Stocks in Toronto fell at the start of Wednesday’s session, as materials and energy shares retreated as prices for gold slipped under pressure from a strengthening dollar, and oil traded lower on worries over growing U.S. output.
The S&P/TSX Composite Index let go of 9.02 points to open for business on Wednesday at 15,455.54
The Canadian dollar gained 0.04 cents to 74.4 cents U.S.
Dollarama reported a 13.9% increase in quarterly profit as customers on average spent more at its stores. Moreover, Barclays raises price target on the stock to $121.00 from $115.00; with an equal weight rating.
Dollarama sprinted $2.70, or 2.1%, to $130.68.
Bombardier said on Tuesday it was confident of winning a trade dispute with Boeing Co in the United States and dismissed industry suggestions that the row could slow efforts to accelerate sales of its CSeries jet.
Bombardier shares were unchanged at $2.55.
Paradigm Capital raised the target price on Major Drilling Group International to $9.75 from $8.50. Major shares picked up one cent to $7.78.
RBC raised the rating on Sun Life Financial to outperform from sector perform. Sun Life hiked $1.20, or 2.7%, to $45.03.
On the economic ledger, Statistics Canada reported Wednesday that municipalities issued $7.1 billion worth of building permits in April, down 0.2% from March, for the third straight monthly decrease.
Lower construction intentions for single-family dwellings were mainly responsible for the national decrease. The value of building permits declined in four provinces in April, led by Ontario and Alberta.
ON BAYSTREET
The TSX Venture Exchange gained 3.37 points to 800.58
All but three of the 12 TSX subgroups stumbled out of the gate, as gold dulled in price 1.5%, materials faded 0.9%, and telecoms dipped 0.8%.
The two gainers were financials, up 0.3%, and consumer discretionaries, up 0.1%. Information technology stocks were unchanged in the day’s first hour.
ON WALLSTREET
U.S. equities opened higher on Wednesday as investors awaited three key events slated for Thursday.
The Dow Jones Industrials reacquired 43.13 points to 21,179.36, with UnitedHealth contributing the most gains.
The S&P 500 gained 4.37 points to 2,433.80, with information technology leading advancers
The NASDAQ strengthened 20.56 points to 6,295.62
Firms reporting earnings Wednesday include ABM Industries and Greif Inc.
Former Federal Bureau of Investigation Director James Comey is slated to testify in front of the Senate Intelligence Committee, marking the first time he publicly speaks since being fired from his post.
President Donald Trump abruptly fired Comey last month. While Comey was FBI chief, Trump allegedly asked Comey to ease off on a probe into Michael Flynn, the former national security advisor. The Washington Post reported Tuesday night that Trump asked his top intelligence official to get Comey to back off on Flynn's investigation.
The stock market has mostly traded sideways this week as investors hold off on making big bets ahead of Comey's testimony.
Elsewhere, the European Central Bank is set to release its latest monetary policy decision on Thursday. While interest rates are expected to remain unchanged, the central bank may cut its inflation forecasts.
Prices for the benchmark 10-year Treasury note tailed off, raising yields to 2.16% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices lost 46 cents to $47.73 U.S. a barrel
Gold prices slid $3.10 at $1,294.40 U.S. an ounce.
