The Toronto stock market again enjoyed a marginally higher opening Wednesday, after previous session's strong U.S. economic data boosted investor sentiment.
The S&P/TSX composite index opened Wednesday higher 30.24 points to 14,410.79.
The Canadian dollar added 0.16 cents at 90.65 cents U.S.
Fertilizer company Agrium Inc said a late start to spring and railroad backlogs had hurt its first-quarter earnings. Agrium shares tumbled $3.09 at the outset, or 2.9%, to $104.45
BlackBerry said on Tuesday it will not renew its license with T-Mobile U.S. Inc to sell BlackBerry products after the current contract expires on April 25. BlackBerry shares crept up four cents to $8.98.
Light synthetic crude from the oil sands reached a nine-month high on Tuesday as traders looked ahead to planned maintenance at the 286,000 barrel per day Syncrude project in northern Alberta. Energy stocks took a fall, as Suncor shares dipped nine cents to $38.52 early Wednesday.
ON BAYSTREET
The TSX Venture Exchange picked up 3.44 points to 1,004.37
Eight of the 14 Toronto subgroups were better soon after the opening bell, most notably gold, up 3.2%, while materials progressed 1.5% and metals and mining stocks were 0.7% to the good.
The half-dozen laggards were weighed mostly by health-care, down 0.3%, while utilities and energy each shed 0.1%.
ON WALLSTREET
Markets are cautious this morning after Tuesday's gains as investors eye the latest jobs data and start to focus on Friday's much anticipated March unemployment report.
The Dow Jones Industrial Average gained 2.71 points to 16,535.32. The S&P 500 gained but 0.60 from Tuesday’s all-time high to 1,886.12. The NASDAQ inched up 0.68 points to 4,268.72
GM will be in focus again today as CEO Mary Barra returns to Capitol Hill to answer legislators' questions regarding the automaker's botched ignition switch recall. Despite all the negative publicity, GM reported sales Tuesday that topped analysts' expectations.
The auto recall woes have now extended to Chrysler. The company reported earlier today that it was recalling nearly 900,000 SUV's to install a shield that protects brake boosters from corrosion caused by what the company calls "undue water exposure". Chrysler was supposed to IPO last year, but it was delayed.
Blackberry shares are higher following news that T-Mobile will no longer sell BlackBerry phones after April 25. BlackBerry owners who use T-Mobile will still be able to use their phones and get product support even after the deadline, but the contract between the two companies won't be renewed according to BlackBerry.
Shares of Stratasys are higher after the 3-D printer maker announced the acquisition Tuesday of Solid Concept and Harvest Technologies, two 3-D printing services companies. Along with its 3-D printer rivals, Stratasys stock has tanked this year, though it's still up more than 50% over the last 12 months.
The Rubicon Project begins trading today. The online advertising service provider priced its initial public offering last night at $15 U.S. a share, on the lower end of expectations.
Shares of Monsanto are lower this morning after the company reported better than expected second quarter earnings. Monsanto also affirmed its expectation of $5.00 to $5.20 U.S. a share this year.
This morning's ADP employment report, viewed as a bellwether of the big report on Friday, showed a gain of 191,000 private sector jobs last month -- slightly below expectations. February's ADP number was also revised to show a gain of 178,000 from an initial reading of 139,000.
Prices for 10-year U.S. Treasuries were down, raising yields to 2.79% from Tuesday’s 2.76%. Treasury prices and yields move in opposite directions.
Oil prices fell 43 cents to $99.31 U.S. a barrel.
Gold prices recovered $13.50 to $1,293.50 U.S. an ounce.
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