Equities in Canada’s largest market rose midday on Wednesday as gains in resource stocks, bolstered in part by steadier prices of hard-hit commodities, helped lift the market.
The S&P/TSX Composite Index held onto gains of 21.28 points to greet noon at 15,170.88
The Canadian dollar dropped 0.24 cents to 75.11 cents U.S.
Suncor Energy was among the most influential gainers, rising 1.7% to $38.75. Cenovus Energy shares, which were battered in the previous session by news the company would replace its chief executive and sell some assets, partially recouped losses, rebounding 3.1% to $9.73.
The financials group, which makes up roughly a third of the index's weight, gained as Bank of Nova Scotia led with a 0.9% hike to $79.54.
The materials group, which includes precious and base metals miners as well as fertilizer and lumber companies, added strength fertilizer producer Agrium rose 1% to $123.55, while Barrick Gold was up 1.1% at $20.9. Teck Resources added 1.7% to trade at $20.20.
ON BAYSTREET
The TSX Venture Exchange strengthened 3.15 points to 773.24
All but three of the 12 TSX subgroups remained positive, as gold climbed 1.3%, materials surged 1%, while information technology gained 0.7%.
The three laggards were led by financials trailing yesterday’s close by 0.3%, while consumer staples doffed 0.1% and utilities were down 0.04%.
ON WALLSTREET
U.S. stocks traded mixed on Wednesday as oil prices tried to rebound from a sharp fall during the previous session.
The Dow Jones Industrials fell 27.24 points midday to 21,439.90, with Caterpillar contributing the most losses. UnitedHealth and Merck, however, helped cap losses.
The S&P 500 faded 0.29 points to 2,436.74, as energy stocks fell about 1% to lead decliners. The sector briefly erased losses after bullish supply data from the oil market was released.
The NASDAQ regained 33.17 points to 6,221.20, as biotechnology stocks spiked higher.
Stocks have been on a tear this year, with the S&P rising more approximately 9%, largely led by information technology. The tech sector has jumped nearly 20% this year as shares of large-cap stocks in the space have risen sharply. Tech's rise has also boosted the NASDAQ composite, which is up 15% year to date.
In economic news, mortgage applications rose 0.6% as interest rates remained low. Existing homes sales unexpectedly rose in May to the third highest monthly level in a decade, up 1.1% to a seasonally adjusted rate of 5.62 million units.
The Energy Information Administration said Wednesday that U.S. crude inventories decreased by 2.5 million barrels, lifting energy stocks and oil prices. Oil was also on track to post its worst first-half performance since 1997.
Prices for the benchmark 10-year Treasury note regained lost ground, driving yields back to Tuesday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices gave up 15 cents to $43.36 U.S. a barrel
Gold prices gained $1.90 to $1,245.40 U.S. an ounce.
