The Toronto stock market finished positive Wednesday, as New York markets reopened for business in the wake of Superstorm Sandy.
The S&P/TSX composite gained 45.86 points to closed Wednesday 12,422.91
The Canadian dollar nicked ahead 0.02 cents to 100.10 cents U.S.
Base metals stocks improved, as Teck Resources rose 65 cents, or 2.1%, to $31.85.
Sherritt International Corp. shares fell 13 cents, or nearly 3%, to $4.35 as the miner swung to a $22.6-million loss in the third quarter on $42.8 million of net charges. Revenues fell 9% to $422.2 million due to lower nickel prices and volumes and lower exports of thermal coal, partially offset by higher fertilizer revenues and the impact of a weaker Canadian dollar.
The gold sector was also up as Iamgold improved by 43 cents, or 2.8%, to $15.56.
In the energy sector, Canadian Natural Resources was ahead 13 cents to $30.17.
Financials also were positive on the day with Manulife Financial up nine cents to $12.36.
Scotiabank announced Wednesday that the head of its international operations, Brian Porter, has been promoted to president of the bank. Porter takes over those duties from Rick Waugh, who continues his role as chief executive officer and Scotiabank shares were up 17 cents at $54.31.
In Canada, Torstar Corp., the Toronto-based publisher of newspapers, books and digital content, says third-quarter net income fell to $14.1 million, or 18 cents per share, from $25.2 million or 32 cents per share a year earlier.
Ex-items earnings fell to 29 cents per share from 37 cents per share. Revenue was $355.3 million, down from $378.7 million a year before and its shares declined 55 cents, or 6.4%, to $8.05.
Maple Leaf Foods Inc. net earnings dropped to $32.6 million, from $43 million in the third quarter of 2011. Revenue slipped to just under $1.24 billion from just over $1.26 billion.
Earnings per share before adjustments were 22 cents and 29 cents per share after adjustments in the three months ended Sept. 30, both below estimates compiled by Thomson Reuters and its shares inched ahead three cents to $11.10
There was also major merger and acquisition news to digest. Potash Corp. of Saskatchewan, the world’s largest fertilizer producer by market value, has confirmed there have been talks to increase its ownership stake with Israel Chemicals Ltd. Potash Corp. already owns 13.84% of the company.
Word of the talks surfaced earlier in a disclosure document filed on the Tel Aviv Stock Exchange by Israel Corp., the largest shareholder in Israel Chemicals. Potash shares were up 18 cents to $40.15.
On the economic beat, Statistics Canada reported that the economy lost some of its shine in August. Real gross domestic product edged down 0.1% two months ago, the first monthly decline since February.
The nation’s number crunchers also said that goods production declined 0.5% in August, mainly as a result of decreases in mining and oil and gas extraction and in manufacturing. Declines were also recorded in utilities and construction.
ON BAYSTREET
The TSX Venture Exchange gathered 11.56 points to 1,314.48
All but two of 14 Toronto subgroups were higher on the day, led by gold, surging 1.9%, the metals and mining group, taking on 1.6%, and materials, gaining 1.5%.
The two laggards were health-care issues, down 0.4%, and real-estate, off 0.3%.
ON WALLSTREET
U.S. stocks faltered Wednesday as the markets reopened following a two-day closure due to Hurricane Sandy.
The Dow Jones Industrials tailed off 10.75 points to 13,096.50, while the S&P 500 moved higher by 0.62 to 1,412.56, and the Nasdaq Composite Index was down 10.72 at 2,977.23
Many expected trading volume to spike Wednesday after Wall Street spent two unscheduled days in the dark. But the number of shares trading hands was held in check as many investors were still without power and transportation remained limited in New York City.
Meanwhile, investors focused on companies that could benefit from the cleanup effort. Home improvement retailer Home Depot rose 2% and Lowe's gained 3%.
Shares of Great Lakes Dredge & Dock gained, along with Beacon Roofing and Owens Corning, which make insulation and building materials.
Shares of Generac, a generator maker, jumped 21% after the company boosted its earnings and revenue forecast for the year, as a result of "increased demand for home standby and portable generators" in the aftermath of Hurricane Sandy.
Insurance stocks, such as AIG, Allstate and Hartford Financial were slightly lower.
Shares of Netflix surged 15% after activist investor Carl Icahn disclosed a nearly 10% stake in the online TV and movie rental website.
In a regulatory filing, Icahn said Netflix may hold "significant strategic value" for larger competitors.
Shares of Facebook were down about 4% as many Facebook employees finally get a chance to sell their shares for the first time, after a lock-up on their so called "restricted stock units" expired. A total of 234 million Facebook shares will be newly eligible for sale.
Apple shares fell below $600 U.S. after the tech darling said Monday that two top executives were leaving the company.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering the yield to 1.69% from Friday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil prices advanced 47 cents to $86.15 U.S. a barrel.
Gold prices gained $9.70 per ounce to $1,721.80 U.S.
