Equities in Toronto reversed course on Wednesday, turning lower as slumping oil prices hit energy shares, offsetting gains for gold miners and companies that reported stronger-than-expected results.
The S&P/TSX Composite was whipsawed throughout the day, finishing just south of breakeven 3.46 points to end Wednesday at 14,546.54
The Canadian dollar squeaked up 0.01 cents to 75.84 cents U.S.
Energy showed rather a lack of pep Wednesday, as Encana Corp. shed 51 cents, or 4.8%, to $10.09, while Baytex Energy lowered 21 cents, or 3.3%, to $6.21.
Among real-estate concerns – another negative subgroup on the day – First Capital Realty ducked back seven cents to $22.81, while Brookfield Asset Management lost 34 cents to $45.21.
Gold, however, stood out from the crowd, as Yamana Gold sprinted 58 cents, or 8.1%, to $7.77, while Iamgold jumped 48 cents, or 7.9%, to $6.59.
In the tech sector, BlackBerry climbed 45 cents, or 4.7%, to $9.98, while Open Text gained 58 cents to $82.79.
ON BAYSTREET
The TSX Venture Exchange gained 10.8 points to 781.71
Seven of the 13 subgroups were back in the green by the close, with gold rocketing 4%, information technology marching ahead 3.2%, and materials ahead 2.7%.
The half-dozen laggards were weighed mostly by energy, off 1.5%, real-estate, sliding 1%, and utilities backpedaling 0.8%.
ON WALLSTREET
U.S. stocks closed mixed Wednesday after the U.S. Federal Reserve left rates unchanged. Gains in shares of Apple offset declines in Coca-Cola after their earnings reports.
The Dow Jones Industrials found their way into positive territory, albeit only 1.3 points, to 18,475.05, with Apple and Boeing contributing the most to gains and Coca-Cola and McDonald's having the greatest negative impact.
The S&P 500 docked 2.6 points to 2,166.58, Consumer staples traded more than 1% lower as the greatest decliner in the S&P 500.
The NASDAQ grew 29.76 points to 5,139.81
Apple reported earnings that beat both top and bottom lines, strong current-quarter revenue guidance, and iPhone and iPad shipments above estimates. Shares held more than 7% higher in afternoon trade, tracking for their best day since April 2014.
Coca-Cola briefly traded more than 3.5% lower after reporting earnings that beat on revenue that missed. The beverage maker said international headwinds were more severe than anticipated, and that the macroeconomic environment worsened in the quarter. The company did see a 3% rise in organic revenue, thanks to better pricing, but cut forecasts for the year.
Boeing posted a smaller-than-expected loss for the second quarter and cut its full-year forecast, due to previously announced charges from a number of aircraft programs. Revenue beat estimates, and while Boeing cut its full-year forecast to account for those charges, its forecast is above Street estimates. Reports had the quarterly earnings loss as being the first in nearly seven years.
Comcast posted earnings that beat on both the top and bottom line, and reported a 3% increase in revenue per cable customer over a year ago. The firm also saw good results for its internet and video businesses.
Anthem reported quarterly earnings that beat on both the top and bottom line. The health insurer said it remains committed to completing its planned acquisition of Cigna despite a Justice Department lawsuit aimed at blocking the deal.
Biotech firm Kadmon traded 16% lower in its IPO debut, tracking for the worst opening day of 2016 for IPOs greater than $100 million U.S. in market cap.
As expected, the Fed kept interest rates unchanged. Policymakers noted the labour market has "strengthened" and that "near-term risks to the economic outlook have diminished." Some analysts, however, construed the announcement as leaving the door somewhat ajar for a September rate hike.
In economic news, overall orders for durable goods orders fell 4% in June. Non-defense capital goods orders excluding aircraft increased 0.2% last month.
Pending home sales rose a far-less-than-expected 0.2% in June.
Oil prices fell after the Energy Information Administration reported a surprise crude stock build of 1.7 million barrels. The energy sector traded about 1% lower.
Prices for the 10-year Treasury gained, dropping yields to 1.51% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices dumped 95 cents a barrel to $41.97 U.S.
Gold prices ballooned $17.20 to $1,338 U.S. an ounce.
