Canada's main stock index rose on Wednesday, as energy shares 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 gathered 54.57 points to greet noon Wednesday at 16,591.91
The Canadian dollar dipped 0.21 cents to 75.87 cents U.S.
The largest percentage gainers on the TSX was SNC Lavalin, whose shares jumped 48 cents, or 2.7%, to $18.40, followed by shares of OceanaGold, which rose 20 cents, or 6.5%, to $3.29.
Cargojet fell $2.33, or 2.3%, the most on the TSX, to $100.95, followed by shares of TFI International, down 67 cents, or 1.7%, to $39.91.
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 gained 67.15 points to 26,976.58
The S&P 500 added 10.21 points to 2,989.60. The NASDAQ Composite remained positive 39 points to 8,139.55
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. Investors 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 dropped 41 cents to $56.99 U.S. a barrel.
Gold prices regained $3.70 to $1,502.90 U.S. an ounce.
