(MENAFN- Baystreet.ca) Canada's main stock index rose on Wednesday as shares of precious metal miners gained on higher gold prices, while investors awaited clarity on the status of new U.S. tariffs on Chinese goods.
The TSX Composite Index recovered 28.79 points to open Wednesday at 16,979.49
The Canadian dollar inched up 0.04 at 75.60 cents U.S.
The Canadian Transportation Agency said on Tuesday Onex Corp will need to amend its by-laws to meet federal ownership rules related to its proposed $3.5-billion buyout deal of Canada's second-largest carrier WestJet Airlines. Onex shares gained 39 cents to $79.91, while WestJet shares took flight 45 cents, or 1.5%, to $30.98.
Hudson's Bay Company investor Ortelius Advisors LP said it will vote against the department store chain's $1.9-billion take-private deal because of what the hedge fund views as lapses in the sales process. Bay shares gave up 11 cents, or 1.3%, to $8.67.
National Bank of Canada initiated coverage on Dundee Precious Metals with an outperform rating and target price of $7.75. Dundee picked up 28 cents, or 4.4%, to $6.64.
Jefferies raised the target price on First Quantum Minerals to $18.00 from $17.50. First Quantum added 48 cents, or 3.7%, to $13.63.
Jefferies raised the target price on Sierra Metals to $2.00 from $1.90. Sierra shares were unchanged at $1.96.
ON BAYSTREET
The TSX Venture Exchange nicked up 0.03 points to 536.36
Eight of the 12 subgroups were higher in the first hour of trade, with health-care improving 1.2%, gold perking 0.9%, and materials strengthening 0.5%.
The four laggards were weighed most by consumer staples, falling 0.6%, real-estate, down 0.2%, and utilities, sliding 0.1%.
ON WALLSTREET
Stocks were little changed on Wednesday as investors waited to hear the Federal Reserve's latest decision on monetary policy.
The Dow Jones Industrials inched higher 13.06 points to begin the session at 27,894.78. A 2% drop in Boeing shares capped Dow gains.
The S&P 500 moved up 8.22 points to 3,140.74
The NASDAQ took on 28.7 points to 8,644.88
Boeing shares fell after Federal Aviation Administration chief Steve Dickson told the media the re-certification process for the 737 Max will be stretched into 2020.
The Fed is largely expected to keep rates unchanged. But Fed Chairman Jerome Powell is also expected to signal the central bank will take appropriate measures to keep liquidity high and overnight lending rates steady to end the year.
The central bank cut rates at its October meeting by 25 basis points for the third time this year. The Fed also signaled the bar for further rate cuts would be high moving forward. Recent economic data could support the Fed keeping rates at current levels in the near future.
Prices for the 10-Year U.S. Treasury enjoyed slight gains, lowering yields to 1.83% from Tuesday's 1.84%. Treasury prices and yields move in opposite directions.
Oil prices dropped eight cents to $59.15 U.S. a barrel.
Gold prices improved $3.60 at $1,471.70 U.S. an ounce.
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