Stocks in Canada’s largest centre moved doggedly into positive country by the closing bell on Wednesday, as advances in health-care and energy overrode dullness in the gold sector.
The S&P/TSX Composite Index acquired 68.1 points by the end of Wednesday to 15,910.81
The Canadian dollar improved 0.57 cents to 77.78 cents U.S.
Among health-care concerns, Valeant Pharmaceuticals International jumped 54 cents, or 2.1%, to $26.08, while Aurora Cannabis grew 23 cents, or 3%, to $8.01.
The energy sector, the biggest boost to the main index, was up, as Enbridge gained 79 cents, or 2%, to $41.20, after the pipeline operator said it will sell a 49% stake in some of its renewable power assets in order to reduce its massive debt, pushing the energy group higher.
Elsewhere, Athabasca Oil took on six cents, or 3.3%, to $1.90.
Also helping the sentiment was progress made on the North American Free Trade Agreement front, as Mexico has launched a counterproposal to U.S. demands to toughen automotive industry content rules under the Agreement, officials said on Tuesday.
One of the largest percentage gainer on the TSX was Maxar Technologies Ltd, which rose $8.02, or 14.1%, to $64.77 after the company's quarterly results topped analysts' estimates. BlackBerry perked 44 cents, or 3.1%, to $14.86.
Gold stocks put a brake on things, as Kinross Gold dumped 63 cents, or 11.8%, to $4.71, while Goldcorp stepped back 13 cents to $17.33.
Among utilities, Hydro One docked two cents to $20.23, while Fortis Inc. lost 49 cents, or 1.1%, to $42.50.
In consumer staples, Loblaw Companies fell 28 cents to $65.33, while rival Metro gave back five cents to $40.54
On the economic beat, Statistics Canada reported that the value of building permits issued by Canadian municipalities increased 3.1% to $8.4 billion in March, following a 2.8% decline in February
The agency went on to attribute the hike to higher construction intentions for multi-family dwellings, particularly in Quebec and British Columbia, and by the commercial component.
ON BAYSTREET
The TSX Venture Exchange gained 3.23 points to 774.05
Seven of the 12 TSX subgroups were higher on the day, led by health-care, popping 1.5%, energy, gushing 1.2%, and information technology, ahead 0.5%.
The five laggards were weighed beneath gold, down 1.2%, utilities, falling 1%, and consumer staples, off 0.7%.
ON WALLSTREET
Stocks rose on Wednesday as energy shares jumped on the back of a strong rally in oil prices. The move higher follows President Donald Trump's decision to pull the U.S. out of the Iran nuclear deal.
The Dow Jones Industrial Average heightened 182.33 points to 24,542.54, with Chevron and Exxon Mobil among the best-performing stocks in the index. Chevron and Exxon Mobil both rose more than 1.5%.
The S&P 500 gained 25.87 points, or 1%, to 2,697.79, with energy rising 2%. Occidental Petroleum was one of the best-performing stocks in the S&P 500, rising 5.4%
Technology shares also boosted the broad index, rising 1.4% while industrials, financials and materials also jumped.
The NASDAQ picked up 73 points, or 1%, to 7,339.90
Chevron and Exxon Mobil both rose more than 1.5%.
Utilities, a sector adversely affected by higher rates, was one of the worst-performing spaces on Wednesday, sliding 0.7%.
In corporate news, Walmart dropped 3.1%. The retailer's stock fell after it agreed to buy 77% of Flipkart for $16 billion. Flipkart is am e-commerce company based in India.
Trump said Tuesday that the U.S. would be walking away from the Iran deal and that sanctions on the Middle Eastern country would be reinstated. In the run-up to the 2016 presidential election, this was a campaign promise that Trump had pledged.
Prices for the benchmark for the 10-year U.S. Treasury fell back, raising yields to 3.01% from Tuesday’s 2.97%. Treasury prices and yields move in opposite directions.
Oil prices powered ahead $2.12 a barrel to $71.18 U.S.
Gold prices subtracted $1.10 to $1,312.60 U.S. an ounce.
