Canada's main stock market finished in record territory on
Wednesday, after minutes from the U.S. Federal Reserve's July
meeting indicated the Fed will continue to support the U.S.
economy, even if that means keeping interest rates near zero for
longer. Analysts said the minutes contained no real surprises.
The S&P TSX Composite Index closed up 85 points at 15,561,
after earlier touching 15,570, breaking the previous high of 15,549
set last month. Tech and energy stocks led the index higher as
crude prices advanced.
Heavily traded Banro Corporation (BAA.TO) gained 14% after
earlier this week closing a $35 million backstop facility and
signing gold contracts worth $121 million. Sears Canada Inc.
(SCC.TO) reported a quarterly net loss and a decline in same store
sales, which the company partly attributed to unseasonably cold
weather this past spring. SCC shares lost $0.07 to $16.
On the oil market, West Texas Intermediate crude rose for the
first time in three days as U.S. inventories declined more than
expected last week. Stockpiles decreased by 4.47 million barrels in
the week ended Aug. 15, the Energy Information Administration, the
Energy Department's statistical arm, said in a weekly report.
Analysts surveyed by Bloomberg had expected a drop of 1.75
Gold fell to a two-week low after minutes of the Federal
Reserve's July meeting raised the possibility that interest-rate
increases may happen sooner than anticipated. Gold for immediate
delivery fell 0.5% to $1,288.99 an ounce after dropping to
1,288.01, the lowest since Aug. 6.