Stocks in Canada’s biggest market were on the downside to begin Wednesday’s session, as oil prices faded initially.
The S&P/TSX Composite stumbled 71.48 points, after Tuesday’s triple-digit rise, to open Wednesday at 14,684.62
The Canadian dollar fell 0.05 cents to 74.31 cents U.S.
Loblaw Cos reported a 25.5% rise in quarterly profit, helped by a drop in expenses and improved performances by its financial services and property businesses. Adjusted net earnings attributable to shareholders rose to $512 million, or $1.26 per share, in the third quarter, from $408 million, or 98 cents per share, a year earlier.
Loblaw shares spiked $2.40, or 3.7%, to $67.20
Congo state miner Gecamines said it is "strongly opposed" to Lundin Mining selling a 24% stake in the Tenke copper mine to a Chinese company, arguing that it has a preemptive right to buy the stake.
Lundin shares docked seven cents, or 1.1%, to begin the day at $6.31.
CIBC raised the target price on Spin Master to $36.00 from $35.00, citing a favourable organic top-line trends or opportunities that should lead to stronger revenue growth than the toy industry at large.
Spin Master stock spun 23 cents to $34.42.
Metro Inc reports Q4 earnings today, expecting 56 cents per share. Metro shares galloped $1.48, or 3.6%, to $42.23.
Profound Medical Corp expects a Q3 loss of nine cents per share. Profound shares were static at $1.02.
TIO Networks projects Q4 earnings of two cents per share. TIO shares gathered eight cents, or 3.5%, to $2.38.
On the economic slate, Statistics Canada reported that manufacturing sales in Canada rose for the fourth consecutive month, up 0.3% to $51.5 billion in September.
The agency says the gain reflected higher sales in the transportation equipment and fabricated metal industries.
ON BAYSTREET
The TSX Venture Exchange took on 6.76 points to 753.92
All but three of the 12 TSX subgroups sank soon after the opening bell. Energy dipped 1.4%, gold slid 1.1%, and materials fell 0.8%.
The three gainers proved to be consumer staples, up 1.9%, real-estate advanced 0.3%, and information technology, inching up 0.04%.
ON WALLSTREET
U.S. stocks traded mostly lower on Wednesday as a post-U.S. election rally slowed down while investors pondered a host of economic data.
The Dow Jones Industrials stepped back from Tuesday’s all-time high, forfeiting 54.44 points to 18,868.52, with Goldman Sachs contributing the most to losses. The index is working on a seven-session win streak.
The S&P 500 faded 5.3 points at 2,175.09, with financials dropping 1.4% to lead decliners.
The NASDAQ composite index dropped 2.5 points to 5,273.12
The three major U.S. stock indexes have spiked more than 2% since Republican Donald Trump upset heavily-favoured Hillary Clinton to win the presidential election.
Experts are now saying market expectations for a December rate hike were more than 90%. Earlier on Wednesday, St. Louis Fed President James Bullard said he would be surprised if the central bank did not raise rates next month.
In economic news, the October read on the U.S. producer price index came in unchanged, versus an expected increase of 0.3%. Industrial production for October was also unchanged.
Treasury prices for the 10-year note were unchanged, keeping yields at Tuesday’s 2.24%.
Oil prices skidded 46 cents to $45.35 U.S. a barrel
Gold prices increased $4.70 to $1,229.70 U.S. an ounce.
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