The Toronto Stock Market was higher Wednesday, boosted by a generally positive tone from commodities and world markets.
The S&P/TSX composite index gained 84.09 points to greet noon at 12,548.20
The Canadian dollar recovered 0.22 cents to 99.80 cents U.S.
Canada is midway through a heavy earnings week.
Energy giant Enbridge Inc. cited unrealized losses on derivatives among reasons for a decline in first-quarter net income. The Calgary-based pipeline and gas distribution company says net earnings attributable to common shareholders fell to $250 million or 31 cents per diluted share.
Prior-year earnings in the quarter were $261 million or 34 cents per diluted share. Its shares were up 34 cents to $47.89.
Tim Hortons Inc. says it has appointed longtime senior Nestle executive Marc Caira as its new president and CEO. The coffee and doughnut chain also reported a slight contraction in net income what was expected to be a "soft quarter."
The Ontario-based company with more than 4,200 locations across Canada and the U.S. had net income attributable to stockholders of $86.2 million or 56 cents per share, down 2.9% from $88.8 million. Tim Hortons shares were down 89 cents, or 1.5% at $57.75.
Also, two media companies reported declines in first-quarter income.
Torstar Corp. says it saw a drop in both revenue and net income in the first quarter as the newspaper and book publisher continued to face challenges in the print advertising market.
The company, which operates a number of digital properties along with publishing the Toronto Star and Harlequin books, says net income attributable to equity shareholders tumbled $13.3 million to $4.2 million or five cents per share in the quarter. That compared with $17.5 million or 22 cents per share in the same 2012 period. The TSX reacted by driving the stock down more than 5%, or 35 cents, to $6.24.
Quebecor Inc. also reported a sharp drop in first-quarter net income, although revenues remained stable overall, falling less than 1%
The Quebec-based majority owner of Quebecor Media Inc., says net income attributable to shareholders was $35.6 million or 57 cents per share, compared with $71.4 million or $1.13 per basic share in the first quarter of 2012. Its shares were dropped 4.2%, or $1.96, to $44.72.
On the economic agenda, the seasonally adjusted annualized rate of housing starts was 174,858 units in April, down from 181,146 in March., according to figures released this morning by Canada Mortgage and Housing Corporation.
The March figure was revised down from the 184,028 units reported a month earlier. Analysts had expected 175,000 starts in April.
ON BAYSTREET
The TSX Venture Exchange recovered 5.92 points to 967.34
All but four of the 14 Toronto subgroups were in the green by noon Wednesday, led by the metals and mining group, strengthening 4.3%, gold, up 3.9%, while materials gained 3.2%.
The four laggards were hampered by utilities, down 0.9%, consumer discretionaries, off 0.7%, and health-care, sliding 0.1%.
ON WALLSTREET
U.S. stocks pushed higher into record territory Wednesday as investors focused on the latest corporate earnings and an improved outlook for the economy.
The Dow Jones Industrials moved higher by 10.24 points, to break for lunch Wednesday at 15,066.40, above its all-time record close of Tuesday.
The S&P 500 index added 3.42 points to 1,629.35, above Tuesday’s all-time high close -- while the NASDAQ Composite gained 12.92 points to 3,409.55
The modest advance came one day after the Dow closed above 15,000 for the first time ever, and the S&P 500 also finished at a record high. Both indexes set new trading records Wednesday.
Investors have been encouraged by better-than-expected corporate earnings for the first quarter, although revenue growth has been weak, said one expert.
Out of the S&P 500 companies that have reported earnings, 67% have beat analysts' expectations, according to S&P Capital IQ.
On the corporate front, Walt Disney reported better-than-expected earnings and sales late Tuesday, and several analysts raised their price targets on the stock.
Whole Foods shares surged after the supermarket chain reported quarterly earnings that beat estimates.
Toyota Motors reported a surge in profit for its fiscal year 2013, which ended on March 31.
Shares of JC Penney rose after the troubled retailer released a preliminary report showing a decline in quarterly sales that may not have been as bad as some had expected.
Wendy's shares fell after the restaurant chain reported sales that missed forecasts. AOL missed earnings estimates.
Apple shares extended the rally they've enjoyed since the company announced a record share buyback program last month.
Tesla, News Corp. and Green Mountain Coffee will report results after the closing bell.
Shares of Manchester United fell nearly 5% after the long-time manager of the English soccer team announced he would retire. This comes less than a year after the company went public.
Prices on the 10-year U.S. Treasury gained ground, lowering yields to 1.75% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions
Oil prices recouped 33 cents to $95.95 U.S. a barrel.
Gold prices climbed $15 at $1,463.80 U.S. an ounce
