The Toronto stock market was virtually unchanged at Wednesday’s closing bell, amid a report showing surging new home sales in the United States but signs that the recovery in other economies may be moving at a slower pace than anticipated.
The S&P/TSX composite index spent much of the afternoon in positive territory, only to settle back into the red 5.13 points to finish at 15,057.31
The Canadian dollar moved up 0.15 cents to 90.43 cents U.S.
Metals and mining proved mightiest of all groups, on the back of Sheritt International’s 32-cent, or 9.7%, surge to $3.62, while Lundin Mining climbed 23 cents, or 4.1%, to $5.78.
Gold shrank the worst of all subgroups, as Barrick Gold lost 26 cents, or 1.5%, to $16.93. Goldcorp doffed seven cents to $26.06.
Among financials, Scotiabank shed 87 cents, or 1.2%, to $70.11, while TD dropped 45 cents to $56.42.
On the corporate front, BlackBerry launched its latest smartphone on Wednesday, part of a move the company hopes will solidify its reputation among business users.
This new device, called the Passport, is part of BlackBerry's plan to emerge as a strong competitor to rivals such as Apple and Samsung in the saturated smartphone market.
The company is also changing focus and the new smartphone is being marketed towards business professionals -- particularly in health-care, government and the military -- about 30% of mobile phone users.
The Waterloo, Ont., company is expected to report its second-quarter financial results on Friday. Shares in BlackBerry dropped nine cents by the end of the day to $11.61.
ON BAYSTREET
The TSX Venture Exchange slid 1.09 points to 924.09.
Eight of the 14 Toronto subgroups were higher by the close, with metals and mining stocks surging 2.5%, while global base metals and health-care were each up 1.7%.
The half-dozen laggards were hampered most by gold, down 1.3%, consumer staples, off 0.7%, and financials, sliding 0.5%
ON WALLSTREET
U.S. stocks rallied on Wednesday, with the S&P 500 and Dow Jones Industrial Average recording their best one-day percentage gain in more than five weeks.
The Dow Jones Industrials vaulted 154.19 points, or 0.9%, to 17,210.06.
The S&P 500 hiked 15.53 points to 1,998.30. The NASDAQ spiked 46.53 points to 4,555.52.
The rebound snapped a three-day losing streak that has been blamed in part on worries about global growth and fighting in Iraq and Syria.
A stronger-than-expected report on new-home sales and dovish comments from two U.S. Federal Reserve officials, may have contributed to gains.
Bed Bath & Beyond shares climbed more than 7.4% to lead the S&P 500 after the home-furnishings retailer late Tuesday posted better-than-expected quarterly earnings.
KB Home fell 5.30%, after the home builder reported fiscal third-quarter profit and sales that fell well short of expectations.
In economic circles, the U.S. Commerce Department said sales of new single-family homes surged 18% in August to a seasonally adjusted annual rate of 504,000, the fastest pace in more than six years. Economists had expected a sales rate of 426,000.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.57% from Tuesday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.48 to $93.03 U.S. a barrel.
Gold prices sank $4.60 to $1,217.40 U.S. an ounce.
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