The Toronto stock market was slightly higher Wednesday amid another sign of a slowing Chinese economy and little in the minutes from the latest U.S. Federal Reserve meeting to indicate when the central bank might move on relaxing economic stimulus.
The S&P/TSX Composite Index broke 9.84 points above breakeven to end Wednesday at 12,306.93
The Canadian dollar picked up 0.15 cents to 95.14 cents U.S.
Growing unrest in Egypt has also helped support oil prices lately. Oil hasn't traded above $105 U.S. since May 2012. Canadian Natural Resources advanced 70 cents to $32.67.
The gold sector was also positive, as Kinross Gold was up six cents to $4.87.
The consumers staples sector was also positive as shares in convenience store giant Alimentation Couche-Tard and drugstore operator Jean Coutu Group clawed back losses sustained Tuesday in the wake of poorly received earnings reports.
Couche-Tard gained $3.65, or 6.3%, to $62.00 while Jean Coutu climbed 54 cents, or 3.1%, to $17.98.
The Chinese trade data pushed the base metals sector down while September copper gained three cents to $3.09 U.S. a pound. Teck Resources declined 55 cents to $21.84.
The utilities sector was off as Fortis Inc. slipped 37 cents to $32.05.
The tech sector also fell with BlackBerry down 40 cents, or 3.9%, to $9.80, a day after chief executive Thorsten Heins asked shareholders for patience as the company pushes ahead with its goal to become profitable again. It was the first time the stock has sunk below $10 since late November.
The most recent concerns about the health of the world's second-biggest economy grew after the release of disappointing trade data.
China's exports fell by 3.1% in June compared with a year earlier and imports contracted by 0.7%, customs data showed Wednesday. Both were below forecasts of growth in the low single digits.
The report was issued a day after the International Monetary Fund scaled back its China 2013 growth forecast to 7.8% from 8.1%.
The figures fed into perceptions that China's economic expansion is slowing due to weak global demand and an effort by the Chinese central bank to cool a credit boom.
ON BAYSTREET
The TSX Venture Exchange gained 2.18 points to 879.24
Eight of the 14 Toronto subgroups were lower, weighed mostly by utilities, clicking 0.9% lower, metals and mining, down 0.8%, and global base metals, sliding 0.4%.
The five gainers were led by consumer staples, picking up 1.4%, energy, improving 0.7%, and consumer discretionaries, nosing higher 0.6%.
Information technology issues were flat by the closing bell.
ON WALLSTREET
The Federal Reserve was back in the limelight Wednesday but there was little new news.
The Dow Jones Industrials slid 8.68 points to 15,291.70
The S&P 500 index nosed 0.30 points to 1,652.62. The NASDAQ Composite increased 16.50 points to 3,520.76
The minutes from the Fed's June meeting showed many of the 12 Fed voting officials said they need to see further improvement in the job market before they'd be willing to gradually start winding down the stimulus program.
At the conclusion of its June meeting, the Fed announced that it could begin pulling back on its $85 billion U.S. in monthly bond purchases later this year, and wind down the program entirely by mid-2014, as long as the economy improves in line with its expectations.
Family Dollar shares climbed sharply Wednesday after reporting a better-than-expected profit and a 10% jump in sales. More company results are due Wednesday, with restaurant operator Yum! Brands set to report after the close.
Overall, quarterly earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to FactSet.
Meanwhile, shares of Cliffs Natural Resources were higher after the mining company announced that Joseph Carrabba is stepping down as chairman and will retire from his CEO post at the end of the year.
Hewlett-Packard stock jumped following an upgrade from Citigroup.
Prices for the 10-year U.S. Treasury sagged, upping yields down to 2.68% from Tuesday’s 2.63%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.50 to $106.03 U.S. a barrel.
Gold prices gained $3.90 to $1,249.80 U.S. an ounce.
