Equity markets in Toronto edged higher on Wednesday as investors awaited this afternoon’s release of the minutes of the U.S. Federal Reserve's latest policy meeting.
The S&P/TSX composite index followed Tuesday’s 100-point-plus jump with a gain of 26.22 points to open Wednesday at 14,398.67
The Canadian dollar tailed off 0.03 cents at 91.52 cents U.S., after a surge of several days.
The chief executive of Osisko Mining Corp said on Tuesday it will be tough for Goldcorp to raise its bid for Osisko by enough to trump a rival deal, and it is more likely that the gold producer will walk away from the transaction. Osisko shares gained a penny to $7.45, while Goldcorp saw its shares drop two cents to $27.51.
Bank of Nova Scotia Chief Executive Brian Porter says the company has shifted its growth focus away from Asia, and will instead drive expansion in four Latin American countries as the bank seeks to focus on "fewer things.” Scotiabank shares took on two cents to $64.91
CIBC raised the target price on Capstone Mining to $4.50 from $4.00. Capstone shares crept up two cents to $2.91.
ON BAYSTREET
The TSX Venture Exchange inched higher 2.09 points to 1,000.88
Eight of the 14 Toronto subgroups began the session stronger, with information technology up 1.7%, health-care gaining 1.1% and consumer discretionary issues picking up 0.8%.
The half-dozen laggards were weighed mostly by gold stocks, losing 1.3% of their shine, metals and mining, weaker by 1%, and consumer staples, off 0.6%.
ON WALLSTREET
Investors were feeling a little bounce in their step Wednesday as first-quarter earnings season kicked off.
The Dow Jones Industrial Average advanced 32.62 points to 16,288.76. The S&P 500 moved ahead 2.52 points to 1,854.48 The NASDAQ acquired 18.14 points to 4,131.13
U.S. stocks snapped a three-day losing streak Tuesday, with all three indexes gaining, albeit less than 1%. That put the S&P 500 back into positive territory for the year, but the Dow and NASDAQ are still in the red.
Auto stocks were under pressure today after Toyota announced a massive global recall. General Motors, dealing with the continuing fallout of its botched ignition switch recall, fell in morning trading.
In other corporate news, Comcast and Time Warner Cable representatives will appear before the Senate Judiciary Committee to plead their case for merging the companies. Shares of both companies were slightly lower early in the market session.
But earnings will most likely be the main catalyst for the markets in the weeks ahead. The first quarter was hampered by severe winter weather, which may have had an impact companies' bottom lines.
The earnings season unofficially commenced yesterday afternoon when Alcoa reported earnings that topped expectations. Shares of the aluminum producer rose Wednesday.
Constellation Brands popped after the alcoholic beverages company posted quarterly profits that beat estimates, thanks to a bump in its beer shipments business.
Shares of medical robotics company Intuitive Surgical plunged after the company said it expects first-quarter revenue to come in 24% lower than the same quarter last year. The dreary forecasts come just weeks after the stock soared following F.D.A. approval for a new surgical robot device.
Also today, the U.S. Federal Reserve will release minutes from its March meeting at 2 p.m. ET.
At the press conference following that meeting last month, Fed Chief Janet Yellen briefly spooked investors when she stated that the U.S. central bank's stimulus program would most likely be finished by the fall and that a rate hike could come as soon as early 2015.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.71% from Tuesday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices nicked ahead six cents to $102.62 U.S. a barrel.
Gold prices backtracked $6.60 to $1,302.50 U.S. an ounce.
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