Stocks in Canada’s largest market ebbed and flowed through the session, but managed to stay buoyant by the closing bell, largely on the strength of gold and other resource stocks.
The TSX Composite Index nosed up 10.87 points to close Wednesday at 17,511.75
The Canadian dollar slumped 0.23 cents to 75.73 cents U.S.
Among gold stocks, Seabridge Gold sprinted $1.04, or 5.9%, to $18.61, while IAMGOLD picked up 20 cents, or, 5.3%, to $3.96.
Materials also registered higher, with MAG Silver climbing 55 cents, or 4%, to $14.38, while Pretium Resources gaining 72 cents, or 5.2%, to $14.54.
Industrials were led higher by Stantec, up $1.01, or 2.6%, to $40.06, while Richelieu Hardware acquired 58 cents, or 2%, to $29.81.
Tech stocks took some bruises, however, with CGI Group slumping $8.91, or 7.9%, to $104.00, while Evertz Technology settling 33 cents, or 1.9%, to $17.50.
Communications issues looked downward, with CORUS losing nine cents, or 1.7%, to $5.18, while Cogeco Communications doffed $1.23, or 1.2%, to $104.96.
In financials, Home Capital Group docked 36 cents, or 1.1%, to $32.57, while Laurentian Bank dropped 30 cents to $43.77.
ON BAYSTREET
The TSX Venture Exchange took on 1.86 points, to 577.49.
The 12 TSX subgroups were divided evenly Wednesday, with gold up 2.1%, materials improving 1.1%, and industrials up 0.4%
The half-dozen laggards were weighed most by information technology, down 1.6%, communications, swooning 0.7%, and financials, off 0.1%.
ON WALLSTREET
Stocks closed little changed on Wednesday even after the Federal Reserve kept interest rates steady and maintained a positive view on the U.S. economy.
The Dow Jones Industrials faded from earlier gains and hung onto only 11.93 points to close the session at 28,734.78.
The S&P 500 lost 2.81 points at 3,273.44
The NASDAQ nicked higher 5.48 points to 9,275.16.
The Federal Open Market Committee held the overnight benchmark rate in a range between 1.5% and 1.75%, as expected. In a statement, the policymaking committee said rates are geared towards a return to their 2% inflation objective.
Apple shares gained 2.8% and hit a record after its quarterly results easily beat analyst expectations. The company’s results were driven in part because of an 8% uptick in iPhone sales, which totaled $55.96 billion.
McDonald’s, another Dow component, posted better-than-expected quarterly results, sending the stock up 1.9%. Dow Inc and ADP reported profits that beat analyst estimates as well along with General Electric, which surged 10.3%.
So far, nearly 28% of S&P 500 companies have reported results for the previous quarter. Of those companies, about 70% have beaten analyst expectations.
Boeing shares rose more than 2% even after the aircraft manufacturer reported its first annual loss since 1997.
AMD shares, however, dropped 6% after the semiconductor company issued weaker-than-forecast revenue guidance for the first quarter. Xilinx also gave a disappointing sales forecast, which sent its stock down more than 10%.
Semiconductor stocks have had a rough week as worries over the coronavirus outbreak dented sentiment over the global economy.
Chinese officials said late Tuesday that the death toll has risen to 132 with total cases in China now standing at 5,974. The White House told U.S. airlines on Tuesday that the administration is considering a suspension of flights from China to the U.S.
The main interest rate is widely expected to hold steady in the 1.50% to 1.75% range
Prices for the 10-Year U.S. Treasury heightened, lowering yields to 1.59% from Tuesday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil prices decreased 32 cents to $53.16 U.S. a barrel.
Gold prices muscled up $6.20 to $1,576 U.S. an ounce.
Stocks Little Changed in Wake of Fed Statement
