TSX Muted over Oil Prices
Canada's main stock index made marginal gains on Wednesday, with energy shares on track for their biggest daily decline in two weeks, as oil prices tanked over 4% after the OPEC+ meeting was delayed.
The TSX Composite poked up 18.82 points midday to 20,128.79.
The Canadian dollar let go of 0.22 cents at 72.76 cents U.S.
Athabasca Oil dipped 13 cents, or 3.3%, to $3.86, while rival Africa Oil fell eight cents, or 3.1%, to $2.52.
Consumer staples index led sectoral gains, adding 1.6% after food producer George Weston's shares rose $8.20, or 5.3% to $163.52.
ON BAYSTREET
The TSX Venture Exchange faded 2.26 points to 527.36.
All but three of the 12 TSX subgroups were higher soon around lunch hour, with consumer staples up 2.2%, real-estate better by 1.1%, and utilities increasing 0.6%.
The three laggards were energy, tumbling 1.9%, materials, slipping 0.2%, and health-care, off 0.1%.
ON WALLSTREET
Stocks rose Wednesday after yields briefly fell to their lowest level in two months, and the November market rally broadened into the Thanksgiving holiday.
The Dow Jones Industrials leaped 181.93 points to move into noon hour EST Wednesday at 35,270.22.
The S&P 500 surged 20.30 points to 4,558.49.
The NASDAQ boomed 85.99 points to 14,285.97.
Three-fifths of the stocks trading on the New York Stock Exchange were up Wednesday, indicating widening breadth for the market rally. The tech-heavy Nasdaq also saw greater participation, with 65.7% of the NASDAQ stocks rising. Areas such as consumer staples and small- and mid-caps, which are 2023 laggards, rose 0.5% Wednesday and outperformed the broad market.
Meanwhile, the energy sector lost 1% Wednesday after OPEC delayed a meeting on production cuts originally scheduled for the weekend. APA Corp fell 3.5%, while Marathon Oil, EOG Resources and Devon Energy tumbled more than 2%.
The major averages are all still on pace for monthly gains, however. The NASDAQ has rallied nearly 11% month to date, as well as the Dow up more than 6% and S&P 500 jumping 8%.
Prices for the 10-year Treasury were slightly lower, raising yields to 4.42% from Tuesday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.08 to $74.69 U.S. a barrel.
Gold prices sank $6.40 to $1,995.20.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
