Canada Markets closed

TSX Ekes Out Small Gains

Baystreet.ca
Markets in Toronto held their own Wednesday, as gains in material stocks overrode losses in utilities ...

Markets in Toronto held their own Wednesday, as gains in material stocks overrode losses in utilities and gold.

The S&P/TSX Composite Index eked out into the green 10.25 points to close Wednesday at 16,108.06

The Canadian dollar 0.51 cents to 78.18 cents U.S.

The United States is pushing for a deal in negotiations on a revised North American Free Trade Agreement (NAFTA) and President Donald Trump is committed to getting a better agreement with Canada and Mexico, the White House said.

One of the major movers on the TSX was First Majestic Silver, which jumped 16 cents, or 1.8%, to $9.15. First Quantum Minerals hurtled $1.14, or 5.4%, higher to $22.10.

The industrial sector also surged, with Air Canada taking on three cents to $24.68, while Canadian National Railway up $2.62, or 2.5%, to $106.45.

Kinder Morgan Canada rose 34 cents, or 2%, to $17.09 after the federal government said it is ready to indemnify the pipeline operator's proposed Trans Mountain pipeline expansion against unnecessary delays that are politically motivated.

Utilities led the laggards as Hydro One lost 39 cents, or 2%, to $18.95, while Fortis Inc. slipped 21 cents to $41.85

Gold sagged, as Barrick Gold dipped two cents to $16.90, and Kinross Gold fell 10 cents, or 2.2%, to $4.56.

Prometic Life Sciences fell five cents, or 6.7%, to 70 cents, the most on the TSX, after it reported first-quarter results. Aurora Cannabis' drop of 31 cents, or 4%, to $7.48, made it the second-biggest decliner.

Home Capital Group was down eight cents to $14.05, after the mortgage lender said its unit got a two-year $500 million funding commitment to replace a $2-billion credit facility offered by Berkshire Hathaway.

On the economic front, Statistics Canada reported manufacturing sales rose 1.4% to $57.1 billion in March. The agency says higher sales at primary metal, aerospace product and parts, fabricated metal product, and other transportation equipment industries were mostly responsible for the increase.

ON BAYSTREET

The TSX Venture Exchange nicked up 0.46 points to 779.38

The 12 TSX subgroups were evenly divided, with materials up 0.6%, industrials ahead 0.5%, and energy better by 0.4%.

The half-dozen laggards were weighed most by utilities, down 0.7%, gold, sliding 0.6%, and health-care, falling 0.1%.

ON WALLSTREET

Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy's.

The Dow Jones Industrial Average gained 62.52 points to 24,768.93, with Nike as the best-performing stock in the index.

The S&P 500 added 11.01 points to 2,722.46, as the consumer discretionary sector climbed 0.8%.

The NASDAQ acquired 46.67 points to 7,398.29

Macy's shares rallied 10.8% on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2% last quarter versus an estimate of 1.4%

The major indexes are up sharply this month, with the S&P 500 and Dow having gained more than 2% through Tuesday's close. The NASDAQ, meanwhile, was up 4% in that period.

Macy's shares rallied 6.4% on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2% last quarter versus an estimate of 1.4%.

Elsewhere in corporate news, Teva Pharmaceutical rose nearly 3% after Warren Buffett's Berkshire Hathaway revealed it increased its stake in the company.

Prices for the benchmark for the 10-year U.S. Treasury dipped sharply, raising yields to 3.10% from Tuesday’s 3.07%. Treasury prices and yields move in opposite directions.

Oil prices regained 18 cents a barrel to $71.49 U.S.

Gold prices were unchanged at $1,290.30 U.S. an ounce.