Markets in Toronto drew breath early Wednesday, somewhat unchanged after Tuesday’s leap of more than 200 points, as investors took in retail sales figures and the latest from the central bank.
The S&P/TSX composite index eased 1.33 points to begin Wednesday’s session at 14,546.38
The Canadian dollar moved lower 0.38 cents at 88.74 cents U.S.
Canadian National Railway reported higher third-quarter earnings on Tuesday as revenue jumped on higher freight volumes. Raymond James raised the target price on Canadian National Railway to $85.00 from $78.00, with an outperform rating. CN shares started out ahead $1.03 in price to $76.71.
Kinross Gold has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp, said on Tuesday. Kinross shares slipped nine cents to $3.17.
Tekmira Pharmaceuticals Corp has begun limited manufacturing of a therapeutic targeting the Ebola-Guinea virus. Tekmira shares ballooned $2.30, or 11.4%, to $22.47.
On the economic docket, Statistics Canada reported that retail sales declined 0.3% in August to $42.4 billion. This second consecutive monthly decrease follows gains in the six previous months. The agency added that sales were down in seven of 11 sub-sectors, representing 76% of retail trade.
The Bank of Canada rate announcement surprised no one. The central bank maintained its target for the overnight rate at 1%, and the deposit rate is ¾%. The overnight lending rate has been stationed at 1% for several years now.
ON BAYSTREET
The TSX Venture Exchange gained 1.67 points to 823.95.
Eight of the 14 Toronto subgroups were lower in the early going, as gold tailed off 1.5%, materials were down 0.8% and telecoms sank 0.7%.
The half-dozen gainers were led by industrials, up 1%, while health-care and energy each took on 0.4%.
ON WALLSTREET
U.S. stocks wavered between slight gains and declines on Wednesday, pausing after the S&P 500's biggest jump in a year, as investors considered data signaling little movement in the cost of living in September and quarterly reports from Boeing and others.
The Dow Jones Industrials inched up 9.34 points to 16,624.15, after a jump of more than 200 points Tuesday.
The S&P 500 gained 1.80 points to 1,943.08. The NASDAQ index lopped off 0.65 points to 4,418.63.
U.S. consumer prices climbed marginally last months as energy prices declined, illustrating a soft inflation portrait that should allow the U.S. Federal Reserve to keep interest rates low for a time.
Boeing declined in early New York trading after the plane manufacturer reported quarterly results; Yahoo rose after the search engine reported quarterly results that topped estimates.
The U.S. Labor Department's Consumer Price Index edged up 0.1% in September after falling 0.2% the prior month.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.25% from Monday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices gained 31 cents to $82.80 U.S. a barrel.
Gold prices slipped $6.20 to $1,245.50 U.S. an ounce.
