The Toronto stock market was flat Wednesday amid lower oil prices and positive U.S. economic data.
The S&P/TSX Composite index remained positive 14.01 points by noon to 11,867.62
The Canadian dollar marched 0.31 cents to 101.11 cents U.S.
The telecom sector led advances, with Telus Corp. ahead 42 cents to $65.02.
Industrials were also positive as Canadian Pacific Railway gained 45 cents to $84.10.
The base metals sector was slightly higher after a 3% loss on Tuesday as the September copper contract on the Nymex was unchanged at $3.36 U.S. a pound. Metal prices have weakened in the wake of data released over the past few days which showed slowing Chinese export growth and a sharp drop in economic growth in Japan during the second quarter.
First Quantum Minerals gained seven cents to $19.10.
The energy component was off as oil prices slipped while demand worries increased amid an unexpected increase in oil supplies in the U.S.
Among energy issues, Canadian Natural Resources dipped six cents to $30.60.
The gold sector was flat and bullion prices higher with Barrick Gold adding nine cents to $33.97.
In corporate developments, Sears Canada Inc. reported a quarterly net loss of $9.8 million or 10 cents per share, compared with a net loss of $200,000 or less than a penny per share in the similar 2011 period. Revenue fell to $1.05 billion from $1.15 billion. Its shares dipped one cent to $10.34.
The company formerly known as Ivanhoe Mines Ltd. had a quarterly net loss of $285.9 million U.S. or 35 cents a share as it worked toward getting a massive copper and gold mine in Mongolia into commercial production next year. Vancouver-headquartered Turquoise Hill is now majority-owned by Anglo-Australian mining giant Rio Tinto PLC and its shares were up two cents to $8.30.
Labrador Iron Mines Holdings Ltd. fell 15 cents or 7.43% to $1.87 as it disappointed investors with a loss of $10.6 million or 16 cents a share in its latest quarter. It also recognized $38 million of revenue from the sale of three shipments from its operation at the Port of Sept-Iles, Que. Analysts had been expecting a profit and about $57.6 million of revenue.
On the economic slate, figures released this morning by the Canadian Real Estate Association revealed that national resale housing activity remained stable from June to July 2012.
There was a jump of 3.3% over levels in July 2011. The number of newly listed homes fell 3.3% from June to July. The national average home price declined 2.0% on a year-over-year basis in July.
ON BAYSTREET
The TSX Venture Exchange gained 6.10 points to 1,203.11. The Nasdaq Canada nipped ahead 1.51 points to 345.76.
The 14 Toronto subgroups were evenly divided between gainers and losers. Information technology strengthened 0.7%, while real-estate climbed 0.5% and consumer discretionary prospered 0.3%.
The seven laggards were weighed mostly by global base metals, off 1.2%, metals and mining issues, down 0.7%, and utilities, sliding 0.6%.
ON WALLSTREET
U.S. stocks were little changed Wednesday, as investors weighed a mixed batch of economic data with hopes that the Fed and other central banks might take further stimulus action.
The Dow Jones industrial average dropped 1.65 points below breakeven to 13,170.49.
The S&P 500 gained 1.42 points to 1,405.35. The Nasdaq progressed 12.41 points to 3,029.39.
Some investors are optimistic that the combination of weak economic data and a lack of inflation will give the Fed the
flexibility it needs to take steps to stimulate the economy as early as next month, said one expert.
On the other hand, another observer pointed out that the housing market is continuing to recover and show strength, with builder confidence at its highest level in more than five years.
Staples met earnings expectations, but the office supply retailer's sales declined in North American and international markets. Staples also lowered its outlook for the remainder of the year, sending shares sharply lower.
Target shares advanced after the discount retailer beat forecasts.
Deere shares declined after the farm equipment maker's earnings fell short of analyst expectations. Rival Caterpillar was also trading lower on Wednesday.
On the economic ledger, consumer prices were unchanged in July, according to the U.S. Bureau of Labor Statistics. The government's key inflation measure came in below expectations, with a forecast of a 0.2% increase.
The New York Fed's Empire State manufacturing index fell to minus 5.85 in August from plus 7.4 the prior month, turning negative for the first time since October. Economists were expecting a reading of plus 5.
Industrial production rose 0.6% in July, in line with analyst expectations.
The National Association of Home Builders' Housing Market Index rose to 37 in August from 35 the prior month. Economists were expecting the index to hold steady.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.80% from Tuesday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil for September delivery stepped forward 42 cents to $93.85 U.S. a barrel.
Gold futures for December delivery rose $5 to $1,607.40 U.S. an ounce.
