TSX solidly up

Baystreet Stock Market Update (Canada) |

Metals stocks lead parade

The Toronto stock market racked up a solid gain Wednesday amid rising hopes for a strong reading on U.S. job creation and traders caught up to two positive manufacturing reports that were released while the TSX was closed for Canada Day.

The S&P/TSX composite index gained 66.93 points to greet noon at 15,212.94

The Canadian dollar dipped 0.34 cents to 93.73 cents U.S.

In Canada, shares in Canadian Pacific Railway Limited were $2.69 higher to $196 after the carrier was upgraded by equities research analysts at CIBC from a "sector perform" rating to an "outperform" rating. Earlier this week, analysts at

Barclays raised their price target on shares of Canadian Pacific Railway Limited from $168 U.S. to $196.00 U.S.

TSX advancers were led by the base metals component, up 2.9\% as July copper gained four cents to $3.25 U.S. a pound.

The information technology sector was up 1.7\% as BlackBerry ran up 40 cents or 3.7\% to $11.34. The stock has surged lately, up about 40\% in the past month amid strong quarterly financial results and enthusiasm over its new product.

BlackBerry's Passport, which meets somewhere between a smartphone and a tablet in size, is scheduled to launch in Europe this September


The TSX Venture Exchange gained 5.25 points to 1,033.66

All but three of the 14 Toronto subgroups were higher by midday, with metals and mining stocks leading the charge, up 3.1\%, global base metals, up 2.5\%, and information technology, advancing 1.8\%.

The three laggards were telecoms, down 0.5\%, consumer staples, off 0.4\%, and health-care, ailing 0.3\%


Blue chips are again flirting with the magic number of 17,000 Wednesday.

The Dow Jones Industrials gained 9.97 points to pause for noon 16,966.04

The S&P 500 gathered 1.32 points to 1,974.44, and the NASDAQ composite took on six points to 4,464.65. The Dow and S&P hit record highs Tuesday.

Airline stocks were grounded after Delta said the World Cup was taking a toll on business travel in Latin America. American Airlines Group and United Continental were also down sharply.

Constellation Brands shares gained 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\%.

Shares of the wearable video camera company GoPro were down for the first time since its initial public offering on Thursday. Shares are still trading above $44.00 U.S. -- a significant premium above the IPO price of $24.00 U.S.

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. The company's stock is down around 1\%.

The latest jobs data added to the optimism. Paycheck processor ADP said U.S. 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.

The head of the U.S. Federal Reserve, Janet Yellen, said in a speech Wednesday that she doesn't currently see any need to shift the central bank's focus from supporting the economy to managing financial risks.

While she sees "pockets of increased risk-taking across the financial system," Yellen argues that policymakers have made progress in safeguarding the system from unexpected shocks since the financial crisis.

Prices for 10-year U.S. Treasuries sagged, raising yields to 2.61\% from Tuesday's 2.56\%. Treasury prices and yields move in opposite directions.

Oil prices dipped 46 cents to $104.88 U.S. a barrel.

Gold prices gained $3.10 to $1,329.70 U.S. an ounce.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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