Markets in Canada’s largest centre appear to be limping their way into a long weekend, as losses in the industrial and energy sectors far overrode a spectacular performance by tech whiz BlackBerry.
The S&P/TSX Composite Index lost 78.71 points to close Wednesday at 15,648.40
The Canadian dollar climbed 0.36 cents at 75.38 cents U.S.
Markets in North America are closed Friday for Good Friday.
BlackBerry – once known as Research in Motion -- surged $1.58, or 15.4%, to $11.85, after Qualcomm was ordered to repay it $814.9 million in royalty payments.
Shaw Communications gained $1.32, or 4.8%, to $28.77, after reporting a jump in revenue driven by the addition of more wireless customers.
Elsewhere among telecoms, TELUS Corporation edged up 19 cents to $44.64.
Consumer staples kept their heads above water, as Metro rose 18 cents to $41.52, and rival Loblaw took on 67 cents to $71.69.
Industrials were roughed up, especially Bombardier, pummeled 15 cents, or 6.3%, to $2.22, and Air Canada, which suffered 15 cents, or 1.3%, to $13.09.
Among energy concerns, Suncor Energy lost 12 cents to $41.35.
Elsewhere, Cenovus Energy was down 26 cents, or 1.8% at $14.45. The company's chief executive said on Tuesday that Cenovus will do more hedging after its acquisition of ConocoPhillips assets as he mounted a charm offensive on investors who balked at the deal.
The Bank of Canada did as expected Wednesday, holding rates at 0.5%, where rates have stayed since the bank cut twice in 2015.
ON BAYSTREET
The TSX Venture Exchange eked up 0.73 points to 829.77
Seven of the 12 TSX subgroups were positive by the closing bell, with information technology surging 1%, telecoms better by 0.7%, and consumer staples stronger 0.4%.
The five laggards were weighed most by industrials, down 1.4%, energy, off 1.2%, and materials, hesitating 0.6%.
ON WALLSTREET
U.S. equities closed lower on Wednesday as investors assessed the geopolitical landscape. Moreover, the U.S. dollar hit a session low after President Donald Trump told the Wall Street Journal he thought the currency was getting "too strong."
The Dow Jones Industrials slouched 59.44 points to finish the day at 20,591.86. Boeing and Caterpillar had the greatest negative impact on the Dow, which closed below its 50-day moving average for the first time since Nov. 7
The S&P 500 shed 8.85 points to 2,344.93, also falling below its 50-day moving average with materials and industrials the worst performers. The index also closed below its 50-day moving average for the first time since Nov. 8.
The NASDAQ Composite stumbled 30.61 points to 5,836.16
JPMorgan, Wells Fargo and Citigroup are scheduled to report Thursday morning. Delta Air Lines, meanwhile, posted better-than-expected results, sending the stock higher before it settled 23 cents to close the day at $45.06 U.S.
U.S. State Secretary Rex Tillerson chatted with his Russian counterpart Wednesday, and told a news conference afterwards that U.S.-Russia relations are at a "low point" and need to improve. "The world's two foremost nuclear powers cannot have this kind of relationship," Tillerson said.
All that said, stocks have held their ground this week. The three major indexes are just marginally lower for the week.
Geopolitical tensions have been brewing ahead of a highly anticipated earnings seasons. Media reports say earnings are expected to have grown around 10% in the first quarter. Sales, meanwhile, are expected to have grown the most since 2011.
Prices for the benchmark 10-year Treasury note gained slightly, dropping yields to 2.27% from Tuesday’s 2.3%. Treasury prices and yields move in opposite directions.
Oil prices gave back 47 cents at $52.93 U.S. a barrel
Gold prices jumped $10.40 at $1,284.60 U.S. an ounce.
