(CORRECTS OPENING READINGS FOR TSX and VENTURE)
Canada's main stock index was fairly flat on Wednesday as gains in miners countered a drop in energy stocks, while data showed October inflation rose in line with the market and central bank's expectations.
The S&P/TSX Composite backed off 3.4 points to begin Wednesday at 21,713.76.
The Canadian dollar lost 0.10 cents at 79.48 cents U.S.
Loblaw beat market estimates for quarterly revenue on Wednesday, aided by sustained consumer demand for groceries and other essential items during the COVID-19 pandemic.
The chairman of Rogers Communications tightened his grip on the company with the appointment of his confidant Tony Staffieri as interim chief executive on Tuesday, replacing Joe Natale, with whom he had a falling out.
RBC raised target price on to $73.00 from $65.00.
CIBC raised target price on Pet Valu Holdings to $43.00 from $34.00
Canaccord Genuity raised the rating on Superior Plus to buy from hold
On the economic slate, Statistics Canada’s consumer price index rose 4.7% on a year-over-year basis in October, up from a 4.4% increase in September. On a seasonally adjusted monthly basis, the CPI rose 0.5% last month.
Floods and landslides that have killed at least one person have also reportedly cut all rail access to Vancouver.
ON BAYSTREET
The TSX Venture Exchange recovered 2.43 points to 1,011.18.
Eight of the 12 TSX subgroups were lower, with communications dropping 0.7%, while information technology and real-estate each slid 0.6%.
The four gainers were led by gold, up 1.9%, materials, ahead 1.4%, and energy, improving 1.1%.
ON WALLSTREET
U.S. stocks fell on Wednesday as investors weighed strong earnings reports from big-box retailers against lingering inflation concerns and continued digesting strong retail data.
The Dow Jones Industrials skidded 127 points to open the midweek session at 36,015.22. The Dow was dragged down by a 5% drop in Visa.
The S&P 500 docked 9.7 points to 4,691.20.
The NASDAQ Composite erased 22.39 points to 15,951.46.
Target posted beats on the top and bottom lines, but its CEO noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer. Shares slid about 5%.
Home improvement giant Lowe’s saw shares rise slightly, however, after the company not only topped estimates from the Street but also raised its full-year sales forecast.
Shares of TJX jumped almost 9% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.
Elsewhere, shares of Dow component Boeing rose nearly 2% after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 6.5%.
Also, Tesla climbed slightly as the stock continued its rebound from a 15.4% loss last week, when CEO Elon Musk began his Tesla stock sell-off.
Investors await more retail earnings Wednesday from Bath & Body Works and Victoria’s Secret. Other major companies reporting results include Cisco Systems and Nvidia.
Prices for 10-year Treasurys regained ground, lowering yields to 1.62% from Tuesday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices dipped 78 cents to $79.98 U.S. a barrel.
Gold prices recovered $13.70 to $1,867.80 U.S. an ounce.
Related Stories
