The Toronto stock market moved to within a few points of breakeven near midday as oil prices moved lower.
The S&P/TSX composite index was down 2.05 points to approach noon at 12,389.18
The Canadian dollar moved down 0.26 cents to 101.34 cents U.S.
A report from Royal LePage showed that the average price of a resale home in Canada rose between 1.8% and 4.8% in the third quarter of 2012 compared to the same period last year. The report also said the cost of an average two-storey home in Canada increased 4% to $403,747, while detached bungalows rose 4.8% to $366,773.
Quebecor Inc. says it is taking advantage of low interest rates to buy back a substantial interest in its operating arm from the Caisse de depot et placement du Quebec in a transaction valued at $1.5 billion.
Under the deal, which involves the buyback of some 30.5 million shares, the Caisse's interest in Quebecor Media Inc. is being reduced to 24.6% from 45.3%. Shares of Quebecor were down 35 cents to $33.07.
Big winners were among the metals and mining group, such as Turquoise Hill Resources, up 3% to $8.25.
Thompson Creek Metals says it plans to reduce costs at its Thompson Creek molybdenum mine in Idaho by more than $100 million amid uncertainty in the world economy. Shares of the company sneaked up a penny to $2.64.
Energy stocks, though, did not fare so well, Canadian Natural Resources took a 2.3% pasting to $30.45.
ON BAYSTREET
The TSX Venture Exchange forged higher by 1.83 points to 1,332.61
All but two of the 14 Toronto subgroups gained strength by midday, led by the metals and mining subgroup, soaring 1.4%, while health-care stocks took on 0.7% and global base metals, ahead 0.5%.
The two laggards were energy, down 1%, and gold, off 0.01%.
ON WALLSTREET
Investors took to the sidelines Wednesday as they await more data on the U.S. economy and continue to monitor developments in Europe.
The Dow Jones Industrial average recovered 37.01 points to break for lunch at 13,519.40
The S&P 500 moved higher 6.78 points to 1,452.53, while the tech-rich Nasdaq added 17.94 points to 3,137.99
Shares of Best Buy jumped 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 dipped after it announced plans to merge with Deutsche Telekom's T-Mobile USA.
Family Dollar shares gained 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 after it reported a worse-than-expected quarterly loss.
After a strong run in the third quarter, investors are now looking for the next catalyst to drive stock prices, according to experts.
In the economic docket, 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 1.64% from Tuesday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices slipped $3.11 to $88.77 U.S. a barrel.
Gold prices jumped $4.60 to $1,780.20 U.S. an ounce.
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