Equity markets in Canada’s largest centre stayed in negative range as gains in interest rate-sensitive sectors were offset by declines in commodity stocks after U.S. inflation data showed that consumer prices rose slower-than-expected last month.
The TSX was down 92.5 points by midday Wednesday to 20,493.23.
The Canadian dollar inched up 0.04 cents to 74.78 cents U.S.
Among stocks, Element Fleet Management surged $2.47, or 13.8%, to $24.37, and logged its best day in more than three years after the vehicle fleet operator raised its annual forecast.
Ballard Power Systems slid 28 cents, or 4.8%, to $5.61, after the clean energy company reported a 37% decline in first-quarter revenue.
Scotiabank resumed coverage of digital healthcare firm WELL Health Technologies Corp with a "sector outperform" rating, sending its shares up one cent to $5.47.
On the economic front, Statistics Canada said the pace of housing starts in Canada advanced 11.3% to $11.8 billion in March.
ON BAYSTREET
The TSX Venture Exchange poked up 0.77 points to 620.99.
Seven of the 12 TSX subgroups settled by noon, with materials flagging 2%, while gold dumped 1.6%, and utilities slid 1.5%.
The five gainers were led by industrials and real-estate, each up 0.6%, and communications, better by 0.3%.
ON WALLSTREET
The NASDAQ Composite was higher Wednesday as investors grew optimistic after a tamer-than-expected inflation report.
The Dow Jones Industrials plummeted 150.03 points to break for lunch Wednesday at 33,411.78.
The S&P 500 index registered gains of four points to 4,123.17.
The NASDAQ Composite stayed positive 83.16 points to 12,262.71. Tech giant Amazon helped lift the NASDAQ with a gain of 2.5%.
Airbnb gave way 11.5% and Twilio fell 16%, on weak forecasts. Electric vehicle maker Rivian popped 9% on a narrower-than-expected loss. Earnings season continues Wednesday with results from Disney and Robinhood
April consumer prices increased 4.9% from a year ago, which was less than the 5% annual increase expected by economists polled by Dow Jones. Month-over-month inflation matched expectations with a 0.4% increase in April.
Prices for the 10-year Treasury moved forward, lowering yields to 3.45% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices sank 54 cents to $73.17 U.S. a barrel.
Gold prices tunneled $10.20 to $2,032.70 U.S. an ounce.
