Equities in Canada’s largest centre opened higher on Wednesday, boosted by gains in materials shares while investors kept their focus on the second day of Federal Reserve Chair Jerome Powell’s testimony.
The TSX Composite Index leaped 151.52 points to open Wednesday at 22,194.02.
The Canadian dollar inched higher 0.06 cents to 73.42 cents U.S.
A report showed that Canada’s top property and casualty insurers have invested more than $14.30 billion in fossil fuel production, at a time when climate change is driving up risks for the industry.
One of those players, Imperial Oil, gained 74 cents to $92.93, while another, IPCO, jumped 26 cents, or 1.4%, to $19.56.
ON BAYSTREET
The TSX Venture Exchange gained 5.59 points, or 1%, to 581.86.
All but one of the 12 TSX subgroups made gains in the first hour, with gold skyrocketing 2.5%, materials soaring 1.8%, and industrials up 0.9%.
Only communications missed the party, sagging 0.2%.
ON WALLSTREET
The S&P 500 rose slightly on Wednesday as investors looked ahead to a major U.S. inflation report.
The Dow Jones Industrials fell 21.81 points to begin the mid-week session at 39,270.52.
The much-broader index gained 13.53 points to 5,590.51, reaching a fresh record high and on track for its seventh straight day of gains.
The NASDAQ climbed 80.18 points to 18,509.47, also hitting an all-time high.
Carvana shares were up more than 6% on Wednesday after Needham upgraded the online car seller to buy from hold. That put the stock on track for its fifth positive session in six.
Prices for the 10-year Treasury edged higher, lowering yields to 4.28% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices gained 22 cents at $81.63 U.S. a barrel.
Gold prices bounced $21.10 to $2,389