Metals, utility stocks push TSX higher
TORONTO — Metals and utility stocks helped push Canada’s largest stock market to a moderate gain Wednesday, as U.S. stock indexes were barely changed following huge losses a day earlier.
The Toronto Stock Exchange’s S&P/TSX composite index climbed 35.33 points to 15348.46.
Earlier in the session, the commodityheavy index had wiped out all of its gains made so far this year, after closing out 2016 at 15287.59. But by midday it had moved back into positive territory again.
In corporate news, Enbridge Inc. announced that it was cutting about 1,000 jobs or six per cent of its workforce following the takeover of Houston-based Spectra Energy. Shares in Enbridge gained 1.8 per cent, or 98 cents, to $55.10.
In economic news, Ottawa released its latest federal budget, which detailed new initiatives to increase employment insurance premiums and go after drinkers, smokers and tax cheats. The plan also outlined how it aims to grow the high-tech sector and lower financial barriers for working mothers.
South of the border, the trading mood was tepid a day after the Dow Jones industrial average suffered the biggest one-day loss since mid-October.
The Dow Jones was down 6.71 points to 20661.30, after dropping 237.85 points on Tuesday, while the S&P 500 index added 4.43 points to 348.45 and the Nasdaq composite index was up 27.81 points to 5821.64.
“Just given the magnitude and the moves we saw yesterday, investors are still just feeling a bit kind of rattled and risk averse,” said Ian Scott, an equity analyst at Manulife Asset Management.
Investors are getting nervous about whether U.S. President Donald Trump’s pro-market agenda will actually come into force.
The Republican-backed American Health Care Act appears to be in trouble ahead of a House of Representatives vote today. If the Obamacare replacement bill does not get voted through, it could throw into question whether there’s hope for Trump’s other proposals for such businessfriendly policies as tax cuts, looser regulations and infrastructure spending.
In currencies, the Canadian dollar was trading at 75.04 cents US, up 0.18 of a U.S. cent, as the May crude contract lost 20 cents at $48.04 US per barrel.
The loss in oil was not as large as expected following a negative report from the U.S. government that said fuel stockpiles grew more than expected last week.
In other commodities, April natural gas contracts were down eight cents at $3.01 US per mmBTU, May copper contracts were up a penny to $2.63 US a pound and the April gold contract rose $3.20 at $1,249.70 US an ounce. British Columbia’s public auto insurer has announced a new online tool to save people time at certain driver licensing offices.
Customers can now look at current wait times at 14 of the highest-volume outlets to help decide when and where to visit, the Insurance Corporation of British Columbia announced Wednesday.
The offices are the in Lower Mainland, Kelowna, Victoria and Nanaimo, with additional offices in Surrey, Victoria and Kamloops to be added in the coming months.
ICBC said it has improved its onlineclaims services so that most customers will no longer have to call to find out such essential information about their claim as the rental vehicle coverage they’re entitled to or the amount of their deductible.