TSX Keeps Rolling
Equity markets in Toronto extended gains on Wednesday, helped by energy stocks, while discount store chain Dollarama advanced after posting quarterly revenue above estimates.
The TSX remained substantially higher, 135.41, at noon hour EDT points Wednesday to 19,792.94.
The Canadian dollar gained 0.12 cents to 73.68 cents U.S.
Dollarama rose $1.66, or 2.1%, and hit a two-month high of $80.16, after the discount store chain also reported a surge in same-store sales.
Experts expressed the view that renewable names like Northland Power and Ballard Power Systems would stand to benefit from the credits provided to encourage more investment in green technology.
Northland was down 11 cents to $33.34, while Ballard surged 19 cents, or 2.7%, to $7.23.
Enbridge climbed $1.29, or 2.6%, to $51.25 after Credit Suisse upgraded its rating on the oil transportation firm to "neutral" from "underperform".
The TSX is on course for a second straight month of losses in March as monetary tightening worries and concerns about a global banking sector meltdown spooked investors.
Still, the bourse is up for the quarter, underpinned by gains from January as equities bounced back from previous year's losses.
Finance Minister Chrystia Freeland on Tuesday presented a budget in parliament that was aimed at attracting investment in the low-carbon economy and also included a "grocery rebate" for 11 million low-income Canadians.
ON BAYSTREET
The TSX Venture Exchange moved higher 1.03 points to 621.62.
All but one of the 12 TSX subgroups were higher, with information technology vaulting 1.6%, while energy and health-care began the day positive 1.3% each.
Only gold was stuck in the cellar, and only 0.4% at that.
ON WALLSTREET
Stocks rose broadly Wednesday, as strong gains in tech helped the NASDAQ rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
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The Dow Jones Industrials leaped 204.44 points to 32,598.69.
The S&P 500 recovered 40.21 points, or 1%, to 4,011.48.
The NASDAQ rumbled ahead 158.69 points, or 1.4%, to 11,874.77.
Big Tech shares also rose, with Meta, Amazon, Netflix and Apple all gaining more than 1%.
Micron shares climbed more than 5% after the chipmaker posted its fiscal second-quarter figures. Other semiconductor names followed Micron higher. Nvidia and AMD both popped more than 1%
Regional banks rose broadly. Big banks such as Citigroup and Goldman Sachs also advanced.
On the economic front, U.S. pending home sales gained 0.8% last month, with sales 21.1% lower than a year earlier. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.
Prices for the 10-year Treasury regained lost strength, lowering yields to Tuesday’s 3.56%. Treasury prices and yields move in opposite directions.
Oil prices added 35 cents to $73.55 U.S. a barrel.
Gold prices gave back $5.30 to $1,985.10 U.S. an ounce.