TSX Fights Way up at Open
Energy Concerns Front-and-Centre
Canada's main stock index opened higher on Wednesday, buoyed by gains in energy stocks as oil prices rose by more than $1, while a selloff in materials stocks capped gains.
The TSX Composite Index inched forward 5.13 points to 19,561.28.
The Canadian dollar recovered 0.13 cents at 73.97 cents U.S.
Shopify is investing in wholesale platform Faire, but the deal value and stake details remain undisclosed.
The TSX Venture Exchange dipped 2.3 points to 554.75.
Seven of the 12 TSX subgroups were lower, as gold sank 1.8%, while materials and communications each surrendered 0.7%.
The five gainers were led by energy, roaring ahead 1.7%, health-care, improving 0.7%, and information technology, up 0.2%.
Stocks rose Wednesday, as Wall Street tried to recover from steep losses seen in the previous session, boosted by a dip in Treasury yields and a positive economic data release.
The Dow Jones Industrials lost 28.07 points to open mid-week Wednesday at 33,590.81, following a Tuesday session which proved its worst day since March.
The S&P 500 index eked higher 0.93 points to 4,274.46.
The NASDAQ index scraped together gains of 2.37 points to 13,065.98.
Energy was the best-performing S&P 500 sector, rising 1%. Occidental Petroleum was up 2%, while Devon Energy and Pioneer Natural Resources were each up by 1%.
The Commerce Department reported Wednesday morning that orders for durable goods rose 0.2% in August. That topped a Dow Jones estimate for a decline of 0.5%.
Prices for the 10-year Treasury fell back, raising yields to 4.55% from Monday's 4.54%. Treasury prices and yields move in opposite directions.
Oil prices gained 93 cents to $90.59 U.S. a barrel.
Gold prices cratered 18 dollars to $1,918.60.
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