Toronto's main equity index took a dip at the open on Wednesday, despite strenght from global markets, as a stronger U.S. dollar pushed down oil and metals prices.
The S&P/TSX Composite Index sank 42.30 points to 12,495.39.
Statistics Canada says sales of new cars and trucks rose 15.4% in January to 153,623 units. The agency says, however, that preliminary industry data suggests sales fell 7.0% in February. Passenger car sales rose 23.9% to 71,539 units in January on increased sales of lower-cost vehicles.
In corporate news -- Baytex Energy Corp. more than doubled its fourth-quarter profit, as revenue increased 40% from the same period a year earlier. The Calgary-based oil and gas producer's net income rose to $57.8 million or 48 cents per diluted share. That was up from $21.3 million or 18 cents per diluted share in the fourth quarter of 2010. The company's revenue jumped 40% to $367.8 million from $263.5 million.
Broker and investment dealer GMP Capital Inc. said net income dropped 95% in the fourth quarter to $2.4 million as troubled market conditions affected its trading operations. Revenue declined 53% to $72.7 million.
The Canadian dollar, meanwhile was off 0.16 of a cent to 100.93 cents US.
ON BAYSTREET
The TSX Venture Exchange slipped 12.40 points to 1,614.97, while the Nasdaq Canada index shed 2.36 points to 412.73
All but two of the 14 Toronto subgroups were lower this morning, led by financials, up 0.87%, while the consumer discrestionary issues gained .22%.
In the red -- gold stocks were down 2.49%, materials were off 2.05% and mining stocks shed 1.86%.
Gold futures for April delivery fell $50.40 to $1,643.80 an ounce.
ON WALLSTREET
U.S. stocks opened modestly higher Wednesday, extending gains from the previous session, on cautious optimism about the banking sector.
The Dow Jones Industrial Average was up 24 points, or 0.2%, at 13,202, after closing at its highest level since December 2007 on Tuesday. The S&P 500 was down a fraction of a point, or 0.01%, at 1396. The Nasdaq was up 3 points, or 0.1%, at 3043, after the index closed above the 3000 milestone for the first time since the year 2000
Late Tuesday, the Federal Reserve said most of the nation's largest banks have passed the government's latest test of their financial health.
But the Federal Reserve said Citigroup, Metlife, SunTrust and Ally Financial would likely need new capital from either investors or the government in an adverse economic scenario.
Citi shares were down more than 3%. Meanwhile, some firms that passed got a boost. Shares of Regions Financial were up almost 4%.
Bank of America and Morgan Stanley (MS, Fortune 500) rose, but JPMorgan was under pressure.
In economic news -- the Commerce Department reported that higher fuel prices helped push to February import prices by 0.4% after prices stayed unchanged in the previous month. Import prices were expected to gain 0.6%, according to Thomson Reuters. Export prices rose 0.4%, more than the expected 0.2% gain, after a 0.2% rise the month prior.
Oil for April delivery slipped 48 cents to $106.23 a barrel.
The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.19% from 2.11% late Tuesday.
