Stock indexes in Canada’s biggest market made some improvement on Wednesday for the second straight day as the rising financial sector and falling natural resource company shares led to a stalemate.
The S&P/TSX Composite Index was positive 28.57 points to greet Wednesday noon at 15,637.35
The Canadian dollar slipped 0.34 cents at 74.23 cents U.S.
The financial sector, which accounts for 35% of the index's total weight, gained, with Manulife Financial Corp rising 0.8% to $24.67 and Brookfield Asset Management advancing 1.2% to $49.04.
But lower commodity prices weighed on another sizable contributor to Canada's public markets, with the energy group retreating and materials, which include precious and base metals miners and fertilizer companies, losing 0.4 percent.
Canadian Natural Resources fell 1.2% to $40.84.
Barrick Gold declined 0.7% to $23.69.
Oil prices dropped after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite output curbs by the Organization of the Petroleum Exporting Countries.
Gold prices hit a four-week low as the U.S. dollar gathered strength on the prospect of a U.S. interest rate hike.
Financial technology company DH Corp fell 5.1% to $23.27 after it posted lower adjusted revenue and declined to provide a 2017 forecast.
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 tumbled 10.07 points, or 1.3%, to 792.4
Gainers and losers among the 12 TSX subgroups were in equal measure by midday, with consumer staples up 1%, financials heading higher 0.5%, and consumer discretionary gaining 0.4%.
The half-dozen laggards were weighed most by energy stocks, down 1.1%, while telecoms and real-estate each docked 0.3%.
ON WALLSTREET
U.S. equities traded mixed on Wednesday, as investors digested scorching employment data, while financials gave back some initial gains.
The Dow Jones Industrials dropped 30.77 points to pause for lunch hour at 20,893.99, with Caterpillar contributing the most losses and Goldman Sachs the most gains.
The S&P 500 doffed 1.51 points to 2,366.88, with health-care and consumer discretionary leading advancers. Earlier, financials had led the S&P, briefly rising more than 1%, before holding about 0.4% higher.
The NASDAQ was off its highs of the morning, but still positive 7.48 points to 5,841.41.
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 ledger, 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 inventories fell 0.2%, more than expected.
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 2.57% from Tuesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.01 to $52.14 U.S. a barrel
Gold prices doffed $6.70 to $1,209.40 U.S. an ounce.
