Stocks in Canada’s largest market finished in the green Wednesday, despite worrisome trade figures.
The S&P/TSX Composite gained 49.61 points to close Wednesday at 16,448.84, off its highs of the day.
The Canadian dollar gained 0.62 cents to 75.59 cents U.S.
Minerals stocks led the way upward, as First Quantum Minerals chugged higher 44 cents, or 5.4%, to $8.62, while Lundin Mining gained 15 cents, or 2.4%, to $6.46.
In consumer staples, Sobeys parent Empire Company leaped 68 cents, or 1.9%, to $37.22, while George Weston climbed $1.47, or 1.4%, to $110.14.
Gold stocks also surged, as Eldorado Gold skyrocketed 79 cents, or 6.4%, to $13.15, while Centerra Gold jumped 31 cents, or 2.5%, to $12.55.
Only in health-care was there discontent, as Cronos Group tumbled 42 cents, or 2.8%, to $14.63, while Aurora Cannabis moved lower 20 cents, or 2.6%, to $7.37.
As expected, the Bank of Canada left its trendsetting rate unchanged at 1.75% Wednesday. The Bank Rate is correspondingly 2% and the deposit rate is 1.5%
Elsewhere on the economic front, Statistics Canada reported that imports rose 1.2% in July, while exports fell 0.9%. As a result, Canada's merchandise trade balance with the world went from an essentially balanced position in June to a $1.1-billion deficit in July.
ON BAYSTREET
The TSX Venture Exchange notched higher 0.65 points to 592.93, after a fair bit of time in the negative.
All but one of the 12 Toronto subgroups remained positive on the day as materials and consumer staples each climbed 0.9%, while gold shone brighter by 0.8%.
Only health-care fell flat, losing 1.1% on the day.
ON WALLSTREET
Stocks rose sharply on Wednesday as tensions in Hong Kong between the government and protesters eased after the withdrawal of a controversial bill.
The Dow Jones Industrial Average sprang up 218.95 points to 26,336.97
The S&P 500 gained 31.51 points, or 1.1%, to 2,937.78, led by a 1.7% surge in the tech sector.
The NASDAQ Composite popped 102.72 points, or 1.3%, to 7,976.88
Micron Technology was among the best-performing tech stocks, rising 4.1% after an analyst at Mizuho Securities raised his price target on the chipmaker. Intel was the best-performing stock in the Dow, rising 4.1%.
Bank stocks got a boost as Bank of America and Citigroup gained more than 1.3% each while J.P. Morgan Chase advanced 1.2%.
Hong Kong leader Carrie Lam said that she will withdraw a contentious extradition bill that has sparked months of mass protests. The Hang Seng index in Hong Kong had soared around 4% on reports overnight that the withdrawal of the bill was imminent.
The bill’s withdrawal is seen as a positive because protest escalation was seen as a potential disruptor to the global economy. Some investors feared the protests could hinder U.S.-China trade talks
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.46% from Tuesday’s 1.47%. Treasury prices and yields move in opposite directions
Oil prices took on $2.41 to $56.35 U.S. a barrel.
Gold prices gained eight dollars to $1,563.90 U.S. an ounce.
