Equities in Canada remained in the red midday Wednesday as energy shares followed oil prices lower, a small financial technology company plunged after its earnings missed expectations, and the country's largest railway posted a fall in revenue.
The S&P/TSX Composite was off its lows of the morning, but still down 21.39 points to greet noon at 14,849.24
The Canadian dollar remained negative 0.04 cents to 74.86 cents U.S.
Canadian National Railway Co declined 2.7% to $85.3 after it said quarterly revenue fell as it moved lower volumes of crude oil, coal and fracking sand.
The technology group slipped, with financial technology company DH Corp slumping 38% to $17.79 after its earnings missed expectations and several banks slashed their views on the company.
On the positive side, the financials group gained, with insurer Sun Life Financial Inc up 1% to $44.39 and Toronto-Dominion Bank adding 0.2% to $60.44.
Potash Corp rose 1.6% to $22.57, and Agrium advanced 1.1% to $125.10.
A planned EU-Canada summit to sign a free trade deal was still possible on Thursday, European Council President Donald Tusk said on Wednesday, as Belgian politicians entered a second day of talks on the future of the pact.
ON BAYSTREET
The TSX Venture Exchange fell 6.11 points to pause for lunch at 779.57
Seven of the 12 TSX subgroups were lower midday, as gold tumbled 2.2%, information technology clicked 2% lower, and materials faded 1.3%
The five gainers were led by consumer staples, advancing 1.1%, utilities, picking up 1%, and telecoms, gathering 0.7%.
ON WALLSTREET
Equities south of the border traded mixed on Wednesday after oil prices cut losses following better-than-expected supply data, while solid economic data helped financials, as earnings season continued.
The Dow Jones Industrials recovered 54.44 points to 18,223.71, with Boeing leading advancers and Apple the top decliner.
The S&P 500 was unchanged at 2,143.16, with financials leading four sectors higher and real estate the top decliner.
Stocks have held in a very tight range recently, with the S&P having gone 24 straight sessions without posting a 1% move on a closing basis. The index has also moved just 1.2% over the past three months.
The NASDAQ composite index dropped 14.01 points to 5,269.39
Apple posted a better-than-expected quarterly profit Tuesday after the close, but fell just shy of expectations on sales. The company's cash hoard also hit a record of $238 billion U.S.
Meanwhile, Boeing and Coca-Cola, which are two other Dow components, posted results Wednesday that beat estimates on both the top and bottom line. Other firms that reported Wednesday include Six Flags, Mondelez and Biogen.
In economic news, the October services Purchasing Managers Index jumped to 54.8 from 52.3, while new home sales rose 3.1% in September. Mortgage applications fell 4.1% last week, despite lower mortgage rates.
Prices for the 10-year Treasury gained, lowering yields 1.78% from Tuesday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices sank 49 cents to $49.47 U.S. a barrel
Gold prices stayed negative five dollars to $1,268.60 U.S. an ounce.
