Canada's main stock index was aiming for its fourth straight day of gains on Wednesday, as higher crude prices helped fuel energy shares, but Bombardier Inc tumbled after the plane maker said CSeries talks with Airbus had ended.
The S&P/TSX composite index remained positive 155.87 points, or 1.1%, to greet noon at 13,803.13, off its highs of the morning.
The Canadian dollar backtracked 0.09 cents at 76.62 cents U.S.
Canadian Natural Resources was among the top gainers, surging 2.8% to $30.38, while fellow energy company Enbridge Inc rallied 1.8% to $55.20.
Teck Resources Ltd was also a major mover, surging 18.8% to $9.24 after Franco-Nevada Corp said it agreed to pay Teck $610 million to help fund operations at the Antamina mine in Peru in exchange for a share of silver production.
The deal comes just two days after Franco-Nevada revised its deal with First Quantum Minerals Ltd for a project in Central America. First Quantum shares have surged some 80% over the last several sessions, including Wednesday's 16.2% rise to $8.70.
Other influential gainers included Canadian National Railway, which rose 1.8% to $77.83 and Bank of Nova Scotia, which added 1.7% to $60.40.
Cash-strapped Bombardier was the biggest loser, plunging 14.1% to $1.52.
On the economic front, Statistics Canada reported that building permits cooled in August by 3.7% to $7.5 billion, following increases of 15.5% in June and 0.7% in July. The decline was attributable to lower construction intentions in most provinces, mainly British Columbia, Alberta, Quebec and Saskatchewan.
ON BAYSTREET
The TSX Venture Exchange added 3.93 points to 542.62
All but three of the 13 TSX subgroups were higher midday, with metals and mining skyrocketing 7.9%, energy gushing 2.1%, and utilities stronger by 1.6%.
The three laggards were gold, down 0.4%, telecoms, down 0.3%, and consumer staples, backward by 0.1%.
ON WALLSTREET
U.S. stocks attempted to hold higher Wednesday as investors digested declines in tech stocks and moves in oil prices ahead of earnings season.
The Dow Jones industrial average subsided 17.97 points to break for lunch at 16,772.22, with Boeing contributing the most to gains. Apple was the greatest drags on the index.
The S&P 500 remained positive 4.74 points to 1,983.62, with health-care leading five sectors higher and information technology the greatest laggard.
The NASDAQ index clung to gains of 4.74 points to 4,753.10, as Apple fell more than 1%.
Monsanto and Constellation Brands were among the few firms reporting before the bell Wednesday. Alcoa reports after the close Thursday, unofficially kicking off earnings season.
YUM Brands plunged more than 18% after reporting earnings late Tuesday that missed expectations. The fast food company also disappointed in its key China division with much weaker-than-expected growth in same-store sales.
In other corporate news, SABMiller said it rejected Anheuser-Busch InBev's raised bid, which would have given it a value of nearly £68 billion ($103.6 billion U.S.).
The International Copper Study Group said late on Tuesday that it expects the global copper market will see a deficit of 130,000 tonnes in 2016, reversing its prior estimate of a 230,000-tonne surplus.
Prices for 10-year U.S. Treasuries slumped, raising yields to 2.07%, compared to Tuesday’s 2.04%. Treasury price and yields move in opposite directions.
Oil prices fell 29 cents a barrel to $48.24 U.S.
Gold prices 35 cents to $1,146.69 U.S. an ounce.
