The Toronto stock market was slightly higher Wednesday afternoon as the Federal Reserve indicated it won't be cutting back on its key stimulus just yet.
The S&P/TSX composite index gained 14.72 points to finish Wednesday at 13,455.33
The Canadian dollar faded 0.12 cents to 95.41 cents U.S.
Energy stocks declined as Canadian Natural Resources fell 31 cents to $33.30.
The tech sector was also lower with BlackBerry down 22 cents to $8.55.
But Wi-LAN Inc. shares were up 21 cents, or 6.8%, to $3.31. The company, which generates revenue by licensing technology patents, said it was exploring a broad range of strategic alternatives.
That included a possible sale of the company or a new dividend policy. Wi-LAN's announcement comes less than a week after its shares plunged nearly 23% following an unfavourable jury decision in a legal battle with Apple Inc.
The TSX gold sector led advancers, as Barrick Gold Corp. gained 79 cents to $21.50.
The base metals segment was up even as December copper jumped four cents to $3.32 U.S. a pound. First Quantum Minerals rose 54 cents to $19.31 ahead of the release of earnings after the close.
Maple Leaf Foods Inc. shed early losses to move ahead 29 cents to $15.59 as it said overall third-quarter profit was down sharply, falling to $15.5 million or nine cents per share from $26 million, or 16 cents per diluted share, in the third quarter of 2012. The company cited tough market conditions and unusual expenses related to an ongoing reorganization.
One of the high flyers on the TSX was Air Canada with its B shares soaring to a fresh five-year high in heavy trading, extending an upward trend that has seen the airline's stock value more than triple in the past year.
The shares jumped 22 cents, or 4%, to $5.72 after running as high as $5.80, a level that hasn't been surpassed since they opened at $5.88 on Aug. 15, 2008.
ON BAYSTREET
The TSX Venture Exchange fell 8.81 points to 964.17
ON WALLSTREET
Investors were indifferent to the fact that the U.S. Federal Reserve did the expected and continued its $85-billion-a-month bond-buying program.
The Dow Jones Industrials stumbled 61.59 points to close at 15,618.80
The S&P 500 index slid 8.81 points to 1,763.14. The NASDAQ dropped 21.72 points to 3,930.62. The Dow and S&P 500 closed at record highs Tuesday.
General Motors soared as it reported narrower losses in Europe and improving profit margins in North America. Chrysler reported double-digit gains in profit and sales for the quarter. The automaker is not publicly traded, but has announced plans for an initial public offering.
LinkedIn spooked investors with lackluster guidance. Shares of the social media company fell nearly 10%.
Yelp shares plunged more than 5% after the review site reported a wider-than-expected quarterly loss and announced plans to sell more stock.
Both stocks have been on a tear this year with LinkedIn's stock doubling. Yelp shares are up more than 240%.
Shares of Facebook. which will report earnings after the market closes, were down slightly.
Baidu shares rallied after China's largest search engine posted strong earnings and sales, and said earnings in the current quarter would easily top forecasts.
Sprint reported a quarterly profit and shares rose on the news. Cable giant Comcast reported declines in quarterly sales and profit, but earnings topped expectations. Comcast's stock was modestly lower.
Shares of Electronic Arts jumped about 8% after the video game maker's quarterly earnings beat expectations. But shares of rival gaming company Take-Two Interactive, which is most well-known for its Grand Theft Auto franchise, fell even though the company reported sales and profits that easily topped forecasts.
Stocks, which are hovering near all-time highs, edged lower after the Fed's announcement that it made no major changes to its stimulus program, commonly known on Wall Street as quantitative easing or QE. Investors expect the program to last at least the end of this year.
Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP.
Prices for the 10-year U.S. Treasury slipped, raising yields to 2.53% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.40 to $96.80 U.S. a barrel.
Gold prices dropped $1.60 to $1,343.90 U.S. an ounce.
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