The Toronto stock market moved slightly higher Wednesday morning while a profit warning from package delivery giant FedEx added to worries about a slowing economy and what central banks can do about it.
The S&P/TSX Composite index moved up 48.44 points to end the day at 11,990.14
The Canadian dollar slid 0.48 cents to 100.94 cents U.S.
In the gold sector, Goldcorp Inc. added 38 cents to $40.45.
Financials were also supportive with TD Bank ahead 88 cents at $81.12.
The energy sector gained as Imperial Oil climbed $1.22 to $46.29.
The base metals sector edged up while December copper on the Nymex was up five cents at $3.52 U.S. a pound. First Quantum Minerals gained three cents to $19.16 while Major Drilling Group added 16 cents to $9.14.
Utilities led decliners as TransAlta fell 58 cents, or 4%, to $14.10.
TransCanada Corp. says it has submitted a supplemental environmental report to Nebraskan authorities on the preferred alternative route for its Keystone XL pipeline.
TransCanada says the filing reflects feedback both from state regulators and the public. It also respects state timelines and the overall regulatory process for determining a reroute of the controverisal pipeline as requested by the U.S. State Department. TransCanada shares dipped a penny to $44.87.
For the 16th consecutive policy meeting, the Bank of Canada has decided to keep its benchmark target for the overnight rate steady at 1%, but, in virtually the next breath, bank Governor Mark Carney hinted at rate hikes in the near future, adding that the world's economy is expanding at roughly the pace Canada's central bank was anticipating.
ON BAYSTREET
The TSX Venture Exchange regained 3.69 points to 1,246.27.
Of the 14 Toronto subgroups, nine were positive on the day, led by gold, up 0.8%, while financials vied with the metals and mining group for runner-up at 0.7% each.
The five laggards were weighed mostly by utilities, down 0.9%, while consumer staples and information technology stocks scaled back 0.2% each.
ON WALLSTREET
U.S. stocks ended little changed Wednesday, as investors await the outcome of a crucial meeting of European Central Bank officials early Thursday and the latest U.S. employment data on Friday.
The Dow Jones industrial average gained 11.54 points to end the session at 13,047.50
The S&P 500 index dropped 1.49 points to 1,403.45, and the tech-heavy Nasdaq Composite Index was lower by 5.79 points to 3,069.27
Disney led gainers on the Dow, rising nearly 3% to a new 52-week high. American Express was the main laggard, falling more than 2%.
Safeway announced plans to file for an initial public offering for its prepaid gift card business, Blackhawk Network Holdings. Shares of the California-based grocery chain rose nearly 5%.
Shares of FedEx fell after the company said Tuesday it would cut its outlook for the quarter, citing weakness in the global economy. The news also dragged down shares of rival UPS
The U.S. Justice Department accused BP of being "grossly negligent" in its handling of the Deepwater Horizon oil spill in 2010, which could significantly raise the company's legal liability.
After hitting another all-time low on Tuesday, Facebook shares moved higher Wednesday after CEO Mark Zuckerberg said he will not sell his shares for a year.
U.S.-listed shares of Nokia plunged 14% after the Finnish mobile-phone maker unveiled its latest smartphones. The new Lumia 920 and Lumia 820 both run on Windows 8, the latest version of Microsoft's mobile platform.
Apple shares edged higher, after the company announced an event for Sept. 12 at which it is widely expected to introduce a new iPhone.
Investors are expecting ECB President Mario Draghi to announce the details of a new bond-buying program for euro area governments that agree to certain terms. The program will involve unlimited purchases of bonds, which will be "sterilized" to ease concerns about printing money, according to Bloomberg.
Investors are also keeping a close watch on all economic numbers ahead of the Federal Reserve's Sept. 12-13 policy meeting, since the reports will likely influence the central bank's decision on whether it will announce more quantitative easing.
On the economic slate, the U.S. Labor Department said worker productivity in the non-farm business sector increased at a 2.2% annual rate in the second quarter.
The price on the benchmark 10-year U.S. Treasury stepped back a bit, raising yields to 1.59% from Tuesday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices for September delivery took on 22 cents to $95.52 U.S. a barrel.
Gold futures for December delivery fell two dollars to end at $1,694.00 U.S. an ounce.
