Jun 13, 2018 (Baystreet.ca via COMTEX) —
Canada’s main stock index rose at the open on Wednesday led by gains in energy and financial stocks.
The S&P/TSX Composite Index acquired 18.68 points to begin Wednesday at 16,307.66
The Canadian dollar increased 0.11 at 76.93 cents U.S.
TD Securities cut the price target on Rubicon Minerals to $2.75 from $3.50
The TSX Venture gained 0.97 points to 763.40
All but three of the 12 TSX subgroups were higher, with health-care soaring 1.5%, information technology, up 0.8%, and materials, up 0.1%.
The three laggards were energy, down 0.2%, gold, trailing 0.1%, and consumer discretionary stocks, inching back 0.02%.
Shares of Twenty-First Century Fox and Netflix led the Nasdaq Composite index to a record as a judge’s ruling that the AT&T and Time Warner deal could go through raised valuations across the media industry.
The Dow Jones Industrials settled 2.16 points to 25,318.57, amid gains in UnitedHealth and losses in Caterpillar.
The S&P 500 added 2.02 points to 2,788.87, as health-care and utilities offset energy and telecommunication losses
The NASDAQ grew 28.98 points to 7,732.78, as gains in Netflix and Amazon carried the tech-heavy index higher.
Media and telecommunications stocks took center stage Wednesday following a U.S. District Court’s decision to allow AT&T’s $85-billion bid for Time Warner.
The federal judge’s ruling did not impose conditions on the merger’s approval, clearing the way for other vertical deals. The approved deal gives the pay-TV provider ownership of cable companies such as HBO and CNN as well as film studio Warner Bros.
Shares of Twenty-First Century Fox rallied 7.5% Wednesday, ahead of a widely anticipated bidding war between Comcast and the Walt Disney Company for portions of Rupert Murdoch’s business.
Disney, which offered Fox an all-stock, $52.4-billion deal for assets including