Equities in Toronto fought their way into positive territory midday Wednesday, despite shares of energy companies weighing as oil prices retreated, while financial stocks and gold miners helped power gains.
The S&P/TSX Composite Index advanced 12.25 points to greet noon at 15,142.86
The Canadian dollar backed off 0.33 cents to 76.97 cents U.S.
Big energy companies were among those making the biggest splash, with Canadian Natural Resources off 2.4% at $36.61 and Suncor Energy down 1.4% to $37.00.
Raymond James said it had lowered its assumptions for oil and natural gas prices in 2017 and 2018 and in turn downgraded shares of a string of Canadian producers, including Cenovus Energy, which declined 5.7% to $9.09, and MEG Energy, which lost 8.9% to $3.47.
Regional airline operator Exchange Income Corp was down 6.4% at $30.55 after being targeted by a short-seller who said it does not generate enough cash to pay the dividends it provides investors
Barrick Gold advanced 3.2% to $20.66 and Goldcorp added 2.6% to $16.62.
The financials group gained, with Manulife Financial up 0.9% at $24.40.
ON BAYSTREET
The TSX Venture Exchange remained in the red 0.07 points to 763.98
The 12 TSX subgroups were evenly divided between gainers and losers, with gold soaring 1.4%, while financials and industrials each picked up 0.5%.
The half-dozen laggards were weighed most by energy, down 2%, while utilities and health-care each collapsed 0.3%.
ON WALLSTREET
Equities ebbed and flowed Wednesday morning, coming back from a Fourth of July holiday, as investors awaited the release of the minutes from the Federal Reserve's latest meeting.
The Dow Jones Industrials skidded 21.37 points to 21,457.90, with Home Depot contributing the most losses.
The S&P 500 squeaked ahead 0.27 points to 2,429.23, with information technology outperforming
The NASDAQ gained 24.96 points to 6,135.02.
The Fed minutes are scheduled for release at 2 p.m. ET in New York, and Wall Street will be looking for clues about when the central bank will start unwinding its balance sheet and further rate hikes.
In economic news, factory orders fell 0.8% in May, more than expected. Later this week, the U.S. government will release its monthly employment report.
Prices for the benchmark 10-year Treasury note regained lost strength, lowering yields to 2.33% from Monday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.78 to $45.29 U.S. a barrel
Gold prices moved up $3.20 to $1,222.40 U.S. an ounce.
