The Toronto stock market was little changed Wednesday amid earnings misses from two of the country's biggest grocers and fresh data that raised worries that the euro-zone's economic growth may have stalled in the third quarter.
The S&P/TSX composite index was up but 7.59 points at noon Wednesday to 13,333.63
The Canadian dollar inched ahead 0.22 cents at 95.51 cents U.S.
Loblaw Companies Ltd. fell $2.77, or 5.8%, to $45.07 as the grocer lowered its 2013 forecast for profit growth due to thinner margins in the second half of the year.
Loblaw also said its quarterly net income was $154 million or 55 cents per share, which was down 28.6% a year earlier. Ex-items, earnings were $220 million or 78 cents per share, down 3.7% a year ago. However, revenue was up 1.9% to $10 billion.
Metro shares lost $3.16, or 4.8%, to $62.55 after the company posted adjusted fully diluted net earnings per share from continuing operations of $1.19, up 4.4% from a year ago. However, sales were down 1.1% to $2.6 billion while same store sales fell 1.8%.
The metals and mining sector was a major drag, as copper prices fell for a second day in the wake of the Chinese leadership meeting, down eight cents to $3.15 U.S. a pound. First Quantum Minerals was down 83 cents to $18.56.
Telecoms were also weak as Telus gave back 36 cents to $36.90.
Energy companies advanced, including Suncor Energy, up 39 cents to $36.89.
ON BAYSTREET
The TSX Venture Exchange slipped 4.05 points to 922.27
All but three of the 10 TSX subgroups were higher, led by utilities, up 0.7%, while energy gained 0.5% and financials moved ahead 0.3%
The three laggards were consumer staples, taking a pasting of 2.7%, telecoms, down 0.4%, and materials, off 0.1%.
ON WALLSTREET
Stocks fell early Wednesday on disappointment over China's economic reform plan and more talk about less supportive U.S. monetary policy.
The Dow Jones Industrials fell 51.99 points to 15,698.70
The S&P 500 index dumped 1.26 points to 1,766.43. The NASDAQ gained 3.10 points to 3,923.02
Macy's shares rose on better-than-expected quarterly earnings and strong same-store sales.
China's Sina, which operates the Twitter competitor Weibo, reported strong earnings and issued an upbeat revenue outlook. Shares rose 10%.
Shares of Chegg fell 13% to about $10.80 U.S. in the company's stock market debut. The operator of a text book rental service priced its initial public offering at $12.50 a share -- above its offering range -- on Tuesday.
Potbelly surged after the sandwich shop reported strong results late Tuesday. The company recently went public and shares more than doubled on their first day of trading.
Tesla shares edged higher after CEO Elon Musk said there "definitely" won't be a recall of the Model S, quashing rumors in the wake of three battery fires during the past five weeks.
Shares of Starbucks drifted lower after the coffee chain agreed to pay $2.7 billion U.S. to Mondelez to settle a contract dispute.
Dow component Cisco Systems is set to report quarterly results after the bell.
Investors pondered a Chinese Communist Party communique on economic reform that was heavy on jargon but light on specifics.
Prices for 10-year U.S. Treasuries hesitated, raising yields to 2.74% from Tuesday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices added $1.28 to $94.32 U.S. a barrel.
Gold prices gained $2.20 to $1,273.40 U.S. an ounce.
