Equities in Canada’s largest market slipped in early trade on Wednesday, weighed down by energy stocks as oil prices slid and by a slump in uranium miner Cameco Corp after it warned of a net loss and job cuts.
The S&P/TSX Composite opened Wednesday lower by 45.85 points to 15,395.51
The Canadian dollar stepped back 0.08 cents at 76.47 cents U.S.
Cameco Corp on Tuesday said it expected its 2016 adjusted profit to be significantly lower than analysts' estimates and also said it would cut 120 jobs at three of its uranium mines in 2017.
Cameco stock tumbled $2.22, or 12.8%, to $15.10 per share.
A union leader said striking workers at Yamana Gold Inc's El Peñón mine in Chile have reached a wage agreement with the Canadian miner, allowing for the mine to reopen on Wednesday.
Yamana shares nosed up a penny to $4.27.
CIBC raised the rating on Aecon Group to outperformer from neutral
Aecon shares acquired 28 cents, or 1.8%, to $15.66.
Barclays raised the target price on Trilogy Energy to $7.00 from $6.00. Trilogy shares gained six cents to $7.09.
The Bank of Canada, as expected, announced this morning it is maintaining its target for the overnight rate at 0.5%. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%
Elsewhere on the economic calendar, Statistics Canada reported that in November, 574,500 people received regular Employment Insurance benefits, essentially unchanged from the previous month.
ON BAYSTREET
The TSX Venture Exchange eked up 0.96 points to 797.79
Seven of the 12 subgroups were lower to begin the session, as energy subtracted 1.1%, while consumer discretionary stocks dipped 0.3%, and financials slid 0.2%.
The four gainers were led by health-care, haler by 0.8%, gold, 0.5% brighter, and materials, eking up 0.2%. Information technology stocks were unchanged in the first hour of trade.
ON WALLSTREET
U.S. stocks traded mixed on Wednesday as investors parsed through a series of corporate earnings and solid inflation data.
The Dow Jones Industrials lurched lower 23.65 points to start Wednesday at 19,803.12 with UnitedHealth sagging the most.
The S&P 500 moved up 1.47 points to 2,269.36, with information technology leading advancers and telecommunications lagging.
The NASDAQ composite index hiked 12.62 points to 5,551.35
Investment banking giant Goldman Sachs reported quarterly results that easily topped analyst expectations, boosted by a surge in trading revenue. Citigroup posted better-than-expected adjusted quarterly profits, but sales missed consensus estimates.
Other companies that posted quarterly earnings include Fastenal and Northern Trust. Video streaming giant Netflix is scheduled to report after the bell on Wednesday.
In economic news, the Consumer Price Index rose 0.3%, in line with expectations, putting it up 2.1% year over year. This was also the first time CPI rose above 2% since 2014.
Other economic data released Wednesday included industrial production, which grew 0.8% in December, and the NAHB survey for January, which showed homebuilder sentiment pull back slightly. The Federal Reserve's Beige Book is also scheduled for release. Fed Chair Janet Yellen is also scheduled to speak at 3 p.m. ET.
Prices for the benchmark 10-year Treasury note weakened, driving up yields to 2.37% from Tuesday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices demurred 96 cents to $51.52 U.S. a barrel
Gold prices took on $1.30 to $1,214.20 U.S. an ounce.
