Equity markets in Canada’s largest centre edged higher on Wednesday as shares of precious metal miners were boosted by higher gold prices, but concerns about rising coronavirus cases around the world capped gains.
The S&P/TSX Composite Index came off its highs of the morning and remained ahead but 2.31 points to reach midday Wednesday at 15,597.81.
The Canadian dollar climbed 0.34 cents at 73.83 cents U.S.
A federal government source says the country is considering issuing longer-term debt to take advantage of low interest rates, and expects servicing costs to be lower this fiscal than was forecast last year despite the billions in emergency spending due to COVID-19.
The largest percentage gainers on the TSX were Pan American Silver which jumped $6.64, or 2.7%, to $43.69, and MAG Silver, which rose $1.04, or 5.4%, to $20.34.
Bausch Health Companies fell $1.51, or 6%, the most on the TSX, to $23.62, while the second biggest decliner was Rogers Communications down $2.37, or 4.1%, to $56.13.
ON BAYSTREET
The TSX Venture Exchange jumped 13.47 points, or 2%, to 665.13
The 12 TSX subgroups were evenly split by noon, with gold and materials each up 2%, while information technology ahead 0.6%.
The half-dozen laggards were weighed most by health-care, down 1.9%, communications, subsiding 1.7%, and energy, lagging 1.3%.
ON WALLSTREET
Stocks cut gains on Wednesday as investors weighed the latest U.S. coronavirus data and its impact on the economic recovery.
The Dow Jones Industrials went south 53.8 points to reach noon at 25,836.38.
The S&P 500 remained doggedly ahead 0.28 points to 3,145.60
The tech-heavy NASDAQ was a bit better off, positive 43.72 points to 10,387.61.
Names that would benefit from the economy reopening were under pressure. Delta slipped 2%, and American Airlines fell 1.8%. United Airlines slid 1.8% and Southwest dropped more than 1%. Carnival Corp and Norwegian Cruise Line fell nearly 1% each.
Advances in major tech stocks capped the downside move. Microsoft, Apple, and Alphabet were all higher. Amazon shares also gained 0.5%.
Wednesday’s move higher comes even as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. That latest surge brought the total number of confirmed U.S. cases to nearly three million, according to Johns Hopkins University.
Coronavirus-related deaths have risen to more than 131,000 in the U.S., according to Hopkins.
Prices for the 10-Year Treasury were up, dropping yields to 0.66% from Tuesday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices waned 17 cents to $40.45 U.S. a barrel.
Gold prices added 11 dollars to $1,820.90 U.S. an ounce.
