Stocks in Toronto were marginally ahead at the open on Wednesday, despite as investor sentiment being pulled lower by a potential government shutdown in Washington at the end of the month, coupled with uncertainty about the U.S. Federal Reserve's policy outlook.
The S&P/TSX composite index hiked 22.49 points to begin Wednesday at 12,871.38
The Canadian dollar slid 0.02 cents to 97.07 cents U.S.
Top company executives of BlackBerry Ltd. sold small blocks of its stock on the day that the smartphone maker warned of a huge quarterly operating loss and massive job cuts, according to Canadian regulatory filings. BlackBerry shares fell 25 cents to $8.53
Canadian Natural Resources Ltd. has been ordered to drain a lake on the site of its northern Alberta oil sands project so that contamination on the lake's bottom, from a leak that has been spilling tar-like bitumen for months, can be cleaned up. Canadian Natural Resources shares acquired 26 cents to $32.41.
Raymond James cut the rating on Trican Well Service Ltd. to market perform from outperform, saying AECO gas price is a concern. Trican shares gave back three cents to $14.31.
Raymond James cut the rating on Trinidad Drilling Ltd. to outperform from strong buy as a function of share performance. Trinidad shares dropped 47 cents to $10.30.
ON BAYSTREET
The TSX Venture Exchange crept ahead 1.06 points to 946.12
Eight of the 14 Toronto subgroups were in positive country, led by metals and mining, up 1.3%, while their cousins in global base metals vied with gold as runners-up, gaining 1% each.
The half-dozen laggards were weighed by telecoms, down 0.8%, consumer staples, off 0.4%, and information technology, lower by 0.2%.
ON WALLSTREET
Stocks hit all-time highs just a week ago, but concerns over developments in Washington have kept the market from climbing even higher.
The Dow Jones Industrials lurched lower 30.23 points to 15,304.40. The S&P 500 index docked 1.85 points to 1,695.57. If the Dow and S&P 500 finish the session lower, that will be their fifth straight day of losses.
The NASDAQ doffed 7.66 points to 3,760.59.
In corporate news, shares of Yahoo pulled back slightly despite reports that Chinese Internet company Alibaba is moving forward with an initial public offering in New York.
Yahoo is one of Alibaba's top shareholders. Yahoo's stock has surged this year due to speculation about an Alibaba IPO as well as investor enthusiasm for the turnaround strategy of CEO Marissa Mayer.
Facebook stock continued to flirt with the $50 U.S. level, rising another 1% after a 4% jump on Tuesday.
Shares of Carnival dropped another 4%. The cruise company's stock plunged on Tuesday as well after reporting dismal earnings and a weak outlook.
There are concerns that U.S. lawmakers will be unable to adequately deal with the country's debt ceiling woes, which means the government risks defaulting on its debt next month.
Treasury Secretary Jack Lew warned Tuesday that Wall Street should take the looming debt limit more seriously and wrote in a letter to Congress Wednesday that the debt ceiling would be reached no later than October 17.
Investors also considered the possibility that the U.S. government might shut down on Oct. 1, which could hit economic growth.
On the economic front, durable goods orders rose 0.1%, or more than expected, in August, to a seasonally adjusted $224.92 billion U.S.. A report on new-home sales was due out at 10 a.m.
Prices for the 10-year U.S. Treasury fell, raising yields to 2.66% from Tuesday’s 2.65%. Treasury prices and yields move in opposite directions.
Oil prices regained 28 cents to $103.41 U.S. a barrel.
Gold prices gained $5.70 at $1,322 U.S. an ounce.
Related Stories
