Equity markets in Toronto were pretty much unchanged at the open Wednesday, after euro-zone manufacturing data bounced back to growth, signaling a recovery in the region.
The S&P/TSX Composite Index settled 13.13 points to begin Wednesday at 12,732.25
The Canadian dollar dropped 0.03 cents to 97.17 cents U.S.
Canadian Pacific Railway's second-quarter profit more than doubled due to a jump in freight revenue.
Energy producer Encana Corp reported a 25% increase in second-quarter operating profit as oil and natural gas liquids volumes soared. Encana stock gained 12 cents to $18.25
Barrick Gold Corp said on Tuesday it had agreed to sell its energy businesses for about $455 million, and would recognize a loss of $500 million in its second quarter in connection with the deals. Barrick retreated 48 cents to $18.20.
Loblaw Cos Ltd reported a higher quarterly profit as food and clothing sales rose throughout its stores, prompting it to raise its full-year operating income forecast in defiance of tougher competition. Loblaw stock ballooned 74 cents to $48.68.
Rogers Communications reported a 4% rise in quarterly adjusted net profit as wireless data revenue grew 18%. Rogers stock gained 88 cents to $42.11.
Oil whiz Cenovus Energy Inc said its second-quarter profit fell over 54%. Cenovus dipped a dollar to $31.25.
ON BAYSTREET
The TSX Venture Exchange slid 0.9 points to 929.58
The 14 Toronto subgroups were evenly split between gainers and losers. Consumer staples acquired 0.9% more strength, while telecoms gained 0.8% and health-care stocks took on 0.7%.
The seven laggards were weighed mostly by global base metals, down 1.3%, while materials and gold each sagged 1.2%.
ON WALLSTREET
Investors turned cautious Wednesday as they pondered better-than-expected quarterly results from Apple.
The Dow Jones Industrials fell 42.66 points to start trading Wednesday at 15,525.10, backtracking from its record closing high from Tuesday.
The S&P 500 index moved back 0.12 points to 1,692.27. The NASDAQ inched higher 5.77 points to 3,585.05
Shares of Apple were rallying after the iPhone maker reported quarterly earningsthat beat expectations, easing investor anxiety about tech giant's future. One of the most widely-held stocks, Apple shares often have an out-sized impact on the overall market.
Also boosting the broader market was Ford, which posted better-than-expected profits, and said this was its best-ever second quarter in North America and Asia.
In other earnings, PepsiCo, maker of Pepsi and Frito-Lay products, reported a increase in quarterly profit.
Airplane manufacturer Boeing reported improved earnings and revenue, and raised its guidance for the year.
Caterpillar posted earnings and sales below forecasts. The heavy equipment manufacturer also lowered its earnings and sales outlook for the year.
Facebook and Visa are due after the close.
Overall, corporate earnings have been better than anticipated, although revenue growth remains modest.
Among the nearly 150 companies in the S&P 500 that have reported second-quarter results, 65% have topped analysts' low expectations, according to S&P Capital IQ.
Aside from earnings, Dell said it has received a revised offer from founder Michael Dell, and would be holding a special meeting Aug. 2 to consider its options.
Apparel company HanesBrands said it reached an agreement to buy Maidenform Brands in an all-cash deal worth $575 million U.S.
On the economic front, the Census Bureau will release data on new-home sales this morning.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.57% from Tuesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices dipped 75 cents to $106.48 U.S. a barrel.
Gold picked up 80 cents to $1,335.50 U.S. an ounce.
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