The Toronto stock market was lower Wednesday in a broad-based decline led by mining, energy and financial issues.
The S&P/TSX composite index surrendered 51.01 points -- though off its lows of the day -- to end the session at 15,082.84
The Canadian dollar marched ahead 0.51 cents to 80.54 cents U.S.
The base metals sector declined, while May copper was unchanged at $2.66 U.S. a pound. Teck Resources ducked back 89 cents, or 4.6%, to $18.66
The gold sector also fell as Goldcorp moved lower 63 cents, or 2.4%, to $25.45. Agnico Eagle Mines faded $1.31, or 3.3%, to $38.21.
The TSX energy sector slipped with crude prices volatile after the U.S. Energy Information Administration reported a jump in crude supplies that was much more than what analysts expected. Crude inventories rose by 10.3 million barrels last week, far higher than the expected advance of 3.7 million barrels.
Imperial Oil dipped 63 cents, or 1.3%, to $47.96, while Canadian Natural Resources fell 13 cents, or 0.4%, to $36.78.
The TSX found some support from modest increases in consumer staples and telecom stocks. Restaurant Brands, the parent company of Tim Hortons dropped $1.73, or 3.2%, to $52.79. Telus lost 30 cents to $43.80.
Health-care stocks also proved positive, as Extendicare shares sprinted out 22 cents, or 3%, to $7.47.
On the earnings front, Torstar Corp. posted fourth-quarter net income attributable to equity shareholders of $20.6 million or 26 cents per share, almost unchanged from a year ago despite lower revenue.
The newspaper publisher said segmented revenue was $244.9 million, down 9.8% from a year ago, mostly reflecting lower print advertising revenue. Its shares fell four cents to $7.44.
The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.75%. The Bank Rate is correspondingly 1% and the deposit rate is 0.5%.
ON BAYSTREET
The TSX Venture Exchange slumped 4.21 points to 698.09
All but four of the 14 Toronto subgroups were lower on the day, as global base metals and gold each suffered 2.1%, while metals and mining slid 1.9%
Health-care led the four gainers, up 0.8%, while industrials climbed 0.5% and consumer staples improved 0.4%.
ON WALLSTREET
U.S. stocks closed lower on Wednesday amid a series of economic data that continued to show moderate growth ahead of Friday's key jobs report.
The Dow Jones Industrials stepped back 106.47 points to 18,096.90, with American Express the greatest laggard and UnitedHealth leading six advancers.
The S&P 500 removed 9.25 points to 2,098.53, with telecommunications the greatest decliner and health care the only sector of the 10 advancing.
The NASDAQ index dropped 12.76 points to 4,967.14.
Abercrombie & Fitch posted results that matched estimates but quarterly profit fell by a third. PetSmart reported earnings that beat on both the top and bottom lines.
Smith & Wesson earned an adjusted 20 cents U.S. per share for its latest quarter, nine cents above estimate, and revenue was also above analyst forecasts. Smith & Wesson also raised its guidance for the full year on rebounding demand for consumer handguns.
Bob Evans Farms has decided not to sell or spin off its foods unit, although it has hired JPMorgan Chase to advise on options for its real estate. Bob Evans also reported a weaker than expected profit for its latest quarter, earning an adjusted 60 cents U.S. per share compared to a 71-cent U.S. consensus estimate. Revenue also fell short of analyst forecasts.
Growth in the U.S. services sector accelerated modestly in February, lifted by improvements in new business, Markit said.
The final reading of its Purchasing Managers Index for the services sector rose to 57.1 in February, its highest level since October. The reading was roughly even with the preliminary read of 57.0 but up from the 54.2 recorded in January.
Elsewhere, speaking of items economic, the ADP private payrolls report showed a gain of 212,000 in February, below expectations and the slowest pace since last August. The January private payrolls report was revised up to 250,000.
The ADP data is considered a pre-indicator of Friday's labour market report from the U.S. Bureau of Labor Statistics.
The ISM non-manufacturing index posted 56.9 for February, above estimates of 56.5.
Stocks held to earlier declines despite the Fed's Beige Book showing optimism on an expanding economy in most regions, with some pressure from energy and winter weather. The report also said there are some wage hikes in separate industries.
Investors also eyed the European Central Bank meeting on Thursday that might reveal details on the timing of the bond-buying program announced earlier in the year.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 2.12%.
Oil prices rebounded $1.82 to $51.95 U.S.
Gold prices dipped $5.60 to $1,202.30 U.S.
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