The Toronto stock market enjoyed a higher open Wednesday, boosted by a generally positive tone in the world markets and commodity prices.
The S&P/TSX composite index tallied 77.91 points to begin Wednesday at 12,542.02
The Canadian dollar demurred 0.04 cents to 99.54 cents U.S.
Canada is midway through a heavy earnings week.
Tim Hortons Inc. reported a slight contraction in net income in what the iconic coffee and doughnut chain says was an expected "soft quarter."
The Ontario-based company with locations across Canada and in the U.S. had net income attributable to stockholders of $86.2 million or 56 cents per share, down 2.9% from $88.8 million. The chain also announced the appointment of Marc Caira, a longtime senior executive at Nestle, as its new president and CEO.
Shares in Tim Horton gave back 80 cents to $57.84.
Also, two media companies reported drops in first-quarter income.
Torstar Corp. says it saw a decline in both revenue and net income in the first quarter as the newspaper and book publisher continued to face challenges in the print advertising market.
The company, which operates a number of digital properties along with publishing the Toronto Star and Harlequin books, says net income attributable to equity shareholders tumbled $13.3 million to $4.2 million or five cents per share in the quarter. That compared with $17.5 million or 22 cents per share in the same 2012 period.
Torstar shares slid 43 cents to $6.16.
Quebecor Inc. has reported a sharp drop in first-quarter net income, although revenues remained stable overall, falling less than one per cent. The Quebec-based majority owner of Quebecor Media Inc., says net income attributable to shareholders was $35.6 million or 57 cents per share, compared with $71.4 million or $1.13 per basic share in the first quarter of 2012.
Quebecor shares fell $2.06, or 4.4%, to $44.62.
On the economic agenda, the seasonally adjusted annualized rate of housing starts was 174,858 units in April, down from 181,146 in March., according to figures released this morning by Canada Mortgage and Housing Corporation.
The March figure was revised down from the 184,028 units reported a month earlier. Analysts had expected 175,000 starts in April.
ON BAYSTREET
The TSX Venture Exchange recovered 5.11 points to 966.53
All but four of the 14 Toronto subgroups were in the green Wednesday, led by the gold and metals and mining groups, each strengthening 2.4%, while materials gained 1.9%.
The four laggards were hampered by utilities, down 0.3%, consumer discretionaries, off 0.2%, and health-care, sliding 0.1%.
ON WALLSTREET
U.S. stocks pulled back from record highs at the open Wednesday.
The Dow Jones Industrials moved lower by 13.24 points, to begin Wednesday at 15,043.
The S&P 500 index dropped 0.75 points to 1,625.21 from Tuesday’s all-time high close -- while the NASDAQ Composite gained 4.98 points to 3,401.60
The pullback comes one day after the Dow closed above 15,000 for the first time ever, and the S&P 500 also finished at a record high.
Investors will likely take their cues from another round of corporate earnings.
Shares of JC Penney rose after the troubled retailer released a preliminary report showing a decline in quarterly sales that may not have been as bad as some had expected.
Wendy's shares fell after the restaurant chain reported sales that missed forecasts. AOL missed earnings estimates. Toyota Motors reported a surge in profit for its fiscal year 2013, which ended on March 31.
Walt Disney reported better-than-expected earnings and sales late Tuesday, and several analysts raised their price targets on the stock.
Whole Foods shares surged after the supermarket chain reported quarterly earnings that beat estimates.
Tesla, News Corp. and Green Mountain Coffee will report results after the closing bell.
Shares of Manchester United fell nearly 5% after the long-time manager of the English soccer team announced he would retire. This comes less than a year after the company listed in New York.
Prices on the 10-year U.S. Treasury gained ground, lowering yields to 1.77% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions
Oil prices recouped 37 cents to $95.99 U.S. a barrel.
Gold prices climbed $18.20 at $1,467 U.S. an ounce
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