Timmins Gold in focus
Equity markets in Toronto moved into the green early Wednesday, as increased optimism about the global economy's health boosted investor appetite.
The S&P/TSX composite index gained 31.89 points to open Wednesday's trading at 15,177.90
The Canadian dollar dipped 0.27 cents to 93.80 cents U.S.
Markets were shuttered Tuesday for Canada Day
Timmins Gold Corp said it would nominate eight board members instead of seven as part of a settlement with its largest shareholder, Sentry Investments Inc. Timmins shares settled three cents to $1.88
Allergan Inc may take on debt to buy back its own shares as part of a multi-faceted plan to thwart a $53-billion takeover bid by Valeant Pharmaceuticals International and activist investor William Ackman. Meanwhile, Ackman has hired Credit Suisse in his fight to have Valeant acquire Allergan. Valeant shares slumped $1.15 to $133.79
CIBC raised its rating on Canadian Pacific Railway to outperform from sector perform. Shares in CPR hiked $1.65 to $194.96.
Mergers and acquisitions in Canada's energy sector have rebounded from a dull 2013 and look poised for a further pickup, driven by the country's rapidly developing shale oil and gas properties rather than its better known oil sands.
The TSX Venture Exchange picked up Wednesday from where they left off Monday, adding 5.17 points to 1,033.58
Nine of the 14 Toronto subgroups gained to start Wednesday's trading day, as global base metals and information technology each climbed 1.8\% and metals and mining soared 1.7\%.
The five laggards were weighed by health-care, down 0.8\%, gold, sliding 0.5\%, and telecoms, fading 0.3\%.
Blue chips are flirting with round numbers again, specifically 17,000.
The Dow Jones Industrials gained 11.90 points to begin Wednesday 16,967.97
The S&P 500 gathered 0.24 points to 1,973.56, and the NASDAQ composite inched up 0.64 points to 4,459.29.
Stocks roared into July, with the Dow and S&P 500 hitting fresh all-time highs Tuesday. It was the Dow's 12th record close this year.
Shares of Constellation Brands jumped in early trading after the beer and wine distributor reported strong quarterly results and boosted its outlook. The U.S. distributor of Corona expects net income from its beer business to grow between 25\% and 30\%.
Investors will be watching JPMorgan shares after CEO Jamie Dimon announced he was diagnosed with a curable throat cancer. He will continue working as he undergoes treatment.
Shares in the pharmaceutical firm AbbVie were up modestly. The company has been looking to take over rival Shire in the U.K. but has faced continued resistance from Shire's management.
Gravity appears to be setting in for GoPro. Shares of the wearable video camera company were down for the first time since its initial public offering on Thursday.
The latest jobs data added to the optimism. Paycheck processor ADP said private-sector payrolls grew by 281,000 in June, far exceeding expectations. The report suggests the U.S. government's monthly payroll tally, which comes out next week, could exceed 200,000, according to one expert.
U.S. Federal Reserve Chief Janet Yellen will be speaking at the International Monetary Fund at 11 a.m. ET. Investors will be watching for clues as to how long the Fed will wait to raise interest rates once its bond-buying program ends later this year.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.60\% from Tuesday's 2.56\%. Treasury prices and yields move in opposite directions.
Oil prices dipped 61 cents to $104.73 U.S. a barrel.
Gold prices boosted two dollars to $1,328.80 U.S. an ounce.
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