Stock markets in Toronto were virtually unchanged at the open on Wednesday, even as German and French economic data pointed to a steady recovery from an 18-month long recession in the currency bloc
The S&P/TSX composite index doffed 3.88 points to begin Wednesday at 12,638.31
The Canadian dollar recovered 0.11 cents to 96.78 cents U.S.
Metro Inc posted a 4% rise in third-quarter profit and said it will partner with Target Corp to operate the U.S. retailer's in-store pharmacies in Quebec. Metro shares fell $2.25 to $69.70
Raymond James raised the target price on Aecon Group Inc to $16 from $15 following the company's solid quarterly results. Aecon shares galloped 60 cents, or 5%, to $12.52.
National Bank Financial cut the price target on Chorus Aviation Inc to $2 from $2.50 on valuation. Chorus shares advanced four cents to $2.25
Raymond James raises the price target on Fortuna Silver Mines to $4.75 from $4.50, prompted by a trim to analysts' operating cost assumptions. Fortuna shares took on a penny to $4.25.
RBC cut the price target on Pure Industrial REIT to $5.25 from $5.50, says the adjustment is consistent with market-based valuation adjustments already implemented for many names. Pure units gave back four cents to $4.50.
Raymond James cut the price target on Rocky Mountain Dealerships Inc to $13 from $15 after the company reported second-quarter net income below expectations. Rocky Mountain shares gained seven cents to $11.88.
ON BAYSTREET
The TSX Venture Exchange gained 0.79 points to 925.93
Eight of the 14 Toronto subgroups were lower at the outset. Consumer staples slid 0.7%, while utilities darkened 0.6%, and consumer discretionary issues tailed off 0.4%.
The half-dozen gainers were led by gold, up 2.7%, materials, 1.7%, and global base metals, 0.8%.
ON WALLSTREET
American stocks were slightly lower Wednesday morning, as investors await remarks from St. Louis Fed President James Bullard. He will be delivering two speeches in Paducah, Kentucky this afternoon.
The Dow Jones Industrial Average stumbled out of the gate, losing 56.29 points to 15,394.70
The S&P 500 index was off 0.63 points to 1,693.53. The NASDAQ shed seven points to 3,677.44
Apple shares extended gains in morning trading and was inching closer to $500 U.S., a level it has not topped since late January. The stock rallied on news that investor Carl Icahn has taken a stake in the company, calling it "extremely undervalued."
Shares of BlackBerry also continued to build momentum, gaining about 2%, as investors grow more confident that the struggling smartphone maker may take itself private. On Monday, BlackBerry said its board has formed a special committee to look into "strategic alternatives," including the possibility of selling the company.
Meanwhile, Macy's shares fell nearly 5%, after the retailer reported weaker-than-expected sales in the second quarter. The company sent investors a mixed signal, noting upcoming back-to-school sales could be strong, while simultaneously cutting its outlook for the year overall.
Cisco Systems will report its latest quarterly earnings after the close.
Bullard is a voting member on the U.S. Federal Reserve's policy-making committee, and investors will be listening closely for any hints that the central bank will start slowing its bond-buying program at their meeting next month.
Prices for the 10-year U.S. Treasury eked higher, lowering yields to 2.71% from Tuesday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices dipped 30 cents to $106.53 U.S. a barrel.
Gold prices picked up $2.30 to $1,322.80 U.S. an ounce.
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