Comeback Begins for Stocks

Rogers-Shaw Battle Rages on

Equities in Canada’s largest market rebounded on Wednesday from a 10-month low hit in the previous session as energy and mining shares rallied on the back of higher commodity prices.

The S&P/TSX Composite climbed 185.39 points, to kick off mid-week Wednesday at 20,075.45.

The Canadian dollar acquired 0.63 cents at 77.36 cents U.S.

Canada's competition agency said on Tuesday that concessions offered by Rogers Communications to acquire Shaw Communications in a $16-billion deal were insufficient.

Shares in Rogers backpedaled seven cents to $64.94, while Shaw shares docked $1.43, or 4%, to $33.98.

National Bank of Canada cut the price target on Copperleaf Technologies to $16.00 from $20.00. Copperleaf shares settled 29 cents, or 2.9%, to $9.76.

CIBC raised the rating on Element Fleet Management to outperform from neutral. Element Fleet shares gained 15 cents, or 1.2%, to $12.36.

CIBC raised the target price on George Weston to $188.00 from $177.00. Weston shares lost $1.62, or 1.1%, to $152.61.


The TSX Venture Exchange progressed 11.66 points, or 1.6%, to 722.85.

Eight of the 12 TSX subgroups were up in the first hour, with energy chugging along 3.8%, materials, ahead 2.2%, and gold, surging 1.6%.

The four laggards were weighed most by consumer staples, down 0.9%, communications, sliding 0.8%, and information technology, off 0.1%.


Stocks rose Wednesday, as investors tried to look past the latest U.S. inflation data.

The Dow Jones Industrials pulled emphatically ahead 229.42 points to 32,390.16.

The S&P 500 took on 16.62 points to 4,014.38.

The NASDAQ Composite gave back yesterday’s gains, losing 37.89 points to 11,689.78.

Chevron, IBM, Caterpillar and Boeing led Wednesday’s early market moves, rising more than 2% each. Real estate, materials and utilities were among the best performing S&P 500 sectors, rising more than 1% each. The information technology and consumer discretionary sectors dipped into the red.

Shares of tech stocks Apple and Microsoft, which have been hard-hit amid a broader rotation out of growth stocks, slipped after rising during the previous trading session. The Nasdaq saw the worst of the selling in early trading, as investors continued to dump tech shares as they have all year, before reversing course.

April’s consumer price index showed an 8.3% jump, higher than the 8.1% increase expected by economists polled by Dow Jones. The price surge remained near the 40-year high pace of 8.5% seen in March. Core CPI, which does not include food and energy prices, gained 6.2% compared to expectations of 6%. On a monthly basis, headline CPI rose by 0.3% and core rose 0.6%.

On the earnings front, shares of Coinbase slumped more than 20% after the crypto exchange posted its latest quarterly results. Investors are looking ahead to reports from Walt Disney, Rivian and Beyond Meat after the bell.

Treasury prices decreased, with yields inching up to 3.03% from Tuesday’s 3%. Treasury prices and yields move in opposite directions.

Oil prices hiked $5.16 to $104.92 U.S. a barrel.

Gold prices recovered $9.10 to $1,850.10 U.S. an ounce.