Stocks in Canada’s largest market settled for moderate, unspectacular gains by Wednesday’s close, as tech strength narrowly overcame faltering by energy issues.
The TSX gained 60.94 points to close Wednesday at 17,567.42
The Canadian dollar dumped 0.28 cents to 78.46 cents U.S.
Techs led the parade of gainers, as Shopify roared ahead $104.42, or 7.7%, to $1.465.99, while Photon Control hiked five cents, or 2.6%, to $1.99.
Gold stocks shone, as Centerra Gold jumped 72 cents, or 5.4%, to $13.97, while Wesdome Gold triumphed 61 cents, or 6.1%, to $10.66.
In other resource stocks, First Majestic Silver climbed 96 cents, or 6.7%, to $15.34, while Fortuna Silver Mines 43 cents, or 5.1%, to $8.91.
Energy took a bruising Wednesday, with PrairieSky Royalties down 45 cents, or 4.1%, to $10.53, while Husky Energy sank 22 cents, or 3.7%, to $6.22.
Among industrial plays, Air Canada shares were grounded $2.68, or 10.1%, to $23.67, while Badger Daylighting slumped $1.38, or 3.6%, to $36.97.
In the consumer staples field, Jamieson Wellness slouched 72 cents, or 2.1%, to $34.33, while Saputo slipped 69 cents, or 1.9%, to $36.38.
On the economic slate, Statistics Canada reported November’s consumer price index rose 1.0% on a year-over-year basis in November, up from a 0.7% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.3% in November, matching the increase in October.
Also, the agency non-residents added $6.9 billion of Canadian securities to their portfolios in October, with the bulk of the investment in government bonds. Meanwhile, Canadian investors acquired $8.0 billion of foreign securities, largely foreign government bonds.
Elsewhere, wholesale sales jumped 1.0% in October to $66.7 billion. It was the sixth consecutive increase for the sector.
Finally, the Canadian Real Estate Association said MLS sales edged back by 1.6% in November. Small declines in October and November notwithstanding, monthly activity is still running well above most of history.
ON BAYSTREET
The TSX Venture Exchange gained 8.79 points, or 1.1%, to 800.03.
Still, eight of the 12 TSX subgroups were downers, as energy lost 2.2%, industrials were punished 0.6%, and consumer staples lost 0.5%.
The four gainers were led by information technology, climbing 1.8%, gold shining 1.6% brighter, and materials better by 1.2%.
ON WALLSTREET
The S&P 500 rose slightly on Wednesday amid the Federal Reserve’s latest pledge to support the economy and the apparent progress in U.S. fiscal stimulus negotiations.
The Dow Jones Industrials finished in minus territory, off 44.77 points to 30,154.54.
The S&P 500 recovered 6.55 points to 3,701.17.
The NASDAQ advanced 63.13 points above Tuesday’s record closing high, to 12,658.19, as Apple and Microsoft each popped more than 2%
The U.S. central bank said it will buy at least $120 billion of bonds each month “until substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” The Fed declined to make any changes to the duration of its bond-buying program, but Chairman Jerome Powell said the central bank would increase its asset purchases if the economic recovery slows.
Congressional leaders closed in on a $900-billion rescue deal that would include a new round of direct payments to consumers. However, that package excludes a liability shield for businesses and state and local aid. Politico first reported the news.
The news came after House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy met Tuesday to strike bipartisan aid deal. Treasury Secretary Steven Mnuchin called into the talks.
The deadline on stimulus looms amid some of the darkest days of the pandemic. The U.S. is recording at least 215,400 new Covid-19 cases and at least 2,300 virus-related deaths each day, based on a seven-day average using Johns Hopkins University data.
Wednesday’s gains were kept in check by a steeper-than-expected drop in U.S. retail sales. The Commerce Department said retail sales fell by 1.1% in November. Economists polled by Dow Jones expected a decline of 0.3%.
Prices for the 10-Year Treasury dipped, raising yields to 0.92% from Tuesday’s 0.91%. Treasury prices and yields move in opposite directions.
Oil prices regained 18 cents to $47.80 U.S. a barrel.
Gold prices hiked $12.400 to $1,867.70
