The Toronto stock market got off to a somewhat promising start, helped by the positive influence of commodities. Disappointing results by Talisman Energy may have tempered early gains, however.
The S&P/TSX composite index was higher by 17.80 points to begin Wednesday at 12,804.86
The Canadian dollar fell back 0.03 cents to 99.74 cents U.S.
Talisman Energy Inc. recorded $367 million U.S. or 37 cents per share in quarterly net income, beating forecasts of 16 cents a share. But the gain was mainly due to disposal of some assets and the company continued to feel the effects of low natural gas prices.
Talisman posted revenue of $1.6 billion, which was $300 million less than what was expected. Talisman shares began the day took on 22 cents to $12.78
Thomson Reuters posted $497 million U.S. of adjusted earnings, or 60 cents per share in the latest quarter, compared with $445 million U.S. or 54 cents per share in the fourth quarter of 2011. Net income attributable to common shareholders was $372 million U.S., compared with a year-earlier loss of $2.6 billion U.S.
Thomson’s overall revenue, including discontinued operations, fell to $3.4 million from $3.6 billion, a five per cent decline. However, revenue from continuing operations was up 2% from $3.3 billion U.S. Thomson stock backtracked 82 cents to $29.90
Traders are also taking in earnings during the day from Sun Life Financial along with gold producers Kinross Gold and Agnico-Eagle Mines.
ON BAYSTREET
The TSX Venture Exchange strengthened 10.69 points to 1,209.63
All but four of the 14 Toronto subgroups were higher at the outset. Global base metals and health-care were tied atop the leaderboard, each gaining 1%, while metals and mining spiked 0.7%.
The four laggards were weighed mostly by information technology issues, down 0.9%, consumer discretionary stocks, off 0.5%, and consumer staples, fading 0.3%.
ON WALLSTREET
U.S. stocks opened mostly higher on Wednesday after data showed that retail sales edged up marginally in January.
The Dow Jones Industrial Average nipped 0.74 points higher to begin Wednesday at 14.019.40
The S&P 500 index crawled up 2.11 points to 1,521.54. The tech-heavy NASDAQ Composite popped 17.80 points to 3,204.30.
Comcast and GE were among the top gainers in the S&P 500, rising 6.3% and 3.1%, respectively. The two companies said late Tuesday that cable operator Comcast will buy GE’s 49% stake in the NBCUniversal joint venture. Comcast also lifted its dividend and said it planned to buy back $2 billion U.S. of stock this year.
Shares of fast-food giant McDonald’s Corp. dropped 1.2%, weighing on the Dow.
In other corporate news, Deere & Co. said fiscal-first-quarter earnings rose to $1.65 a share from $1.30 a year earlier. The company’s shares, however, dropped 2%.
Before the opening bell, data showed that U.S. retail sales rose a seasonally adjusted 0.1% in January, which was broadly in line with expectations. The data indicated that a tax hike at the beginning of the year has started to impact consumers.
In other corporate news, Deere & Co. said fiscal-first-quarter earnings rose to $1.65 a share from $1.30 a year earlier. The company’s shares, however, dropped 2%.
Prices on the 10-year U.S. Treasury fell back, raising yields to 2.02% from Tuesday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil prices gathered 30 cents to $97.81 U.S. a barrel.
Gold prices deducted 90 cents to $1,648.70 U.S. an ounce.
