Monday, 23 September 2019 02:14 GMT
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TSX Enjoys Gains at Outset




(MENAFN - Baystreet.ca) Canada's main stock index rose at the open on Wednesday, rebounding from the previous session's weak close, as a more than 1% rise in oil prices helped push energy shares higher.
The S&P/TSX Composite improved 59.95 points to commence business on Wednesday at 16,273.26
The Canadian dollar rocketed 0.32 cents to 75.4 cents U.S.
Pembina Pipeline said it would buy smaller rival Kinder Morgan Canada in a transaction that values it at about $2.3 billion, as deals in the country's midstream segment heat up.
Pembina shares lost 22 cents to $49.05
Royal Bank of Canada missed analysts' estimates for quarterly profit as equity trading weakened and it kept aside more funds to cover bad loans.
Stock in Canada's largest bank crept up eight cents to $99.42
A spokesperson for IAMGOLD says the company has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police.
The miner's shares were static at $4.66.
RBC raised the target price on Hydro One to $26.00 from $25.00. Hydro One shares retreated 16 cents to $24.27.
RBC raised the target price on Fortis Inc. to $59.00 from $56.00. Fortis shares grabbed two cents to $54.62.
On the economic beat, Statistics Canada said the consumer price index rose 2.0% on a year-over-year basis in July, matching the increase in June. On a seasonally-adjusted monthly basis, inflation increased 0.4%.
ON BAYSTREET
The TSX Venture Exchange faded 0.8 points to 575.8
Seven of 12 Toronto subgroups regained lost ground Wednesday, as health-care stocks were haler 1.7%, energy sailed 1.3%, while information technology stocks gathered 0.9%
The five laggards were weighed most by gold, down 0.7%, consumer staples, sliding 0.3%, and materials, dipping 0.1%.
ON WALLSTREET
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.
The Dow Jones Industrial Average recovered and then some, gaining 230.99 points to 26,192.93,
The S&P 500 re-stocked 22.47 points to 2,922.98
The NASDAQ recouped 75.44 points to 8,024
Target shares surged more than 16% to a record after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.
Lowe's jumped around 10% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
The better-than-expected results come at a time when traders are worried about a possible U.S. economic slowdown. Those fears have led investors away from riskier assets like equities in favor of traditionally safer assets like gold and Treasurys.
Investors on Wednesday looked ahead to the release of the minutes from the Federal Reserve's meeting in July as they search for any clues on monetary policy. The Fed cut rates by 25 basis points in July, while signaling that it was only a "mid-cycle adjustment" and the central bank was not returning to the stimulus era.
Prices for the benchmark 10-year U.S. Treasury fell back, raising yields to 1.58% from Tuesday's 1.55%. Treasury prices and yields move in opposite directions
Oil prices improved 64 cents to $56.77 U.S. a barrel.
Gold prices surrendered $2.80 to $1,512.90 U.S. an ounce.

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TSX Enjoys Gains at Outset

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