The Toronto stock market was little changed Tuesday amid weaker commodity prices and a reminder to investors to accept the idea of the U.S. Federal Reserve putting the brakes on its asset purchase program.
The S&P/TSX composite index was down 6.79 points to greet noon at 13,351.60
The Canadian dollar dropped 0.27 cents at 95.23 cents U.S.
The base metals sector declined, while December copper slipped two cents to $3.24 U.S. a pound. Turquoise Hill Resources lost 19 cents to $4.68.
The consumer staples sector was off. Shoppers Drug Mart Corp. says its third-quarter net profit was $166 million, down from $168 million a year earlier as it included pre-tax expenses related to a friendly takeover by Loblaw Co.
Ex-items, earnings per share were 88 cents, up from 85 Canadian cents a year earlier and seven cents better than analysts expected and its shares dipped two cents to $60.70.
Investors will also take in other earnings from big retailers this week including home improvement chain Rona Tuesday and grocers Metro and Loblaw on Wednesday.
The tech sector advanced, as Wi-Lan rose nine cents to $3.43.
The gold sector was also positive, as Iamgold was up nine cents to $4.93.
Gabriel Resources Ltd. says it remains committed to its controversial Rosia Montana project in Romania after that country announced it would not allow the Canadian company to develop the mine.
The company said a report by a special committee of the chamber of deputies and the senate in Romania proposes a new generic legal framework for gold and silver mines such as the company's. Gabriel shares gained three cents, or 3.7%, to 85 cents after tumbling about 10% Monday.
ON BAYSTREET
The TSX Venture Exchange subsided 4.66 points to 930.70
All but three of the 10 TSX subgroups were higher by midday, as information technology issues climbed 0.5%, while industrials and consumer staples each gained back 0.3%
The three laggards were materials, down 0.9%, energy, 0.4% less energetic, and health-care, sinking but 0.02%.
ON WALLSTREET
Stocks continue to hover near record highs but the bull seemed to be taking a bit of a breather on Tuesday.
The Dow Jones Industrials fell 54.81 points by noon to 15,728.30.
The S&P 500 index slid 3.55 points to 1,768.34. The NASDAQ gave back 10.33 points to 3,911.97, as investors wait for speeches from two Federal Reserve officials and continue to question when the central bank will begin to wind down its stimulus program.
The S&P 500, Dow and NASDAQ are all up more than 20% in 2013.
Dish Network shares rose nearly 3% after the satellite TV company reported stronger-than-expected earnings and revenue in the third quarter.
Meanwhile, DR Horton, one of the U.S's largest home builders, rose about 2%, after reporting earnings in line with Wall Street's expectations. Other home builders were mixed though. Lennar and Toll Brothers rose slightly while PulteGroup fell in morning trading.
Prices for 10-year U.S. Treasuries faded, raising yields to 2.77% from Friday’s 2.75%. Treasury prices and yields move in opposite directions. Treasury markets were closed Monday for Veterans Day.
Oil prices slumped 66 cents to $94.48 U.S. a barrel.
Gold prices demurred $5.60 to $1,275.50 U.S. an ounce.
