Equities in Canada’s biggest market dropped a bit Wednesday as gold mining stocks pared some recent gains, while higher oil prices supported energy stocks.
The S&P/TSX Composite erased 31.68 points to open Wednesday at 14,781.34
The Canadian dollar added 0.06 cents at 77.92 cents U.S.
Activist investor William Ackman left the board of Canadian Pacific Railway Ltd on Tuesday, marking the end of a four-year tenure that helped overhaul the ailing railroad company and earn his hedge fund roughly $2.6 billion.
CP shares picked up 86 cents to $201.49.
Hudson's Bay Company reported a 60% jump in quarterly sales on Tuesday, helped by its expansion in Europe and the acquisition of online retailer Gilt.
Bay shares doffed 40 cents, or 2.2%, to $17.65.
Barclays raised the target price on Bonavista Energy to $5.00 from $4.00, with an equal weight rating. Bonavista soared 20 cents, or 4.7%, to $4.44.
National Bank Financial initiated coverage on Cara Operations with an outperform rating.
Cara shares were unchanged at $30.25.
CIBC raised the target price on Enbridge Inc. to $71.00 from $63.00. Enbridge shares strengthened 85 cents, or 1.5%, to $56.15.
The Bank of Canada announced Wednesday morning that it is maintaining its target for the overnight rate at 0.5%. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%
Moreover, Western University’s Ivey School of Business reported its Purchasing Managers’ Index registered at 52.3 in August, compared to 57 in July and 58 in August 2015.
The survey is taken of purchasing managers to find out if they increased, decreased or stood pat on their purchases during the month.
Any reading above 50 constitutes expansion, anything less than 50, contraction.
ON BAYSTREET
The TSX Venture Exchange soared 3.78 points to begin Wednesday at 829.16
Seven of 12 TSX subgroups were negative on the morning, with telecoms fading 1.2%, while gold and consumer staples each surrendered 0.9%.
The five gainers were led by health-care, up 1.1%, while information technology and industrials each crept up 0.1%.
ON WALLSTREET
U.S. stocks traded mixed Wednesday as investors awaited the Federal Reserve's Beige Book, which is due at 2 p.m. ET.
The Dow Jones Industrials started the day positive 46.16 points to 18,538.12.
The S&P 500 lost 0.49 points to 2,185.99, with energy weighing the most.
The NASDAQ Composite acquired 5.76 points to 5,281.67, a new all-time high in early trade after opening slightly lower.
The Beige Book is an important indicator on the state of the U.S. economy and as such, is a critical tool for the Fed in making key decisions.
Other economic data due Wednesday include the July read on the Jobs Openings and Labour Turnover Survey – or JOLTS for short.
Prices for the 10-year Treasury gained, lowering yields to 1.52% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices gave back one cent at $44.82 U.S. a barrel
Gold prices inched up 20 cents at $1,354.20 U.S. an ounce.
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