.83
The NASDAQ Composite recouped 36.6 points to 8,120.75
Apple shares traded 1.5% higher after climbing more than 1% on Tuesday. The tech giant unveiled three new iPhones on Tuesday along with a new Apple Watch and a TV subscription service. Apple also showcased a gaming subscription called Apple Arcade.
Apple’s gains gave the tech sector a much-needed lift. The sector rose about 0.2% after starting the week with a 1.2% decline.
On the data front, investors digested key inflation data. The U.S. producer price index rose 0.1% in August, while economists expected the index to remain unchanged. Wall Street examined the data as they look for clues on the Federal Reserve’s next move on monetary policy.
The U.S. central bank is largely expected to lower rates in a meeting next week. Market expectations for a September rate cut are at 91.2%,
Meanwhile, according to the American Chamber of Commerce in Shanghai, some American companies are speeding up their move away from China amid the imposition of U.S. tariffs.
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 1.73% from Tuesday’s 1.74%. Treasury prices and yields move in opposite directions
Oil prices regained 38 cents to $57.78 U.S. a barrel.
Gold prices dipped $1.80 to $1,497.40 U.S. an ounce.
