The Toronto Stock Exchange was little changed Tuesday morning, as the influential gold and mining sectors regained some ground and investors took in mixed North American economic data.
The S&P TSX Composite Index settled back by noon, but remained positive 1.35 points to 11,786.07
The Canadian dollar was ahead 0.34 cents to 96.55 U.S. cents.
In Canadian corporate news, baked goods and grocery giant George Weston Limited reports third-quarter net earnings attributable to common shareholders of $264 million or $1.94 per share, compared with $176 million or $1.26 per share in the same 2010 period. Revenue for the three months ended Oct. 8 was $10.06 billion, up from $9.8 billion in the prior-year period.
Homburg Invest Inc. saw its loss jump to $70 million in the third quarter, or $1.95 per share, as the troubled Halifax-based investment company's expenses soared faster than its revenue grew. The company, which has been in a dispute with founding shareholder Richard Homburg, is operating under court-protection from its creditors.
Magnotta Winery Corp. shares soared 55% a day after the company said it has been advised by the Magnotta family, which controls the company, that it intends to take the wine producer private at $2.90 a share. Magnotta shares were halted on the TSX pending the news from the company. When trading resumed the stock gained 99 cents to $2.81.
Economically speaking, Statistics Canada reported this morning that retail sales improved 1.0% to $38.2 billion in September, reflecting growth at most store types.
This marks the fifth increase in six months and was the largest advance since November 2010. In all, nine of 11 subsectors advanced, the most notable being car and parts dealers, who enjoyed a 2.8% hike.
ON BAYSTREET
The TSX Venture Exchange added 1.59 points to 1,556.61, while the Nasdaq Canada index faded 3.19 points to 386.85.
Of the 14 Toronto subgroups, eight were lower by lunch time. Consumer staples and industrials gave back 0.8% each, while information technology docked 0.7%.
The half-dozen gainers were led by gold, up 1.2%, materials, ascending 1%, and financials, taking on 0.3%.
ON WALLSTREET
In New York, stocks were firmly in the red Tuesday afternoon, extending the previous day's steep losses, as investors digested a downbeat reading on U.S. economic growth and rising European bond yields.
Approaching noon ET, the Dow Jones Industrials ducked back 30.31 points to 11,517, after a tumble Monday of nearly 250 points
The S&P 500 dipped 1.58 points, to 1,191.40, while the Nasdaq Composite slid 3.85 points to 2,519.29
Shares of Netflix slumped after the video-streaming subscription service announced it will sell $400 million U.S. in common stock and convertible notes.
Fusion-io, which first debuted on the New York Stock Exchange in June, said it will price its follow-on public offering of 8.84 million in common stock at $33 U.S. per share. Shares of the company fell.
Shares of Gilead Sciences jumped after the HIV drug maker announced it is buying Pharmasset for $11 billion U.S.
Campbell's Soup stock dropped after the company's fiscal fourth quarter profit tumbled 5%, as price increases failed to offset lower volumes.
Investors were disappointed by a weaker reading of Q3 economic growth.
Traders also remained on edge as they continued to watch bond yields in Italy and Spain rise.
Meanwhile, investors continued to digest developments after the debt panel's failure to reach a budget deficit deal.
There was some relief after ratings agencies reaffirmed the U.S. credit rating, but the collapse of budget talks could have longer-term ramifications, said some experts.
Congress' super-committee, which had been given extra powers to tackle the country's seemingly intractable debt problems, admitted Monday that it could not agree on $1.2 trillion U.S. in budget reductions.
Economically speaking, the American economy grew at a 2% annual rate in the third quarter -- a half-percentage point slower than originally reported, according to the government's second estimate of third-quarter GDP growth released Tuesday.
Analysts surveyed by Briefing.com expected the estimate would remain unchanged -- an annualized increase of 2.5%, following a 1.3% increase in the second quarter.
On Tuesday afternoon, the Federal Reserve will release the minutes of its most recent policy meeting.
The price on the benchmark 10-year U.S. Treasury dipped by midday, pushing the yield up to 1.99% from 1.96% late Monday. Treasury prices and yields move in opposite directions.
Oil for January delivery gained 10 cents to $97.02 U.S. a barrel
Gold futures for December delivery rose $18 to $1,697.60 U.S. an ounce
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