TSX Digs out of Tuesday Gully
Tidewater in Spotlight
Equities in Canada's largest centre pulled themselves out of the ashes of Tuesday's negative readings, lifted mostly by energy issues.
The TSX Composite regained 62.93 points, to open for business Wednesday at 20,616.18
The Canadian dollar recouped 0.23 cents to 79.02 cents U.S.
Canadian National Railway has informed Kansas City Southern it was unlikely to make a new offer ahead of a Friday deadline to beat Canadian Pacific Railway's offer.
Shares in CNR galloped $4.43, or 3%, to $150.16, while those for CP raced ahead 57 cents to $87.05. In New York, Kansas City Southern shares added $1.49 to $281.49.
Eight Capital initiated coverage on Field Trip Health with a buy rating and $10.20 price target. Field Trip dulled in price 21 cents, or 3.4%, to $5.90.
National Bank of Canada initiated coverage on H2O Innovation with an outperform rating and a price target of $3.25. H2O added seven cents, or 2.9%, to $2.53.
ATB Capital Markets initiated coverage on Tidewater Renewables with an outperform rating, and a $22.00 price target. Tidewater shares gained 19 cents, or 1.3%, to $14.90.
On the economic chart, Statistics Canada said the Consumer Price Index rose 4.1% on a year-over-year basis in August, up from a 3.7% gain in July.
On a seasonally adjusted monthly basis, the CPI rose 0.4% in August.
Moreover, the Canadian Real Estate Association reported MLS home sales edged back 0.5% on a month-over-month basis in August.
The TSX Venture Exchange rebuilt 5.53 points to 902.93.
The 12 TSX subgroups were evenly divided, with energy roaring ahead 3.9%, while industrials and materials each rose 1%.
The half-dozen laggards were led downward by communications, clicking 1.3% lower, while consumer staples were off 1.1%, and utilities fell 0.6%.
The Dow Jones Industrial Average attempted to rebound Wednesday after a string of negative trading sessions this September.
The blue-chip index regained 77.86 points to 34,655.43.
The S&P 500 recovered 11.36 points to 4,453.84.
The NASDAQ Composite pulled ahead 3.96 points, to 15,041.72.
For September, the Dow is down nearly 2% and the S&P 500 is off more than 1%. The S&P 500 is on track to see its worth monthly performance since October 2020.
Microsoft shares gained more than 1% after announcing a dividend increase and a sizable $60 billion share repurchase program.
Energy stocks, which have been popular bets among investors banking on a big economic recovery, gained as WTI crude rose. Exxon added about 3%.
Casino stocks like Las Vegas Sands and Wynn Resorts traded in the red again on Wednesday. Those names took a big hit Tuesday as the government of Macau looks to increase regulatory scrutiny over casino
Prices for 10-Year Treasurys fell, raising yields to 1.29% from Tuesday's 1.28%. Treasury prices and yields move in opposite directions.
Oil prices revived $2.25 to $72.71 U.S. a barrel.
Gold prices slipped $9.60 to $1,797.50 U.S. an ounce.
Stocks Rebound in Recovery from Sept. Doldrums
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