Equities in Toronto hit a record high on Wednesday, helped by technology and financial stocks, while investors assessed strong quarterly earnings from two of the biggest domestic lenders.
The TSX gained 61.31 points to move into noon hour EST at 25,697.03
The Canadian dollar sank 0.02 cents to 71.11 cents U.S.
Royal Bank of Canada reported a rise in fourth-quarter profit as the country's biggest lender benefited from strong performance in its personal banking business. Shares in Canada’s biggest bank ballooned $2.61, or 1.5%, to $178.41.
Still, RBC set aside more funds than expected for possible souring loans, indicating clients struggled to pay their mortgages and credit card bills despite multiple rate cuts in Canada.
Meanwhile, the National Bank of Canada also reported higher quarterly profit, helped by solid performance in its wealth management unit. National shares, by contrast, took a spill, $4.49, or 3.1%, to $136.27.
Among tech stocks, Bitfarms leading with 5.3% rise after Alliance Global Partners initiated coverage on the blockchain farm operator with a "buy" rating.
Consumer discretionary issues fell, pressured by a 4.3% drop in Dollarama, despite the retailer reporting increased third-quarter sales and profit.
The energy sector declined with Baytex Energy dropping over 5% after two brokerages cut target prices.
In the economic docket, Greater Toronto Area home sales rose for the fourth straight month in November and prices climbed to a one-year high as lower borrowing costs encouraged buyers to move off the sidelines.
ON BAYSTREET
The TSX Venture Exchange gained 2.81 points to 623.53.
Seven of the 12 TSX subgroups lost ground in the first hour, weighed most by energy, sliding 0.8% consumer discretionary stocks, fading 0.5%, and health-care, off 0.4%.
The five gainers were led by information technology, rocketing 1.7%, while industrials and financials each acquired 0.3%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite scaled to record highs Wednesday, with tech shares leading the charge following strong reports from Salesforce and Marvell Technology.
The Dow Jones Industrial index regained 224.65 points to 44,930.15
The broader market surged 23.83 points to 6,073.71.
The tech-heavy NASDAQ Composite shot higher 185.73 points to 19,666.64.
Salesforce climbed 9% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings and leaped $22.98, or 21.9%, to $116.89.
Wednesday’s moves come as investors await new U.S. employment data due Friday. Economists polled by Dow Jones expect the U.S. economy added 214,000 jobs in November.
Another report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions.
Prices for the 10-year Treasury were higher, reducing yields to 4.20% from Tuesday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices dipped 50 cents to $69.44 U.S. a barrel.
Prices for gold jumped $5.40 an ounce to $2,673.30 U.S.
