The Toronto stock market ended Wednesday unchanged, amid well-received earning reports from Royal Bank and a couple of big retailers.
The S&P/TSX composite index was down 0.40 points to finish at 14,188.58
The Canadian dollar faded 0.33 cents to 89.87 cents U.S.
Royal Bank's quarterly net income was up 2% from a year ago to $2.09 billion or $1.38 a share. Ex-items, RBC earned $1.47 a share, which was above estimates.
The bank also announced its quarterly dividend will increase by 6% to 71 cents per common share. Its shares slipped 62 cents to $72.08, but RBC stock has already charged ahead 5.5% this month.
Bank of Montreal and National Bank also issued earnings reports this week that beat expectations. BMO shares clicked 44 cents higher to $73.07, while National dipped two cents to $44.21.
The earnings news was mixed in the retailing segment as Sears Canada Inc. had a $373.7 million net profit in its fiscal fourth quarter, up from $39.9 million a year earlier. But the showing was largely due to gains from unusual items, including early lease terminations for some large stores that are closing. Revenue fell about 10% to just under $1.17 billion. Its shares rose 32 cents to $13.62.
On the TSX, tech stocks led advancers, though BlackBerry was down 25 cents a share to $11.48. Even so, its stock has surged about 20% since Feb. 17 on rising investor confidence. It gained almost 2% this week alone after CEO John Chen unveiled two smartphones at the Mobile World Congress trade fair in Barcelona.
The base metals group was up with March copper off a cent at $3.24 U.S. a pound. Teck Resources gained 19 cents to $24.68
The gold sector dropped as Barrick Gold sank 23 cents to $23.12
The energy sector was down, even as Imperial Oil moved ahead 15 cents to $48.78.
Economically speaking, German consumer morale rose to its highest level in seven years heading into March as shoppers in Europe's biggest economy became more upbeat about their future income.
ON BAYSTREET
The TSX Venture Exchange faded 2.58 points to 1,009.44.
Seven of the 14 Toronto subgroups were higher, led by information technology, up 1.6%, metals and mining, up 1.1%, and consumer discretionaries, up 1%.
The half-dozen laggards were weighed by gold, off 1.2%, utilities, sliding 0.6%, and financials, shedding 0.3%. Telecoms were flat at day’s end.
ON WALLSTREET
Stocks were mixed Wednesday afternoon, erasing earlier gains sparked by a batch of solid earnings reports and strong housing data.
The Dow Jones Industrial Average gained 18.75 points to close at 16,198.41
The S&P 500 index moved higher only 0.04 points to 1,845.16. The NASDAQ gained 4.47 points to 4,292.06
Shares of some retailers were moving significantly.
Barnes & Noble shares jumped after the troubled bookstore chain swung to a quarterly profit thanks to cost-cutting measures. The company also announced plans to introduce a new color Nook in early fiscal 2015.
Shares for Abercrombie & Fitch rose after the teen clothing retailer announced a decline in revenue and profit that still managed to beat expectations
Tesla shares continued to zoom higher, hitting an all-time high of $265 Wednesday. Shares have kicked into overdrive since the electric car maker reported much stronger-than-expected earnings and strong sales guidance last week.
Investors have remained optimistic amid anticipation that CEO Elon Musk will soon officially announce plans to open a massive new lithium battery factory, dubbed the "Gigafactory."
Target shares were also higher even after the company blamed a data breach for a quarterly drop in revenue and profit.
Anheuser-Busch InBev shares gained ground after the brewer, which makes Budweiser and Stella Artois, reported better-than-expected fourth quarter results and outlined plans to boost sales during the upcoming FIFA World Cup in Brazil.
On the downside, BlackBerry shares pulled back after a 16% jump during the past two days. BlackBerry has lost a lot of ground in the competitive smartphone market over the pasf few years, but shares have rallied in 2014 as investors focus on its turnaround potential. The stock is up 40% so far this year
Credit Suisse shares slipped after a U.S. Senate report released Tuesday outlined how the Swiss bank helped clients hide billions from the Internal Revenue Service. The bank's executives will appear before the Senate Wednesday.
Shares of First Solar fell 10% after reporting earnings that missed expectations.
Sturm Ruger shares tumbled even after the gun company delivered strong gains in sales and profit due to the launch of new products. Shares of rival gun maker Smith & Wesson were also lower.
After the close, Baidu and J.C. Penney will report results.
In economic news, data on January sales of new homes came in stronger than expected, easing concerns of a slowdown in the U.S. housing market. Sales jumped almost 10% in January to the highest level since July 2008.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.67% from Tuesday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 68 cents to $102.51 U.S. a barrel.
Gold prices gave back $14.20 to $1,328.50 U.S. an ounce.
Related Stories
