Stock markets in Toronto began mid-week Wednesday in the green, energized by activity south of the border, which was reactivated after being shut down for two days by Superstorm Sandy.
The S&P/TSX composite began Wednesday up 60.94 points to 12,437.99
The Canadian dollar slid 0.13 cents to 99.95 cents U.S.
Potash Corp, the world's largest fertilizer maker, is in talks with Israel's government about merging with its smaller rival Israel Chemicals, ICL's parent company said. Shares in the mining giant garnered 50 cents each to $40.47
Russel Metals Inc. posted a 14% fall in third-quarter profit due to lower steel prices. Its shares dove 40 cents to $27.73 at the outset.
Publisher Torstar Corp. reported a 44% fall in third-quarter profit on lower spending by advertisers. Torstar shares plummeted 20 cents to $8.40
On the economic beat, Statistics Canada reported that the economy lost some of its shine in August. Real gross domestic product edged down 0.1% two months ago, the first monthly decline since February.
The nation’s number crunchers also said that goods production declined 0.5% in August, mainly as a result of decreases in mining and oil and gas extraction and in manufacturing. Declines were also recorded in utilities and construction.
ON BAYSTREET
The TSX Venture Exchange gathered 10.52 points to 1,313.44
All but three of 14 Toronto subgroups were higher in the first hour of trading. Global base metals advanced 1%, metals and mining added 0.9%, while gold strengthened 0.8%.
The two laggards were real-estate and health-care, down 0.2% each. Consumer discretionary stocks were unchanged shortly after the open.
ON WALLSTREET
U.S. stocks were mixed at the open Wednesday as the markets reopened following a two-day closure due to Hurricane Sandy.
The Dow Jones Industrials gained 51.30 points to 13,158.50, while the S&P 500 kicked up 4.75 to 1,416.69, but the Nasdaq Composite Index was down 11.60 at 2,976.35
Volume is expected to be very high as the NYSE, Nasdaq and other markets execute their first trades after two unscheduled days in the dark.
New York City remained in cleanup mode two days after the battering from the superstorm. But Wednesday will be particularly busy for investors since it is also the last day of the month -- a time when traders, hedge funds and mutual funds often square up their positions.
And for some mutual funds, the day also marks the last trading session of the fiscal year. It's a day when many mutual fund managers will try to offset their capital gains with their losses to minimize distributions paid out to shareholders.
In a symbolic gesture, New York Mayor Michael Bloomberg rang the opening bell.
Home improvement retailers such as Home Depot which rallied 4% and Lowe's, which was up almost 6%, were viewed as companies that may benefit as consumers and businesses seek to rebuild areas damaged by Sandy.
Shares of Generac, a generator maker, jumped 10% after the company boosted its earnings and revenue forecast for the year, as a result of "increased demand for home standby and portable generators" in the aftermath of Hurricane Sandy.
Insurance stocks, such as AIG, which was down more than 1% in early trading, Allstate, and Hartford Financial could face pressure.
The Walt Disney Company agreed to buy Lucasfilm in a stock-and-cash deal valued at $4 billion U.S., gaining control of the blockbuster Star Wars franchise.
Many Facebook employees will finally get a chance to sell their shares for the first time Wednesday, after a lockup on their so-called "restricted stock units" expired. A total of 234 million Facebook shares will be newly eligible for sale. Shares of the social network were down about 4%.
The price on the benchmark 10-year U.S. Treasury fell, raising the yield to 1.73%. Treasury prices and yields move in opposite directions.
Oil prices advanced 69 cents to $86.37 U.S. a barrel.
Gold prices gained $4.60 per ounce to $1,716.70 U.S.
Related Stories
