Canada's main stock index rose slightly on Wednesday, helped by gains in technology stocks, while investors awaited comments from the U.S. Federal Reserve on when it would ease its monetary stimulus.
The TSX Composite index poked ahead of Tuesday’s all-time high, 14.02 points to approach noon at 20,245.34.
The Canadian dollar inched up 0.09 cents to 82.15 cents U.S.
The largest percentage gainer on the TSX was Canfor Corp, which jumped 76 cents, or 2.6%, to $27.30, after the forest products company said it would buy back up to 6.26 million shares.
Its gains were followed by NFI Group, which rose 33 cents, or 1.3%, to $26.62, after the bus and motor coach manufacturer received an order for 195 buses from RATP Dev London.
Blackberry fell $1.18. or 6.9%, the most on the TSX, to $15.85, and the second-biggest decliner was Kinross Gold, down 49 cents, or 5.3%, to $8.85 after the miner temporarily suspended mill operations at its Tasiast mine due to a fire on June 15.
The U.S. Transportation Department said on Tuesday it was seeking a $25.5-million fine from Air Canada over the carrier's failure to provide timely refunds requested by thousands of customers for flights to or from the United States.
Air Canada fell eight cents to $28.17.
On the economic slate, Statistics Canada reported sales by Canadian wholesalers rose 0.4% in April, the third increase in the last four months.
The nation’s number-crunchers say activity was mixed with continued increases in the building material and supply sub-sector.
The agency’s consumer price index rose 3.6% on a year-over-year basis in May, up from a 3.4% gain in April. On a seasonally adjusted monthly basis, the CPI rose 0.4% in May.
ON BAYSTREET
The TSX Venture Exchange lost 2.18 points to 967.14.
The 12 TSX subgroups were evenly split, with utilities gaining 0.4%, while financials and information technology each gained 0.3%.
The half-dozen laggards were weighed most by consumer discretionary stocks, sagging 0.8% ,while consumer staples and energy each stumbled 0.3%.
ON WALLSTREET
U.S. stocks were mostly flat on Wednesday ahead of the Federal Reserve’s update on monetary policy.
The Dow Jones Industrials remained lower 11.02 points to begin Wednesday at 34,288.31.
The S&P 500 fell 1.26 points to 4,245.33
The NASDAQ cleared breakeven 11.73 points to 14,084.59.
Big Tech stocks rose again to provide the broader market with some support. Apple and Microsoft gained 0.8% each, while Amazon and Netflix also traded in the green. Economic reopening plays were mixed with major airlines trading lower and cruise line operators higher. Royal Caribbean and Carnival both climbed 1%.
The Fed will conclude its two-day meeting on Wednesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think about easing its bond-buying policy.
The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.
Prices for 10-Year Treasurys were a bit higher, lowering yields to 1.49% from Tuesday’s 1.5%. Treasury prices and yields move in opposite directions.
Oil prices gained 68 cents to $72.80 U.S. a barrel.
Gold prices gathered $4.70 to $1,861.10 U.S. an ounce.
