Equities north of the border moved in a volatile fashion Wednesday, financials tugging at the gains the TSX enjoyed, put up there by gold and materials. This, as trade talks between Canada and the U.S. appeared to gather steam.
The TSX held onto gains of 33.86 points to conclude Wednesday at 36,401.79.
The Canadian dollar popped 0.46 cents, to 72.41 cents U.S.
Aris Mining was a standout performer, up $2.69, or 11%, to $27.09, while OceanaGold Corp hiked $3.51, or 9.2%, to $41.76 and Endeavour Silver gained $1.73, or 12.9%, to $15.15.
In real-estate, Colliers International rocketed $5.83, or 4%, to $151.15, while FirstService bounced $5.10, or 2.6%, to $202.07.
In financials, BMO dipped $11.27, or 4.4%, to $242.63, while CIBC tumbled $6.25, or 3.7%, to $162.94.
In the energy field, Enerflex stepped back $1.79, or 5.9%, to $28.45, while CES Energy Solutions ducked 56 cens, or 2.9%, to $18.54.
U.S. President Donald Trump announced late on Tuesday he was putting a three-day pause on new 50% tariffs that were set to go into effect on Canadian goods on Wednesday, saying the two countries had reached a deal.
Following the announcement, Prime Minister Mark Carney said in a statement that "substantial progress has been made, although there is important work still to be done."
Separately, investors monitored developments in the Middle East conflict and awaited the minutes of the U.S. Federal Reserve's July meeting for clues on the central bank's interest rate trajectory.
Oil prices hit a three-week high as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions persisted.
ON BAYSTREET
The TSX Venture Exchange hurtled higher 26.91 points, or 2.9%, to 971.78.
Eight of the 12 TSX subgroups were positive by the close Wednesday, led by gold, brighter 8.4%, materials, up 6.9%, and real-estate, taking on 1.2%.
The four laggards were weighed most by financials, shedding 2.6%, energy, down 0.7%, and utilities, off 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Wednesday as bond yields fell following the Treasury Department’s announcement of an increased buyback operation for longer-term debt.
The 30-stock index climbed 119.65 points to 53,463.05.
The S&P 500 hiked 16.22 points to 7,707.98.
The NASDAQ Composite grew 41.38 points to 26,331.09.
Stocks viewed as beneficiaries of lower rates saw some gains. Lowe’s advanced around 3%, while Home Depot rose more than 2%.
Moderna more than doubled, soaring more than 140% and heading for its best day on record after an experimental skin cancer vaccine developed with Merck showed success in a late-stage trial. Merck shares jumped more than 12%, supporting the Dow.
Shares of Marvell Technology gained 8% after announcing an agreement with Google related to its tensor processing units and issuing Alphabet a warrant to buy up to $12.2 billion worth of Marvell common stock.
However, other tech stocks slid after The Wall Street Journal reported, citing sources, that OpenAI disclosed second-quarter results that disappointed investors. While revenue expanded by 18% between the first and second quarter, losses grew as well. Broadcom and Advanced Micro Devices shed around 4%.
President Donald Trump reiterated on Wednesday that the U.S. has a trade deal with Canada as long as the documents are finalized.
“Subject to the finalization of documents, we have a deal with Canada,” Trump told reporters at the White House. “I think it’s a very good deal for ... both parties.”
Trump announced late Tuesday night that he was delaying his plan for levies on the U.S.' northern neighbor for three days because a deal was almost finalized.
Had the tariffs gone into effect, some Canadian goods including wine and hockey stocks would have been hit with a 50% import tax.
Prices for the 10-year Treasury popped, lowering yields to 4.65% from Tuesday’s 4.71%. Treasury prices and yields move in opposite directions.
Oil prices went above water 46 cents to $85.40 U.S. a barrel.
Gold prices climbed $12.40 to $4,563 U.S. an ounce.
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