Stocks in Canada’s biggest market rose, however hesitantly, to a fresh five-month high Wednesday, as financials and materials stocks advanced, while lower oil prices weighed on energy stocks.
The S&P/TSX Composite Index struggled ahead 14.22 points to open Wednesday at 13,881.50
The Canadian dollar docked 0.03 cents to 78.9 cents U.S.
RBC cut the rating on CI Financial to sector perform from outperform.
CI shares gave back 38 cents, or 1.4%, to $27.31
Raymond James raised the rating on Endeavour Mining to strong buy from outperform. Endeavour shares gained 30 cents, or 2%, to $15.45.
CIBC cut the rating on Transalta Renewables to sector perform from outperform. Shares in Transalta braked 16 cents, or 1.3%, to $12.45.
Raymond James cut the rating on Precision Drilling to underperform from market perform. Precision shares backtracked 26 cents, or 4.2%, to $5.95.
On the economic slate, Statistics Canada reported this morning that wholesale trade decreased 2.2% to $55.8 billion in February, after three consecutive increases.
The agency added lower sales were reported in five of seven sub-sectors, accounting for 66% of total wholesale sales. In volume terms, wholesale sales declined 1.9%.
ON BAYSTREET
The TSX Venture Exchange appeared unstoppable, taking on 3.97 points to 653.29, adding to its win streak.
Nine of the 13 TSX subgroups advanced, with metals and mining up 1.5%, materials gaining 0.6%, and gold shining 0.5% brighter.
The four laggards were affected most by energy, down 1.1%, industrials, off 0.8%, and information technology, sliding 0.2%.
ON WALLSTREET
U.S. stocks traded in a range Wednesday amid more earnings reports, as investors eyed oil prices ahead of crude inventory data due later in the morning.
The Dow Jones Industrials was positive 11.27 points to 18,064.87, with UnitedHealth leading advancers and Coca-Cola the greatest laggard.
The S&P 500 eased 0.31 points to 2,100.49. Health-care led advancers on the S&P 500.
The NASDAQ index fell 19.68 points to 4,940.33,
Coca-Cola earned an adjusted 45 cents U.S. per share for the first quarter, one cent above estimates, with revenue slightly above forecasts. Worldwide case volume was up 2%, slightly below analysts' forecasts.
Intel beat forecasts by six cents with adjusted quarterly profit of 54 cents U.S. per share, with revenue essentially in line.
However, the company known as “Mr. Chips” gave lower-than-expected revenue guidance and cut its full-year profit margin outlook. It also announced it would cut up to 12,000 jobs and that Chief Financial Officer Stacy Smith would leave that post to lead Intel's sales efforts.
In economic news, existing home sales surged 5.1% to a seasonally-adjusted annual rate of 5.33 million units in March. February's sales pace was revised slightly down to 5.07 million units from the previously reported 5.08 million units.
Weekly oil inventories are due at 10:30 a.m. ET. WTI turned lower in late trade Tuesday after the American Petroleum Institute reported a surprise build and news of settlement in Kuwait's oil worker strike.
Prices for the 10-year Treasury gained slightly, bringing yields down to 1.78% from Tuesday’s 1.79%. Treasury prices and yields move in opposite directions.
Oil prices sagged 98 cents a barrel to $40.10 U.S.
Gold prices added $3.94 to $1,254.13 U.S. an ounce.
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