Toronto’s main stock market index is clawing its way higher in early afternoon trading Wednesday, despite a sharp drop in oil prices and slightly lower gold prices.
Oil futures are currently down about $1.75 US a barrel in New York to roughly $99.50, while gold is off about $3 an ounce.
As of about 1:25 p.m. EDT, the S&P/TSX Composite Index is up about 43 points to 14,626.16, with consumers staples, information technology and industrials leading the way higher. Energy and health care stocks are in the red.
In New York, the Dow Jones Industrial Average has tacked on about 13 points and the S&P 500 Index is ahead by just 1.6 points, while the technology laden Nasdaq Composite Index has slipped by nearly four points.
The top gainers so far today include Edmonton-based AutoCanada, which is up by more than $3 (Cdn) a share or 4.6 per cent to a record high of $68.47. The auto dealership network announced its biggest acquisition ever earlier this week, sparking the latest rally.
Scotiabank initiated coverage with an “outperform” rating and a 12-month target price of $78 for AutoCanada’s shares, while Canaccord Genuity, which carries a “buy” rating on the stock, hiked its 12-month target to $71 from $63.
Loblaw Cos., Canadian Pacific Railway, Thomson Reuters, Big Rock, and two other Edmonton-based firms, Stantec and HNZ Group, are also among the leading gainers today. Shares of Melcor Developments hit a new 52-week high.
On the flip side, the top decliners today include Horizon North Logistics – which supplies camp accommodations for oilsands producers – as well as Alberta construction firm Churchill Corp., Crew Energy, software giant Constellation Software, and two oil producers with major operations in Colombia, Gran Tierra and Pacific Rubiales Energy.
After falling below the $22.50 level earlier today, shares of uranium giant Cameco Corp. are up slightly. Shares of the Saskatoon-based company have been hit hard in recent days as depressed uranium prices and a glut of world supply triggered a string of analyst downgrades.
