The Toronto stock market reversed some of the sharp losses of the previous session Wednesday, as worries about a slowing global economy and the possibility of a Greek default continued to discourage buyers.
The S&P/TSX Composite Index had regained 33.13 points by noon Wednesday to 12,331.76
The Canadian dollar tacked on 0.20 cents to 100.04 cents U.S., after closing below parity Tuesday for the first time since Feb. 10.
The TSX and the Dow plunged about 200 points on Tuesday after slower growth prospects for China, and data showing the euro-zone economy contracted in the fourth quarter of last year, raised worries about the strength of a global economy still trying to recover from the 2008 financial crisis and recession.
On the TSX, Royal Bank dropped 55 cents to $55.60.
Shares in Laurentian Bank were off 35 cents to $44.70 after it said first-quarter profits dropped 16% to $31 million as it booked acquisition costs related to its purchase of MRS Companies.
Scotiabank has agreed to buy New Orleans-based boutique energy investment firm Howard Weil Inc. for an undisclosed amount. Howard Weil specializes in providing equity research, institutional sales and trading, and investment banking services for the oil and gas industry. Scotiabank shares shed 42 cents to $52.52.
The gold sector lost ground as Goldcorp Inc. shed 57 cents to $46.32.
The base metals sector was also down while copper was two cents lower at $3.72 a pound after demand concerns sent the metal tumbling 12 cents on Tuesday.
Shares in copper miner First Quantum Minerals Ltd. fell 58 cents to $20.02 after it said after the market close Tuesday that net quarterly earnings were $76 million, or 16 cents per share, compared with $454.7 million a year ago. Earnings were affected by lower realized copper prices, lower sales volumes and inflationary cost pressures.
The energy sector was up, as Suncor Energy gained 20 cents to $20.55 while Canadian Natural Resources dropped 34 cents to $34.91.
In other earnings news, Ontario-based auto parts manufacturer Linamar Corp. reported Tuesday that quarterly net income rose to $27 million or 42 cents per share on $718 million of sales. Its shares declined 29 cents to $18.11.
Patent licensing company Wi-LAN is raising its dividend to three cents per share, up 20% from the previous quarterly dividend level. Its shares climbed 39 cents to $5.29.
Elsewhere on the corporate front, Air Canada’s largest union has served notice that it intends to begin a strike on Monday, March 12 unless a new contract is signed by then. The International Association of Machinists and Aerospace Workers represents about 8,600 mechanics, baggage handlers and cargo agents. The workers had rejected a tentative contract settlement signed in February. Air Canada shares slipped three cents to 94 cents
On the economic slate, Statistics Canada reported this morning that the value of building permits fell 12.3% to $6.0 billion in January, following a 10.5% rise in December.
ON BAYSTREET
The TSX Venture Exchange regained 17.56 points to 1,622.43, while the Nasdaq Canada index moved ahead 4.76 points to 407.56
Nine of the 14 Toronto subgroups had turned into the green by midday. Energy stocks rumbled 0.9% higher, while information technology soared 0.8% and materials gained 0.6%.
The five laggards were weighed mostly by health-care, 0.8% less robust, financials, sagging 0.6%, and utilities, slipping 0.04%.
ON WALLSTREET
In New York, stocks bounced back Wednesday, one day after the biggest one-day sell-off of 2012, as investors were heartened by the latest economic reports.
A labour market report signaling that private sector hiring is picking up steam helped bolster sentiment.
The Dow Jones Industrials broke for lunch 76.02 points higher to 12,835.20.
The S&P 500 gained 8.41 points to 1,351.77, while the Nasdaq added 23.99 points to 2,934.31
Tech geeks and investors are anxiously Apple's afternoon announcement. The company is widely expected to give details of the third version of its iPad at a presentation in San Francisco on Wednesday. Shares of Apple are up 47% over the past year.
Shares of online radio service Pandora slumped more than 20%, after narrowly missing analyst expectations on quarterly earnings and revenue.
Netflix shares rose, following reports that CEO Reed Hastings is seeking a partnership with a cable company, and has held meetings with several providers in recent days.
Children's Place Retail Stores shares dropped, after the company reported a miss on quarterly revenue. The company attributed the results to warmer-than-expected weather that forced sharp markdowns on winter apparel.
Economically speaking, hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP. The private sector added 216,000 jobs in the month, which was roughly in line with forecasts.
A report on consumer credit for January is due later Wednesday. It is expected to show an increase of $12 billion U.S.
Treasury prices for the 10-year note sagged, raising yields to 1.97% from Tuesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained 97 cents to $105.61 U.S. a barrel.
Gold futures for April delivery rose $5.30 to $1,677.50 U.S. an ounce.
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