Equities in Canada’s biggest centre edged lower on Wednesday, after strong gains for the previous two sessions, as weakness in resource stocks offset gains for financials.
The S&P/TSX composite index dipped 36.12 points to open Wednesday at 13,599.94, after a leap Tuesday of more than 160 points.
The Canadian dollar dropped 0.21 cents to 74.64 cents U.S.
Royal Bank of Canada reported an 11% rise in fourth-quarter profit that topped market expectations, driven by gains at its personal, commercial banking and capital markets businesses.
Shares in Canada’s biggest bank took on five cents to $76.93.
French Finance Minister Emmanuel Macron says train maker Alstom should use the proceeds of the sale of its energy unit to make acquisitions abroad and could consider a tie-up with Canadian rival Bombardier.
The plane maker saw its shares take on a penny to $1.26.
A group representing auto-parts makers said Tuesday that the newly-minted Trudeau government should commit to a 12-nation Pacific Rim free-trade deal inked by the country's former leaders, but it also must invest further in local auto assembly.
Magna International, for example, dropped seven cents to $61.32.
Raymond James cut the target price on Empire Company to market perform from outperform, and the target price to $28.00 from $31.00. Empire shares slid 64 cents, or 2.4%, to $26.12.
Kepler Cheuvreux raised the rating on Lundin Mining to buy from reduce. Lundin shares skidded a nickel, or 1.3%, to $3.75.
National Bank raised the price target on Bank of Nova Scotia to $67.00 from $65.00. Scotiabank shares added 12 cents to $60.95.
The Bank of Canada announced this hour it is maintaining its target for the overnight rate at 0.5%. The central bank rate is correspondingly 0.75% and the deposit rate is 0.25%
ON BAYSTREET
The TSX Venture Exchange dropped 1.89 points to begin the day at 518.54.
All but four of the 13 TSX subgroups were lower, weighed most by gold, down 1.8%, energy, sliding 1.7%, and materials, off 1.1%.
The four gainers were led by health-care, ahead 0.9%, consumer staples, up 0.4%, and information technology, up 0.1%.
ON WALLSTREET
U.S. stocks traded in a range Wednesday after a solid day of gains as investors eyed data and awaited a speech by Fed Chair Janet Yellen that could add to confidence in a rate hike this month
The Dow Jones industrial average fell back 14.16 points to start the day’s trading at 17,874.19, with Nike the greatest laggard and UnitedHealth leading gainers.
The S&P 500 slumped 2.14 points to 2,100.49, with energy anchoring eight sectors lower and information technology and health care the only advancers.
The NASDAQ index added 12.25 points to 5,168.56, as shares of Apple and Qualcomm rose
Yahoo traded more than 5% higher on reports the company's board will discuss selling the flagship internet business, how to maximize the value of its stake in Alibaba, and consider the future of CEO Marissa Mayer at meetings this week.
A Securities and Exchange Commission filing showed billionaire investor David Tepper's Appaloosa Management has taken a 9.25% stake in TerraForm Power, and is considering potential claims over its relationship with parentSunEdison.
Qualcomm traded about 7% higher after news the chipmaker entered a 3G/4G licensing agreement with Chinese smartphone maker Xiaomi.
Amazon, Netflix and shares of Alphabet hit all-time intraday highs in morning trade Wednesday.
Yellen is scheduled to speak at the Economic Club of Washington at 12:25 p.m. ET and then testifies Thursday morning before the Congressional Joint Economic Committee.
The Federal Open Market Committee meets Dec. 15 to 16 and could raise short-term interest rates for the first time in nearly a decade.
The Fed's beige book on the economy is due at 2 p.m.
Ahead of Friday's November jobs report, ADP data showed November private payrolls topped expectations at 217,000.
Prices for the 10-year Treasury faltered, raising yields to 2.19% from Tuesday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 80 cents a barrel to $41.05 U.S.
Gold prices settled $12.11 to $1,057.18 U.S. an ounce.
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