Stocks in Canada’s largest market doggedly fought their way into the red by Wednesday’s closing bell
The S&P/TSX Composite Index regrouped 30.63 points to end Wednesday at 16,420.76
The Canadian dollar gained 0.68 cents at 76.67 cents U.S.
Telecoms weighed most heavily on the market, with BCE stepping back 39 cents to $54.82, while Rogers Communications doffed 66 cents, or 1%, to $64.84
In consumer discretionary stocks, Magna International gave up 46 cents to $76.52, while Canadian Tire shed 23 cents to $176.38.
Among other earnings reports, Canadian grocery Loblaw quarterly profit topped analysts' estimates, driven by higher food and drug same-store sales. Loblaw shares ditched 23 cents to $68.53.
Elsewhere in staples, Restaurant Brands International retreated 90 cents, or 1.1%, to $83.97.
The industrials sector strengthened on rise in shares of Canadian National Railway after the company reported a better-than-expected quarterly profit. CNR shares hiked $4.86, or 4.3%, to $116.86.
Industrials were also boosted by a rise of $8.66, or 15%, in shares of Toromont Industries, which also reported quarterly results. Toromont closed at $66.35.
Air Canada gained 32 cents, or 1.5%, to $22.41.
In the real-estate sector, Colliers International Group added 67 cents to $108.02.
Tech standouts included Shopify, jumping $5.36, or 2.4%, to $226.50, while BlackBerry inched ahead a penny to $13.46.
ON BAYSTREET
The TSX Venture Exchange moved higher 0.9 points to 707.32.
Seven of the 12 TSX subgroups lost ground, primarily telecoms, off 0.9%, consumer discretionary, down 0.6%, and consumer staples, falling 0.5%
The five gainers were led by industrials, vaulting 2.2%, real-estate, ahead 0.7%, and information technology, better by 0.4%
ON WALLSTREET
Stocks closed sharply higher on Wednesday after President Donald Trump reportedly obtained concessions from the European Union to avoid a trade war.
The Dow Jones Industrials climbed from 100 points-plus down Wednesday morning, to gain 172.16 points and finish the day’s trading at 25,414.10
The S&P 500 gained 25.67 points to 2,846.07, closing less than 1% from its record high, as tech rose 1.5%.
The NASDAQ popped 91.47 points, or 1.2%, to 7,932.24, an all-time high, as Google-parent Alphabet, Facebook and Amazon all jumped.
Dow Jones reported, citing an E.U. official, that the E.U. has agreed to import more U.S. soybeans. Dow Jones also said the E.U. agreed to lowering tariffs on industrial goods.
The report comes as Trump met with European Commission President Jean-Claude Juncker to discuss trade issues.Trade relations between the U.S. and E.U. had been strained in recent months.
In June, the U.S. president threatened tariffs on imported cars from the European Union. Last week, the E.U.’s Trade Commissioner Cecilia Malmstrom said that if the U.S. imposed these levies, it would be "very unfortunate," and added that the bloc had prepared its own list of countermeasures.
Caterpillar jumped to close 1.8% higher on heavy volume following the report. Ford shares nearly went positive after falling as much as 4% earlier in the day.
Both Boeing and General Motors reported better-than-expected quarterly earnings, but their full-year forecasts disappointed Wall Street. Boeing dropped 0.7% while General Motors fell 4.5%.
Boeing reaffirmed its 2018 earnings forecast while General Motors slashed its own estimates, citing "recent and significant increases in commodity costs" as well as currency headwinds for the cut.
Dow-component Coca-Cola reported earnings that topped estimates, pushing the stock up by more than 1%.
Facebook shares dropped nearly 10% after the close following the release of the company's quarterly earnings.
Nearly 30% of S&P 500 companies have reported quarterly results thus far. Of those companies, 82.6% have reported better-than-expected earnings
Prices for the benchmark for the 10-year U.S. Treasury surrendered previous gains, raising yields to 2.96% from Tuesday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 88 cents to $69.40 U.S. a barrel.
Gold prices regained $6.70 to $1,232.20 U.S. an ounce.
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