Stocks in Canada’s largest market faded slightly Wednesday after a strong U.S. inflation report weighed on investor sentiment, while energy shares were pressured by lower oil prices.
The S&P/TSX Composite Index erased 9.98 points to open Wednesday at 15,206.49
The Canadian dollar retreated 0.23 cents to 79.21 cents U.S.
Teck Resources reported an in-line fourth-quarter adjusted profit as lower operating costs helped offset a fall in sales of metallurgical coal.
Teck shares galloped 77 cents, or 2.1%, to $38.13.
Berenberg cut the price target on First Quantum Minerals to $18.00 from $19.00. First Quantum shares acquired 58 cents, or 2.9%, to $20.80.
Canaccord Genuity cut the price target on Inter Pipeline to $28.00 from $30.00. Inter shares retreated 41 cents, or 1.8%, to $22.17.
Canaccord Genuity cut the price target on Keyera Corp. to $43.00 from $46.00. Keyera shares eked ahead four cents to $32.41.
ON BAYSTREET
The TSX Venture Exchange regained 3.18 points to 824.36
Eight of the 12 TSX subgroups were negative to start out, as utilities swooned 0.9%, while telecoms and consumer staples each gave up 0.5%.
The four gainers were led by gold, brightening in price 2.5%, while health-care jumped 2.2%, and materials were stronger by 1.7%.
ON WALLSTREET
Stocks erased earlier losses on Wednesday as banks and traded higher.
The Dow Jones industrial average gained 23.7 points to begin Wednesday’s session at 24,664.15, after falling as much as 150 points. Goldman Sachs and Cisco Systems were the best-performing stocks in the index, rising 1%.
The S&P 500 added 6.48 points to 2,669.42, with financials as the best-performing sector. Bank of America, J.P. Morgan Chase, Citigroup and Morgan Stanley all traded higher.
The NASDAQ tacked on 43.15 points to 7,056.66, as shares of Facebook, Amazon, Netflix and Alphabet rose.
U.S. equities opened lower on the back of stronger-than-expected inflation data. The consumer price index rose 0.5% in January. Economists expected a gain of 0.3%. Investors also digested weaker-than-expected retail sales for last month
Prices for the benchmark 10-year Treasury note dropped, raising yields to 2.88% from Tuesday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 79 cents a barrel to $58.40 U.S.
Gold prices hiked $7.50 to $1,344.90 U.S. an ounce.
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