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Stocks Flat, on Attempted Recovery
Canada's main stock index were down only slightly Wednesday, recovering from a more than 4% loss over the past three sessions that was driven by fears of a coronavirus pandemic.
The TSX Composite Index erased 9.61 points to 17,167.76.
The Canadian dollar doffed 0.04 cents to 75.29 cents U.S.
The top gainers on the TSX were Kinaxis, which jumped $10.15, or 10.1%, to $110.65, after posting stronger quarterly results, and OceanaGold, which rose three cents, or 1.3%, to $2.41.
Semafo fell seven cents, or 2.2%, to $3.18, while Northland Power was down $1.59, or 4.9%, to $31.19, after touching a record high in the run-up to its fourth-quarter results.
Canadian Imperial Bank of Commerce reported better-than-expected quarterly profit on Wednesday, helped by gains in its capital markets business and as it set aside lesser money to cover bad loans. CIBC nicked up four cents to $106.06.
RBC cut the rating on Bank of Montreal to sector perform from outperform. BMO ducked $1.16, or 1.2%, to $96.09.
CIBC raised the target price on George Weston to $126.00 from $121.00. Weston lost 19 cents to $107.43.
CIBC cut the rating on Secure Energy Services to neutral from outperform. Secure shares gained 11 cents, or 3%, to $3.79.
ON BAYSTREET
The TSX Venture Exchange slumbered 5.68 points, or 1%, to 541.58
Seven of the 12 TSX subgroups were lower in the first hour, as utilities dipped 0.9%, consumer staples were off 0.5%, and real-estate fell 0.3%.
The five gainers were led upward by information technology, improving 1.1%, consumer discretionary stocks, ahead 0.5%, and communications, up 0.3%.
ON WALLSTREET
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Stocks rose on Wednesday as the market tried to find some stability after consecutive days of sharp selling.
The Dow Jones Industrials re-emerged 328.75 points, or 1.2%, to start the session at 27,410.11
The S&P 500 recovered 44.56 points, or 1.4%, to 3,172.77.
The NASDAQ rebounded 155.13 points, or 1.7%, to 9,120.74.
Boeing, 3M and Walgreens Boots Alliance led the Dow’s gains, advancing more than 2% each. Financials, industrials, materials and tech outperformed within the S&P 500 as all four sectors rose more than 1%.
The NASDAQ was led higher by a 2.5% gain in Apple shares. Facebook rose more than 1.5% while Netflix climbed 4.4%. Amazon gained 1.3%, and Alphabet advanced 1.1%.
JPMorgan Chase shares were 1.3% higher as yields bounced. Bank of America traded 0.9% higher while Citigroup climbed 0.8%.
Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.36% from Tuesday’s 1.34%. Treasury prices and yields move in opposite directions.
Oil prices moved up again by 11 cents to $50.01 U.S. a barrel.
Gold prices dumped $12.00 to $1,638.00 U.S. an ounce.
