Canada’s main stock index extended its winning streak for the fifth-straight day on Wednesday as worries about U.S. credit conditions tightening further dissipated, and retailer Loblaw gained after reporting upbeat quarterly earnings.
The TSX Composite moved higher 75.71 points to begin Wednesday at 20.099.44.
The Canadian dollar inched up 0.13 cents at 73.12 cents U.S.
Among companies, grocery giant Loblaw reported a 5% increase in third-quarter revenue, aided by a strong demand for drugs as well as discounted groceries at its stores. Loblaw shares ditched 56 cents to $122.47.
Statistics Canada reported wholesale trade, rose 0.4% to $83.1 billion in September, while and manufacturing sales increased for the third consecutive month, up 0.4% in September mainly on higher sales of petroleum and coal. Excluding this subsector, manufacturing sales declined 0.4%.
The Canadian Real Estate Association reported national home sales fell 5.6% month-over-month in October. Actual (not seasonally adjusted) monthly activity came in 0.9% above October 2022.
The TSX Venture Exchange climbed 2.17 points to 519.12.
All but two of the 12 TSX subgroups gained ground Wednesday, led by health-care, up 2%, information technology, surging 0.8%, and financials, taking on 0.7%.
The two laggards proved to be consumer staples, sagging 1.2%, and energy, off 0.5%.
U.S. stocks ticked higher Wednesday, as traders tried to extend a strong rally from the previous session on the back of more encouraging inflation data.
The Dow Jones Industrials took on 88.03 points to begin the midweek session at 34,915.73.
The S&P 50 index gained 12.86 points to 4,508.56.
The NASDAQ advanced 53.81 points to 14,148.19.
In corporate news, Target popped 13% on better-than-expected results for the third quarter.
These gains came after October’s consumer price index, a key inflation metric, came in lower than the 0.1% increase economists surveyed by Dow Jones had expected. Instead, the CPI came in flat on a monthly basis. Investors celebrated the news, sending stocks soaring on the hopes that the Federal Reserve could finally put an end to its rate-hiking campaign.
October’s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020. Not all of the economic data was positive, however, since retail sales also declined.
Prices for the 10-year Treasury fell, raising yields to 4.53% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices dropped 89 cents to $77.37 U.S. a barrel.
Gold prices forged ahead $1.80 to $1,968.30.