Equity markets in Toronto emerged flat from the gates on Wednesday, even as positive U.S. and euro-zone data pointed to a gradual global economic recovery.
The S&P/TSX composite index dipped 2.87 points to open Wednesday at 13,594.06
The Canadian dollar unloaded another 0.32 cents to 92.55 cents U.S.
National Bank Financial raised the price target on Lake Shore Gold to 80 cents from 70 after the company reported record 2013 production, driven by better-than-expected fourth-quarter operating results. Lake Shore shares docked a penny to 57 cents.
National also cut the rating on Colabor Group to sector perform from outperform following the company's share price depreciation. Colabor shares fell 20 cents to $5.30
Valeant Pharmaceuticals began the day up $3.42, or 2.5%, to $138.45, to lead health-care issues, which, in turn, led the market.
Economically speaking, euro-zone unemployment was unchanged at a record high for the eighth month in a row in November, data showed, but retail sales made the biggest monthly jump in 12 years.
ON BAYSTREET
The TSX Venture Exchange gained 5.31 points to begin the session at 955.14
Eight of the 14 TSX subgroups were higher, led by health-care, up 1.1%, information technology, up 0.5%, and global base metals, ahead 0.3%.
The half-dozen laggards were weighed by gold, down 1%, materials, worse by 0.4%, and consumer staples, 0.2% to the bad.
ON WALLSTREET
Investors were cautious early Wednesday, following a day of healthy gains and as they await minutes from last month's U.S. Federal Reserve meeting.
The Dow Jones industrial average slumped 70.96 points to begin trading at 16,459.98, after Tuesday’s 100-point-plus gain
The S&P 500 index slid 2.2 points to 1,835.68. The NASDAQ gained 4.50 points to 4,157.68.
Meanwhile, investors were also on hold ahead of the December jobs report due on Friday. Data from payroll processor ADP showed that private sector hiring gained momentum in December, an encouraging sign ahead of the U.S. Labor Department's closely-watched report.
In corporate news, J.C. Penney shares plunged after the troubled retailer released a short and vague statement about its sales performance during the key holiday season.
Penney said it was "pleased" with its sales, but failed to release specific figures. The lack of details caused concern among the retailer's investors, who have been betting on progress in the company's turnaround efforts.
Shares of Ford rose after the automaker said late Tuesday that CEO Alan Mulally is not leaving the company for Microsoft. Shares of Microsoft were lower.
Constellation Brands surged after the wine, beer and spirits’ company reported strong earnings for its most recent quarter and boosted its outlook for the year.
Agrochemical giant Monsanto shares were also higher following better-than-expected quarterly earnings and sales.
Revenue figures were disappointing from The Container Store, sending shares of the retailer sharply lower.
Micron Technology shares surged following quarterly earnings that beat expectations.
Investors and traders will be keen to see what the latest Fed minutes, due in the afternoon, show since they cover the meeting when the central bank decided to start cutting its massive economic stimulus program. Many Wall Street experts expect the stimulus program will be finished by the end of 2014.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.98% from Tuesday’s 2.96%. Treasury prices and yields move in opposite directions.
Oil prices were static at $93.67 U.S. a barrel.
Gold prices ditched $8.20 to $1,221.40 U.S. an ounce.
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