Equity indices in Canada’s largest centre opened slightly higher on Wednesday, as the materials sector climbed on the back of higher gold prices, although a drop in energy stocks limited the gains.
The TSX Composite Index gained 36.75 points to open Wednesday at 17,389.65
The Canadian dollar eked up 0.08 cents to 76.60 cents U.S.
CIBC raised the rating on Aphria to neutral from underperform. Shares in Aphria picked up 34 cents, or 5.2%, to $6.83.
CIBC raised the target price on Fortis to $57.00 from $55.00. Fortis shares acquired 25 cents to $55.17.
CIBC raised the target price on Air Canada to $59.00 from $54.00. Shares in the Maple Leaf Airline got lift of 27 cents to $52.28.
ON BAYSTREET
The TSX Venture Exchange grew 1.46 points to 575.89
All but three of the 12 TSX subgroups began the session positive, with health-care sprinting 2.5%, information technology clicking 1.1%, and utilities better by 0.7%.
The three laggards were energy, down 0.6%, materials, off 0.2%, and gold, fading 0.1%.
ON WALLSTREET
Stocks rose on Wednesday ahead of the U.S. and China signing a so-called phase-one trade deal while the corporate earnings season picked up steam.
The Dow Jones Industrials rocketed 127.17 points to 29,066.84, to reach an all-time high.
The S&P 500 gained back 9.54 points to 3,292.76, also a new record.
The NASDAQ picked up 30.94 points to 9,282.27.
Also helping sentiment Wednesday morning were comments from White House economic advisor Larry Kudlow, who said the Trump administration would unveil more tax cuts later this year.
President Donald Trump is expected to sign the deal at around 11:30 a.m. ET. Investors have been eagerly awaiting the signing of the so-called phase one trade agreement as the conflict between the world’s largest economies has dragged on for nearly two years.
Wall Street also kept an eye on Corporate America as the earnings season. Bank of America reported quarterly results that beat analyst expectations as bond-trading revenue ripped higher.
Goldman Sachs posted a revenue for the quarter that surpassed estimates. BlackRock, UnitedHealth and PNC Financial also posted quarterly earnings that beat analyst expectations.
So far, about 30 S&P 500 companies have released their quarterly numbers. Of those companies, 82% have posted better-than-expected profits.
Target shares dropped more than 5% after the retailer announced disappointing holiday same-store sales. Target said its same-store sales during the holidays rose just 1.4%, compared to growth of 5.7% from the prior year. The retailer’s stock also dragged down Walmart shares by more than 1%.
Prices for the 10-Year U.S. Treasury gained, lowering yields to 1.79% from Tuesday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices slid 24 cents to $57.99 U.S. a barrel.
Gold prices improved $5.80 to $1,550.40 U.S. an ounce.
