Stocks in Canada’s biggest market forged out a gain Wednesday, returning to trading following Canada Day, mostly on the shoulders of telecom and consumer stocks.
The TSX Composite Index was up 12.55 points to close Wednesday at 26,869.66
The Canadian dollar inched up 0.28 at 73.57 cents U.S.
U.S. President Donald Trump said on Tuesday he was not considering extending the deadline for countries to negotiate trade deals with the U.S.
Canada aims to lift all tariffs as part of a deal with the U.S., Ottawa's Washington Ambassador told The Globe and Mail.
Among Canadian stocks, Hudbay Minerals gained 43 cents, or 3% to $15.10, and Capstone Copper picked up 52 cents, or 6.2%, to $8.88.
Communication stocks rose with Rogers Communications adding $2.90, or 7.2%, to $43.29, after BMO raised its price target.
Conversely, technology stocks were the biggest laggards, BlackBerry shares fell 51 cents, or 8.2% to the bottom of the index at $5.75.
Among individual stocks, Bombardier rose $25.35, or 21.4%, to the top of the index at $143.99 after the company said on Monday it had secured an order for 50 Challenger and Global aircraft in a $1.7-billion deal including a service agreement.
MDA Space was up $1.12, or 3.2%, to $36.23 after it completed the acquisition of SatixFy Communications.
First Quantum rose 90 cents, or 3.7%, to $25.09, after Barclays raised its price target.
In the U.S., Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval.
ON BAYSTREET
The TSX Venture Exchange rumbled 18.48 points, or 2.5%, to 751.85.
Eight of the 12 TSX subgroups were in the plus category by the close Wednesday, led by telecom, 2.6%, consumer discretionary stock up 2.2%, and health-care, soaring 1.8%
The four laggards were weighed most by consumer staples sagging 1.6%, while information technology dipped 0.6% and financials were poorer by 0.4%.
ON WALLSTREET
The S&P 500 rose on Wednesday after President Donald Trump announced a U.S.-Vietnam trade deal. However, investor optimism was limited due to a new report showing private payrolls surprisingly decreased in June, raising concern over the state of the U.S. economy.
The Dow Jones Industrials slid 10.52 points to 44,484.42
The much-broader index strengthened 29.41 points to 6,227.42
The NASDAQ Composite added 190.24 points to 20,393.12.
The S&P 500 saw a boost after Trump posted on Truth Social about the deal between the U.S. and Vietnam. The deal includes a 20% tariff on imports from Vietnam. Shares of Nike, which manufactures approximately half of its footwear in Vietnam as well as China, were also 4% higher after the announcement.
The private sector lost 33,000 jobs last month, according to the latest report by ADP. That marks the first monthly decline in ADP’s payrolls report since March 2023. Economists polled by Dow Jones expected payrolls to grow by 100,000.
The report comes with the stock market near record highs despite concerns that lingering trade tensions between the U.S. and other countries could slow U.S. and global economic growth.
To be sure, the ADP report has a lackluster record predicting the government’s monthly jobs report, which is due out Thursday. Economists expect growth of 110,000 jobs for June.
Prices for the 10-year treasury were lower, raising yields to 4.29% from Tuesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices took on $1.76 to $67.21 U.S. a barrel.
Gold prices climbed $18.40 to $3,362.20 U.S. an ounce.
Related Stories
