Equity markets were little changed on Wednesday as strength in the price of commodities such as oil and bullion helped drive gains in the energy and mining sectors, offsetting weakness in the financial sector.
The S&P/TSX composite index eked up 7.79 points to move into noon hour at 14,910.23
The Canadian dollar improved 0.44 cents to 79.29 cents U.S.
Trading in the benchmark Canadian index, which recorded a gain of 1.9% in the first quarter, has been choppy in recent months because of volatility in commodity prices.
Financial shares fell, with Royal Bank of Canada slipping 0.4% to $75.91.
Shares of energy producers gained 0.3%. Suncor Energy added 0.7% to $37.27, and Canadian Natural Resources rose 0.4% to $38.96.
The gold-mining sector jumped, reflecting a rally in the bullion price. Barrick Gold Corp advanced 4.8% to $14.52, and Goldcorp Inc climbed 3.7% to $23.76.
The RBC Canadian Manufacturing Purchasing Managers' index hinted at a slowdown in business conditions across the Canadian manufacturing sector in March.
At 48.9, up from 48.7 in February, the seasonally-adjusted PMI posted below the neutral 50 value for the second month running. This represents the first back-to-back deterioration in overall business conditions in the survey's four-and-a-half year history.
ON BAYSTREET
The TSX Venture Exchange poked up 0.68 points to 680.75
Eight of the 14 Toronto subgroups were higher by noon, with gold shining 3.7% brighter, materials stronger by 1.8%, and energy gushing 1.1%
The half-dozen laggards were weighed most by consumer discretionary stocks, down 0.7%, financials, down 0.5%, and industrials, sliding 0.4%.
ON WALLSTREET
U.S. stocks traded lower on Wednesday as investors eyed softness in economic data ahead of Friday's important jobs report.
The Dow Jones Industrials remained negative 130.35 points to 17,645.77 with Wal-Mart and Merck among the greatest decliners.
The S&P 500 dropped 10.32 points to 2,057.57.
The NASDAQ plummeted 29.79 points to 4,871.10.
Monthly auto sales come out throughout the day, with expectations of an increase to 16.9 million from 16.2 million.
Ford reported a less-than-expected decline of 3.4% for March. Chrysler sales increased 1.7%, about one percent below expectations.
General Motors reported a greater-than-expected decline of 2.4%. Toyota's U.S. sales beat estimates slightly, showing growth of 4.9%.
Investors are also preparing for a shorter week due to the Easter vacation; stock markets are also closed for Good Friday this week and bond markets close early.
GoDaddy began trading Wednesday morning at $26.15 U.S. a share under the symbol "GDDY." The website hosting service announced late on Tuesday that its initial public offering will price at $20 U.S. per share, valuing the company about $4.5 billion U.S.
The ADP Employment Report showed an increase of 189,000 in monthly private payrolls, below expectations of a modest rise to around 225,000.
ISM posted 51.5 for March, the weakest level on this indicator since last May. Construction spending fell 0.1% in February, for a second straight month of decline.
Growth in the U.S. manufacturing sector rose to a five-month high in March as output and employment gained, according to an industry report released on Wednesday.
Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers' Index rose to 55.7 in March from 55.1 in February and to its highest since October, when the PMI was 55.9. It also came above the preliminary reading of 55.3.
In an encouraging sign that the housing market is picking up with the onset of spring, weekly mortgage application volume increased 4.6% on a seasonally adjusted basis, the Mortgage Bankers Association said.
Prices for 10-year U.S. Treasuries spiked, lowering yields to 1.86% from Tuesday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.88 to $49.48 U.S.
Gold prices grew $18.70 to $1,201.90 U.S.
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