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TSX Enjoys More Gains

Equities in Toronto carried on with their rally Wednesday, with financials and industrials leading the way.

The TSX Composite gained 79.43 points to end the session Wednesday at 20,116.20.

The Canadian dollar slipped 0.15 cents at 73.58 cents U.S.

Financials led the pack, with Brookfield Asset Management climbing $1.93, or 4.1%, to $48.49, while ONEX Corporation hiked $2.65, or 2.9%, to $92.98.

Industrials were next, with Westshore Terminals taking on 81 cents, or 3.1%, to $26.61, while Ballard Power Systems forged ahead 15 cents, or 3.2%, to $4.82.

In energy issues, International Petroleum Corporation grew 48 cents, or 3.4%, to $14.45, while PrairieSky Royalty advanced 59 cents, or 2.4%, to $24.84.

Alimentation Couche-Tard fell $2.55, or 3.2%, to $76.20 after the convenience store operator reported lower second-quarter revenue.

Maple Leaf Foods collapsed 38 cents, or 1.5%, to $24.27.

In utilities, Fortis sank 87 cents, or 1.6%, to $54.36, while Superior Plus dipped 15 cents, or 1.5%, to $9.75.

In communications. Quebecor dipped 36 cents, or 1.2%, to $29.73, while Cogeco Communications subsided 43 cents to $52.08.

ON BAYSTREET

The TSX Venture Exchange slid 3.07 points to 537.17.

The 12 TSX subgroups were evenly divided, as health-care progressed 1.1%, financials were up 0.9%, and industrials inched up 0.3%.

The half-dozen laggards were weighed most by consumer staples skidding 1.2%, communications were off 0.5%, and materials dipped 0.4%.

Read:

ON WALLSTREET

The S&P 500 and the Dow Jones Industrial Average ended Wednesday near the flat line, but the major averages remain on track for their biggest monthly gain in 2023.

The 30-stock index gained 13.57 points to close Wednesday at 35,430.55.

The S&P 500 slid 4.3 points to 4,550.59.

The NASDAQ eased back 23.27 points to 14,258.49.

Because of this November comeback, major market benchmarks are approaching their 2023 highs reached over the summer. The Dow would need to gain just about 0.5% to reach a new 2023 high. The S&P 500 and NASDAQ Composite would need to gain around 1% each to reach new 2023 highs.

On Wednesday, General Motors shares popped about 9.3% after the company announced a $10 billion buyback and raised its dividend, and NetApp soared 14% on an earnings beat. Phillips 66's stock jumped 3% after Elliott Investment Management took a $1 billion stake in the energy company.

Data released Wednesday showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in non-residential structures.

Prices for the 10-year Treasury jumped, lowering yields to 4.27% from Tuesday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.35 to $77.76 U.S. a barrel.

Gold prices brightened $5.80 to $2,043.60.