Canadian stocks fought their way into the green on Wednesday, overcoming lingering concerns over China’s growth and commodity appetite.
The S&P/TSX Composite Index gained 5.79 points to finish the day at 12,436.49.
The Canadian dollar faltered 0.10 cents at 100.76 cents U.S.
Among financials, Bank of Nova Scotia shares lost 0.3% to $55.60
Energy stocks like Tourmaline Oil Corp. saw their shares increase 5.8% to $24.03 after the company said its fourth-quarter net earnings tripled.
Shares of Legacy Oil + Gas Inc. declined 1.8% to $9.99 after the company reported a decline in fourth-quarter net profit.
Gold plays such as Romarco Minerals Inc. rose 2.1% to 92 cents. Torex Gold Resources shares rose 3.5% to $2.08 after the firm said it has signed a long-term land lease agreement for the future construction, mining and processing of gold at its gold project in Mexico.
Ivanhoe Mines shares declined 5.8% to $16.68, after the company reported a wider loss in 2011 than the previous year.
Industrials were supported by a 3.2% increase in Bombardier Inc. shares to $4.18 by the close.
The aircraft manufacturer said Wednesday it has signed a definitive agreement with Commercial Aircraft Corp. of China Ltd., or COMAC, to collaborate on their CSeries and C919 aircraft programs.
In other trading, shares of Miranda Technologies Inc. jumped 14.9% to $12.22 after the provider of broadcast technology and equipment said it will hold talks with potential strategic partners in an effort to enhance the company’s value.
On the economic beat, Statistics Canada reported that its composite leading index – a basket of vital economic indicators – ran its winning streak to eight straight months in February, jumping 0.6%, following a 0.4% gain in January. Last month, according to the agency, six of the 10 components rose.
ON BAYSTREET
The TSX Venture Exchange gained 6.86 points to 1,577.56, while the Nasdaq Canada index fell 2.41 to 414.87
Seven of the 14 Toronto subgroups broke into gaining ground on the day. Consumer discretionaries hiked 1.3%, industrials were 1.2% to the good, and consumer staples improved 0.8%.
The five laggards were weighed by metals and mining, down 1.1%, while global base metals and utilities each shed 0.5%. Energy and health-care stocks were flat on the day.
ON WALLSTREET
In New York, stocks were mixed Wednesday, with technology stocks advancing, after the latest report on new home sales damped enthusiasm about the economy.
The Dow Jones Industrials shed 45.57 points at the close to 13,124.60. Hewlett-Packard was the biggest drag on the blue chip index after the company announced plans to combine its printer and personal computer divisions.
The S&P 500 gave back 2.62 points to 1,402.90, while the Nasdaq added 5.33 points to 3,079.48, boosted by shares of Green Mountain Coffee Roasters, which surged on news of a new deal with Starbucks.
Stocks came under pressure after a realtors group said existing home sales fell in February. The report came after government data released Tuesday showed a dip in new home construction.
Overall, stocks have been supported this year by rising hopes for the U.S. economy and easing concerns about the debt crisis in Europe. But given the strength of the recent rally, analysts say a period of choppy trading is to be expected.
One expert called the volatility "healthy" and said the market is still poised to go higher this year. He said stocks remain undervalued and that the rally could be sustained by continued improvement in economic data.
Shares of Watson Pharmaceuticals jumped on reports the generic drug maker is close to buying Swiss based Actavis for around $7 billion U.S.
Shares of Baker Hughes fell after the oil field services company lowered its outlook for fourth quarter profits, citing "rapidly changing market conditions" for its pressure pumping product line.
Hartford Financial Services Group's stock rose after the company said it was exiting the annuity business and spinning off its life insurance business -- a move advocated by hedge-fund manager John Paulson, who owns a sizable stake in the company.
Lions Gate Entertainment continued to draw attention as investors bet the company will benefit from the opening of "The Hunger Games" movie this Friday.
General Mills reported sales of $4.1 billion U.S., and earnings per share of 55 cents U.S. on Wednesday morning. The food producer cited its international acquisition of Yoplait as a source of growth, but noted that its margins were squeezed by higher input prices.
In matters economic, existing home sales for February came in at an annual rate of 4.59 million in February, according to the National Association of Realtors.
The sales pace was down 0.9% from an upwardly revised 4.63 million in January and was roughly in line with economists' expectations.
A government report Tuesday showed a big increase in requests for building permits in February, but new home construction was weaker than expected.
Gas prices rose by 1.8 cents to a national average of $3.86 U.S., according to motorist group AAA. Wednesday marks the 12th consecutive day prices have risen. Gas prices are up 17.8% this year.
The price on the benchmark 10-year U.S. Treasury gained back lost ground, pushing the yield lower to 2.29% from 2.37% Tuesday. Treasury prices and yields move in opposite directions.
Oil for February delivery moved up 98 cents to $107.05 U.S. a barrel.
Gold futures for April delivery rose $5.50 to $1,652.50 U.S. an ounce.
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