Equity markets in Canada’s biggest market dipped slightly on Wednesday as lower oil and gold prices weighed on resource stocks, offsetting gains for financials.
The S&P/TSX Composite fell 20.25 points to start Wednesday at 14,504.36
The Canadian dollar slumped 0.29 cents to 76.5 cents U.S.
Brookfield Asset Management aims to pump in about $1 billion into a proposed joint venture with India's top lender State Bank of India that will invest in distressed assets in the South Asian nation. Brookfield will commit about 70 billion rupees to the venture, while SBI will contribute up to 5% of its total investments.
Brookfield shares took on 13 cents to $45.76.
Lundin Mining has been granted an extension until Sept. 15 to make a bid for Freeport-McMoRan Inc's stake in the Tenke Fungurume mine in the Democratic Republic of Congo. The previous deadline was Aug. 8.
Lundin shares added a penny to $5.11.
Sirius XM Canada Holdings provider said it "strongly disagrees" with a complaint filed by some shareholders in connection with the company's plan to go private. Sirius XM Canada agreed in May to be acquired and taken private by SiriusXM Holdings Inc, its biggest shareholder, along with two of its top Canadian shareholders.
Sirius shares gained a penny to $4.61.
Goldman Sachs cut the rating on Enbridge Inc. to neutral from buy based on light of project delays, more challenging fundamentals in the Bakken and oil sands regions, and increasingly strained financials.
Enbridge shares ditched 39 cents to $54.19.
Canadian Pacific Railway reportings Q2 earnings today, expecting to have made $2.01 per share. CP shares gained $2.67, or 1.4%, to $188.67.
ON BAYSTREET
The TSX Venture Exchange dropped 9.61 points to 759.01
Nine of the 13 subgroups moved higher, with health-care issues haler by 1.3%, information technology up 0.9%, and consumer discretionary stocks up 0.8%.
The four laggards were weighed most by gold, down 3.6%, materials, worse by 2.5%, and metals and mining, off 1.7%.
ON WALLSTREET
U.S. stocks traded higher Wednesday as Wall Street celebrated better-than-expected earnings off of a record week of gains for the Dow.
The Dow Jones Industrials built on Tuesday’s all-time high by 43.48 points to 18,602.49, with Microsoft adding the most to gains.
The S&P 500 gained back 8.57 points to 2,172.48, as technology and health care led six sectors higher. Energy was the biggest laggard.
The NASDAQ Composite Index rumbled forward 46.88 points to 5,083.25, helped by biotech.
Bank results continued to surprise Wednesday, with Morgan Stanley reporting earnings of 75 cents U.S. per share versus consensus expectations of 59 cents, according to Thomson Reuters. Morgan Stanley joined Goldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts.
In all, 64% of S&P 500 companies that had reported as of Tuesday morning topped earnings estimates, according to Thomson Reuters, compared to a long-term average of 63% over the past 22 years.
Abbott Labs, American Express, eBay, Intel, Qualcomm, Mattel and United Continental also report Wednesday.
In deal news, Monsanto said Bayer's $64-billion U.S. bid was inadequate, amid speculation the U.S. seed giant will hold out for a $130-per-share offer.
Celgene was up 2%, and Gilead more than 1%. Progenics rose more than 20% and Valeant is up more than 4% on positive drug licensing news.
Prices for the 10-year Treasury faded, growing yields to 1.59% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices lost 75 cents a barrel to $43.90 U.S.
Gold prices lost $13.60 to $1,318.70 U.S. an ounce.
