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TSX Moves Ahead in First Hour

Canada’s main stock index rose on Wednesday, led by gains in energy and materials stocks on strong commodity prices, after weak data from China stoked expectations of more stimulus from the world’s top metal and oil consumer.

The TSX climbed 96.77 points, to begin the session at 20,302.75.

The Canadian dollar picked up 0.07 cents to 74.48 cents U.S.

Investors are bracing for a busy week of earnings in Canada, with the results of food and pharmacy retailer Metro, cannabis company Trulieve Cannabis and financial services firm Manulife Financial due later in the day.

Metro shares grabbed 24 cents to $69.94, while Trulieve handed back a dime, or 1.8%, to $5.59. Manulife shares crept ahead two cents to $26.08.

Sun Life Financial reported better-than-expected quarterly profit. Sun Life shares shook off 74 cents, or 1.1%, to $67.78.

In the economic docket, Statistics Canada reported the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion.


The TSX Venture Exchange regained 1.57 points to 609.23.

Eight of the 12 TSX subgroups moved into positive range in the first hour, with energy chugging 1.5%, while industrials and communications each improved 0.8%.

The four laggards were weighed most by health-care, down 3.1%, consumer discretionary stocks, off 0.6%, and real-estate, ducking 0.4%.


The S&P 500 inched lower Wednesday as Wall Street awaited the release of fresh inflation data later in the week.

The Dow Jones Industrials eked up 3.18 points to open Wednesday at 35,317.67.

The much broader index slid 4.13 points to 4,495.25.

The NASDAQ index subtracted 70.96 points to 13,813.37.

Penn Entertainment surged 14% after the casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall. Roblox tumbled more than 20% after missing Wall Street expectations for its second quarter.

Those moves precede a much-anticipated U.S. inflation report, with the consumer price index reading for July slated for release Thursday. Economists polled by Dow Jones expect the inflation gauge rose 3.3% in July.

Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close. More than 90% of S&P 500 stocks have reported earnings as of Wednesday morning, and about four-fifths of those who have posted results have exceeded Wall Street’s expectations,

Prices for the 10-year Treasury gained slightly, lowering yields to 4% from Tuesday’s 4.02%. Treasury prices and yields move in opposite directions.

Oil prices marched $1.15 to $84.07 U.S. a barrel.

Gold prices regained $1.10 to $1,961.00 U.S. an ounce.

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