Canada's main stock index poked slightly ahead on Wednesday, even as commodity prices fell and investors stayed on the sidelines awaiting clues from major central banks on economic stimuli.
The S&P/TSX Composite index acquired 23.53 points to begin trading at 11,877.14
The Canadian dollar marched 0.18 cents to 100.98 cents U.S.
Among stocks to watch this morning, Retailer Sears Canada Inc. reported a wider second-quarter loss on a drop in sales at its outdoor power equipment category and lower sales during weekends.
Elsewhere, Argonaut Gold Inc's quarterly profit more than doubled on increased production and higher gold prices.
HudBay Minerals Inc. posted a second-quarter loss on Tuesday on an impairment charge, along with lower metal prices and lower sales volumes.
Connacher Oil and Gas Ltd said it is about to sell its Montana refinery to U.S.-based Calumet Specialty Products Partners for about $120 million, plus working capital.
Drug maker Aeterna Zentaris Inc. reported a quarterly profit on Tuesday, as finance income jumped.
Health-care company Centric Health Corp. said its quarterly profit more than tripled as acquisitions paid off.
On the economic slate, figures released this morning by the Canadian Real Estate Association revealed that national resale housing activity remained stable from June to July 2012. There was a jump of 3.3% over levels in July 2011. The number of newly listed homes fell 3.3% from June to July. The national average home price declined 2.0% on a year-over-year basis in July.
ON BAYSTREET
The TSX Venture Exchange regained 5.76 points to 1,202.77. The Nasdaq Canada dipped 1.17 points to 343.08.
Eight of the 14 Toronto subgroups were in positive territory in the day’s first hour. Materials vied with metals and mining stocks for the top spot, each gaining 0.4%, while telecoms picked up 0.3%.
The half-dozen laggards were weighed mostly by global base metals, giving up 0.8%, utilities, sliding 0.4%, consumer staples stepped back 0.1%.
ON WALLSTREET
U.S. stocks opened slightly higher Wednesday, as investors reacted to disappointing economic reports.
The Dow Jones industrial average inched up 5.35 points to 13,177.49.
The S&P 500 gained 1.6 points to 1,405.53. The Nasdaq progressed 7.05 points to 3,024.03.
Staples met earnings expectations, but the office supply retailer's sales declined in North American and international markets. Staples also lowered its outlook for the remainder of the year, sending shares sharply lower.
Target shares moved higher after the retailer beat forecasts.
Deere shares declined after the farm equipment maker's earnings fell short of analyst expectations.
On the economic ledger, consumer prices were unchanged in July, according to the Bureau of Labor Statistics. The government's key inflation measure came in below expectations, with a forecast of a 0.2% increase.
The New York Fed's Empire State manufacturing index fell to minus 5.85 in August from plus 7.4 the prior month, turning negative for the first time since October. Economists were expecting a reading of plus 5.
Industrial production rose 0.6% in July, in line with analyst expectations.
Later Wednesday, the National Association of Home Builders will release the August edition of its Housing Market Index, which is based on a survey asking NAHB members to rate the general economy and housing market conditions. The index is expected to stand at 35, unchanged from last month.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.77% from Tuesday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil for September delivery stepped back 32 cents to $93.11 U.S. a barrel.
Gold futures for December delivery rose 90 cents to $1,603.20 U.S. an ounce.
Related Stories
