Stocks in Toronto were lower on Wednesday as a decline in oil prices on concerns about a buildup in U.S. crude inventories hit shares of energy producers.
The S&P/TSX composite index faded 86.95 points to greet noon at 14,746.93.
The Canadian dollar dipped 0.35 cents to 80.31 cents U.S.
In the energy sector, Canadian Natural Resources Ltd shed 1.9%to $35.94, and Suncor Energy gave back 1% to $37.24.
The gold-mining sector fell with the bullion price. Goldcorp was down 0.9% at $30.27, and Barrick Gold lost 0.4% to $16.20.
In corporate news, AGF Management posted fourth-quarter earnings and revenue that missed expectations. Shares of the fund manager fell 2.9% to $7.00
ON BAYSTREET
The TSX Venture Exchange slid 5.51 points to 671.26.
Eight of the 14 Toronto subgroups were to the positive by noon, with real-estate climbing 0.5%, consumer staples 0.4% more solid, and utilities up 0.3%.
The half-dozen laggards were weighed mostly by energy issues, plummeting 3.1%, while information technology and gold stocks dipped 1% each.
ON WALLSTREET
U.S. stocks rose Wednesday afternoon, a day after the S&P 500 took its biggest hit in more than three weeks, as upbeat earnings from companies including Apple boosted the technology sector while energy weighed.
The Dow Jones Industrials gained 66.76 points to 17,453.97, with Boeing leading blue-chip gains.
The S&P 500 picked up 2.92 points to 2,032.47, with technology the best performing and energy the worst of its 10 major industry groups.
The NASDAQ index gained 21.62 points to 4,703.12.
Boeing rose after the jet manufacturer and Dow component posted quarterly profit that surpassed estimates.
Yahoo gained after saying it would spin off its 15% stake in Alibaba Group Holding.
A day after disappointing reports from multinationals, Apple's stunning results brought some relief.
On Wednesday afternoon, the U.S. Federal Reserve concludes its first two-day policy session of 2015, with the central bank expected to indicate that it remains on track to start raising interest rates later in the year.
Prices for 10-year U.S. Treasuries gained ground, dropping yields to 1.80% from Tuesday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices were lower $1.01 per barrel to $45.22 U.S.
Gold prices shed $5.30 an ounce to $1,286.40 U.S.
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