Canadian stock markets was little changed Tuesday, 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 ended the day up a mere 10.47 points to 11,795.19
The Canadian dollar was ahead 0.12 cents to 96.33 U.S. cents.
In Canadian corporate news, baked goods and grocery giant George Weston Ltd. reported 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. Shares dropped three cents to $65.86.
Magnotta Winery Corp. shares soared 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, or 54.4%, to $2.81.
The gold sector proved the biggest gainers on Bay Street, with Barrick Gold Corp. shares triumphed $1.07 to $50.94, while Goldcorp. shares powered up 95 cents to $52.41.
Cogeco Cable was among the more notable stocks on Bay Street, gaining 40 cents to $50.15. Other strong stocks included Prime Restaurants, up three cents to $7.68.
In the energy sector, Gibson Energy gave a good account of itself, gaining 45 cents to $20.35, while shares in Suncor sank 52 cents to $30.42, while Imperial Oil tanked 97 cents to $41.18.
Among financials, Royal Bank of Canada sprang up 48 cents to $44.93, while Bank of Nova Scotia acquired 16 cents to $49.94.
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 shaved off 0.10 points to 1,554.92, while the Nasdaq Canada index faded 3.27 points to 386.77.
Of the 14 Toronto subgroups, seven were lower on the day. Consumer staples settled 1%, while information technology docked 0.9% and industrials turfed 0.8%.
The half-dozen gainers were led by gold, up 1.8%, materials, ascending 1.5%, and telecoms, taking on 0.7%. The utility sector was flat on the day.
ON WALLSTREET
In New York, stocks cut their losses Tuesday afternoon, after the International Monetary Fund unveiled an enhanced lending program to help countries struggling with short-term liquidity problems from Europe's debt crisis.
The Dow Jones Industrials finished the day down 53.59 points to 11,493.70. Hewlett-Packard was among the biggest laggards on the blue-chip index Tuesday, a day after the PC maker reported a plunge in its third-quarter profit.
The S&P 500 dipped 4.94 points, to 1,188.04, while the Nasdaq Composite slid 1.86 points to 2,521.28
Earlier, all three indexes were down about 1%.
The turnaround came after the IMF announced that it is revamping its lending facility to better serve "crisis-bystanders," the countries with strong economic policies and fundamentals that are struggling with urgent financing needs during periods of "heightened economic or market stress."
The intergovernmental agency said that its more flexible Precautionary and Liquidity Line "can be used under broader circumstances, including as insurance against future shocks and as a short-term liquidity window to address the needs of crisis bystanders during times of heightened regional or global stress and break the chains of contagion."
Though the major indexes bounced off their lows following the news, they remained in the red as investors weighed the effectiveness of the IMF's new credit line.
Shares of Netflix slumped after the video-streaming subscription service announced that it expects to be unprofitable in 2012. Netflix also said that 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.
Investors welcomed signs that the Federal Reserve is at least debating whether or not it should further ease monetary policy in the future.
While members of the central bank's monetary policy committee "generally preferred to retain the existing" measures, "a few members indicated that they believed the economic outlook might warrant additional policy accommodation," according the the Fed's minutes from its November meeting.
The price on the benchmark 10-year U.S. Treasury seesawed ahead once again, pushing the yield down to 1.94% from 1.96% late Monday. Treasury prices and yields move in opposite directions.
Oil for January delivery gained $1.03 to $97.95 U.S. a barrel
Gold futures for December delivery rose $23.80 to settle at $1,702.40 U.S. an ounce.
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