Equities in Canada’s largest centre fell on Wednesday as lower commodity prices weighed on the shares of energy and mining companies, offsetting gains for the financial services sector as bond yields climbed.
The S&P/TSX Composite Index opened Wednesday down 0.86 points at 15,607.92
The Canadian dollar slipped 0.24 cents at 74.33 cents U.S.
David Baazov, facing insider trading charges stemming from his time as CEO of Amaya Inc., said on Tuesday that he pocketed $133 million from the sale of close to 30% of the shares he held in the online gambling company.
Shares in Amaya, meanwhile, dipped 16 cents to $19.90.
CIBC raises target price on Agellan Commercial REIT to $11.75 from $11.00. Agellan units were unchanged at $11.59.
Canaccord Genuity raises the rating on Bellatrix Exploration to speculative buy from hold. Bellatrix shares docked two cents, or 1.9%, to $1.06.
CIBC raises target price on Brookfield Renewable Partners LP to $45 from $44.00. Brookfield added 38 cents a share to $48.83.
On the economic slate, Statistics Canada said building permits issued by Canadian municipalities rose 5.4% to $7.6 billion in January, following two consecutive monthly decreases.
The agency added that six provinces posted increases, led by Alberta and British Columbia.
Moreover, Canada Mortgage and Housing Corporation reported housing starts were on pace in February to hit 204,669 units in Canada, whereas January saw them hitting 200,255 units.
ON BAYSTREET
The TSX Venture Exchange fell 5.56 points to 796.61
Eight of the 12 TSX subgroups began the day lower, with energy losing 0.7%, health-care down 0.6%, and materials skidding 0.3%.
The four gainers were led by financials, better 0.5%, while consumer staples and consumer discretionary stocks each climbed 0.2%.
ON WALLSTREET
U.S. equities traded mixed on Wednesday, with financials outperforming, as investors digested scorching employment data.
The Dow Jones Industrials erased 3.61 points to open at 20,921.15, with Goldman Sachs and JPMorgan Chase contributing the most gains.
The S&P 500 inched up 3.3 points to 2,371.69, with financials rising more than 1%
The NASDAQ recovered 22.08 points to 5,856.01.
In corporate news, Caterpillar's stock fell after The New York Times reported that a new government report accused the company of using improper accounting methods to boost its stock price.
On the economic slate, private sector employment south of the border rose by 298,000 jobs last month, according to ADP and Moody's, well above estimates of 190,000. The report encompassed the first full month under President Donald Trump, who has pledged to rebuild the nation's aging infrastructure system.
The data come just days ahead of the U.S. government's non-farm payrolls report.
Other data released Wednesday included fourth-quarter productivity, which remained unrevised at a gain of 1.3%. Wholesale trade data were due out mid-morning.
The Federal Reserve meets next Tuesday and Wednesday, and experts say the chances for a rate hike this month are at 91%, up from roughly 30% at the start of last week
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.56% from Tuesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices dropped 67 cents to $52.47 U.S. a barrel
Gold prices doffed $6.30 to $1,209.80 U.S. an ounce.
