Canada’s main stock index rebounded on Wednesday, buoyed by materials stocks and easing yields, while investors awaited fresh cues on the timing of interest rate cuts by central banks.
The TSX Composite came off its highs of the morning, but still gained 20.69 points to move into noon hour Wednesday at 21,663.86.
The Canadian dollar gained 0.1 cents at 72.46 cents U.S.
The materials sector rose, pulled up by Lundin Mining which gained 53 cents, or 3.5%, to $15.76 after four brokerages raised their price target on the stock.
In other Canadian corporate news, lender goeasy climbed $11.75, or 7.2%, to $175.30 to the top of the index after brokerage CIBC raised its price target to C$200 from C$175.
On the economic slate, Statistics Canada reported Canadian investors acquired $24.2 billion of foreign securities in February, led by an all-time high investment in foreign bonds. Meanwhile, foreign investors reduced their exposure to Canadian securities by $8.8 billion, led by a record divestment in government short-term debt securities.
ON BAYSTREET
The TSX Venture Exchange eked up 0.92 points to 573.49.
Seven of the 12 TSX subgroups had turned negative midday, weighed most by health-care, sliding 1.6%, industrials, stepping back 0.9%, and real-estate, off 0.7%.
The five gainers were led by gold, better 1.5%, materials, improving 1.3%, and information technology, forging ahead 0.7%.
ON WALLSTREET
The S&P 500 slipped on Wednesday, as the benchmark flirted with an extension of its losing streak while the corporate earnings season ramped up.
The Dow Jones Industrials dumped 118.19 points to 37,680.78.
The much-broader index recovered 24.93 points to 5,026.48.
The NASDAQ sank 132.1 points to 15,733.09.
United Airlines climbed more than 13% after posting a narrower-than-expected loss and beating on revenue. J.B. Hunt Transport Services fell more than 7% after missing analysts’ expectations on the top and bottom lines.
The new earnings season is off to a promising start. While less than 10% of S&P 500-listed companies have reported financials so far, more than three out of every four have surpassed Wall Street expectations.
The new earnings season is off to a promising start. While less than 10% of S&P 500-listed companies have reported financials so far, more than three out of every four have surpassed Wall Street expectations.
Prices for the 10-year Treasury gained ground, dropping yields to 4.61% from Tuesday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices let go of $2.01 to $83.35 U.S. a barrel.
Gold prices lost $8.80, to $2,399.00 U.S. an ounce.
