Toronto’s main stock index crept back in to the red after a brief hike early on Wednesday, as weak economic data from China and Europe appeared to keep a lid on gains.
The S&P/TSX composite index slid 26.92 points to begin the mid-week session at 12,364.31
The Canadian dollar moved down 0.39 cents to 101.21 cents U.S.
Cable and media company Quebecor Inc bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for $1.5 billion. Quebecor shares opened at $32.04.
Imperial Oil Ltd. has drawn buyer interest for its Dartmouth, Nova Scotia, refinery, which it put on the auction block in May as it struggled with weak Atlantic crude oil basin margins, according to the company’s CEO. Imperial shares lopped off four cents at $45.67, soon after the opening bell.
Health-care stocks such as Valeant Pharmaceuticals Inc. jumped 1% at the outset to $55.48.
ON BAYSTREET
The TSX Venture Exchange dipped 1.54 points to 1,330.24
Among the 14 Toronto subgroups, 10 were gainers, led by health-care, up 0.4%, metals and mining, ahead 0.3%, and telecoms, picking up 0.2%.
The four laggards were weighed mostly by energy issues, down 0.6%, materials, off 0.1%, and information technology, fading a scant 0.04%.
ON WALLSTREET
Stock markets in the United States had a bit of difficulty finding their footing soon after Wednesday’s open, despite a better-than-expected report on private sector employment.
The Dow Jones Industrial average fell 16.35 points to open Wednesday at 13,466.
The S&P 500 slid 1.86 points to 1,443.89, while the tech-rich Nasdaq added 0.40 points to 3,120.45
Shares of Best Buy jumped 3% following reports that founder Richard Schultze and at least four private equity firms have started examining Best Buy's books in advance of a potential $11-billion U.S. buyout offer.
Shares of MetroPCS fell 4% after it announced plans to merge with Deutsche Telekom's T-Mobile USA.
Family Dollar shares gained more than 1% after the company reported fourth-quarter earnings and sales that were in line with forecasts, and said it planned to open 500 stores next year. But the gains were offset by Family Dollar's lowered guidance for the first quarter.
Shares of agribusiness giant Monsanto fell 2% after it reported a worse-than-expected quarterly loss.
Apple shares edged higher after the Wall Street Journal reported production had begun on a mini IPad.
In the economic docket, investors started Wednesday with a report showing mortgage applications spiked last week. The Mortgage Bankers Association's index, which measures mortgage applications, rose 16.6% for the week ended Sept. 28. That's a big jump from the prior week's 2.8% increase.
Elsewhere, payroll processor ADP said the U.S. gained 162,000 private-sector jobs in September. The report is considered a prelude to the U.S. government's closely watched monthly jobs data, due out this Friday. Investors are hoping to see a rebound in the labour market after a somewhat grim report last month
The price on the benchmark 10-year U.S. Treasury slid, raising yields to 1.62% from Tuesday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $1.42 to $90.47 U.S. a barrel.
Gold prices jumped $3.80 to $1,779.40 U.S. an ounce.
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