Canada Markets closed

Positive First Hour for TSX

Baystreet.ca
Canada’s main stock index recovered in the first hour on Wednesday, as hikes in gold stocks overcame ...

Canada’s main stock index recovered in the first hour on Wednesday, as hikes in gold stocks overcame losses in financial stocks amid rising U.S.-Russia tensions over Syria.

The S&P/TSX Composite Index was positive 27.94 to start Wednesday’s session at 15,290.08

The Canadian dollar faded 0.03 cents at 79.34 cents U.S.

Alberta on Tuesday doubled down on its pledge to financially support a troubled pipeline expansion, saying the province could buy the project outright from Kinder Morgan Canada Ltd as the federal government reiterated it was "100%" behind the build.

Kinder Morgan shares inched up two cents to $16.73.

Taiwan’s Cathay Financial Holding said on Wednesday two of its group firms have scrapped a plan to buy Bank of Nova Scotia’s Malaysian unit as the deal could not closed before its deadline.

Scotiabank shares ditched 17 cents to $77.43.

Canaccord Genuity cut the price target on Cenovus Energy to $14.50 from $16.00. Cenovus shares gained 36 cents, or 2.9%, to $12.77.

KBW cut the price target on Intact Financial to $105.00 from $108.00. Intact shares fell 95 cents, or 1%, to $95.87.

CIBC cut the price target on Westjet Airlines to $26.00 from $28.00. Westjet shares lost 20 cents to $22.82.

ON BAYSTREET

The TSX Venture Exchange added 3.08 points to 779.22

Seven of the 12 TSX subgroups were higher to start things off, with gold soaring 2.6%, while materials and energy each spiked 1.6%

The five laggards were led by financials, down 0.4%, information technology, sinking 0.3%, and telecoms, off 0.2%.

ON WALLSTREET

Stocks fell on Wednesday after President Donald Trump taunted Russia on Twitter to "get ready" for a possible missile strike on Syria.

The Dow Jones Industrial Average docked 140.03 points to 24,267.97, with Goldman Sachs as the biggest decliner in the index.

The S&P 500 lost 10.8 points to 2,646.07, with financials dropping nearly 1%.

The NASDAQ Composite index swooned 19.47 points to 7,074.84

Bank stocks led the decline, with Goldman Sachs and Morgan Stanley both falling more than 1.5%. J.P. Morgan Chase, Citigroup and Wells Fargo also traded lower.

Trump said in a tweet: "Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and 'smart!' You shouldn't be partners with a Gas Killing Animal who kills his people and enjoys it!"

Talk of a potential trade war continues to rattle sentiment, while Facebook kept Wall Street preoccupied Tuesday as the tech giant's CEO Mark Zuckerberg testified in front of the Senate Judiciary and Commerce committees.

He said that Facebook didn't notify the Federal Trade Commission about the data leak surrounding Cambridge Analytica, as they considered it a closed case years ago. Zuckerberg is due to speak to the House Energy and Commerce Committee on Wednesday morning.

In data, the minutes from the Federal Open Market Committee's March meeting are due to be released at 2 p.m. ET. No speeches by the Federal Reserve are scheduled for Wednesday.

Prices for the benchmark 10-year Treasury note gained, dropping yields to 2.78% from Tuesday’s 2.80%. Treasury prices and yields move in opposite directions.

Oil prices gained 77 cents a barrel to $66.28 U.S.

Gold prices hiked $10.30 to $1,356.20 U.S. an ounce.