Stocks in Canada’s largest centre scrambled their way out of negative country midday Wednesday, as energy stocks staged a recovery of their own, after a broad retreat on the back of sliding oil prices.
The S&P/TSX Composite Index inched up 0.27 points to greet noon at 15,913.40
The Canadian dollar slumped 0.51 cents to 78.27 cents U.S.
The most influential movers on the index included Cenovus Energy Inc, which fell 2.5% to $12.92, and Encana Corp., down 1.8% to $14.86. MEG Energy was the largest percentage loser on the index, falling 7.1% to $5.40.
The largest percentage gainer was Martinrea International Inc, which rose 7.5% to $13.45 after the car parts maker posted third-quarter earnings that beat expectations.
The materials group, which includes precious and base metals miners and fertilizer companies, with Lundin Mining Corp down 4.3% to $8.97.
Teck Resources, which reportedly has held talks with Dominic Barton, the global managing partner of consulting firm McKinsey & Co, about becoming the Canadian miner’s next chairman, declined 1.7% to $26.51.
On the economic beat, the Canadian Real Estate Association said national home sales rose 0.9% from September to October. Actual (not seasonally-adjusted) activity stood 4.3% below last October’s level.
Ontario announced a tax cut for small businesses on Tuesday, as it said it is on track to balance the budget this year for the first time since the global financial crisis.
ON BAYSTREET
The TSX Venture Exchange shed 3.26 points to 791.59
Seven of the 12 TSX subgroups remained in the red by lunch hour, as health-care stocks surrendered 1.2% of their strength. Real-estate dipped 0.5%, and industrials settled back 0.4%
The five gainers were headed by consumer staples, chugging ahead 0.7%, information technology issues, better by 0.5%, and energy, marking gains of 0.3%.
ON WALLSTREET
U.S. stocks traded lower on Wednesday as the current bull market showed signs of slowing down.
The Dow Jones industrial average slouched 99.02 points to 23,310.45, with Caterpillar contributing the most to the losses.
The S&P 500 fell 10.07 points to 2,568.80, with energy declining 0.8 percent. Energy stocks were pressured by a drop in oil prices. The index was also pressured by declines in financials and consumer discretionary stocks.
Consumer discretionary stocks fell 0.4% led lower by Target. The retailer's stock dropped 9% as its holiday forecast disappointed investors.
The NASDAQ Composite stayed negative 25.12 points to 6,712.75, as tech stocks fell broadly. Tech has had a stellar year, helping lift the NASDAQ 24% higher in 2017.
The S&P and Dow are also up sharply for the year.
In economic news, retail sales rose 0.2% last month. Economists expected them to remain unchanged. Meanwhile, the consumer price index edged up 0.1% in October, in line with expectations.
Prices for the benchmark 10-year Treasury note gained ground Wednesday, lowering yields to 2.35% from Tuesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices sank 39 cents a barrel to $55.31 U.S.
Gold prices dropped $5.30 to $1,277.60 U.S. an ounce.
Related Stories
