Canadian stocks opened little changed on Wednesday, amid deal making in the energy field and as earnings continued to roll in.
The S&P/TSX composite index inched up 14.87 points to open Wednesday at 14,627.18
The Canadian dollar gave back 0.08 cents at 91.74 cents U.S.
Natural gas whiz Encana Corp. said it would buy producing assets in the Eagle Ford shale field in Texas from Freeport-McMoRan Copper & Gold Inc for $3.1 billion, nearly doubling its oil output. Encana shares sprang forward $1.09, or 4.4%, in the first hour to $25.65.
Talisman Energy Inc, Canada's number-five independent oil and gas producer, posted a first-quarter profit, compared with a year-earlier loss, as oil and natural gas liquids production in North America soared 45%. Talisman shares gained 15 cents to $11.28.
Enbridge Inc, Canada's largest pipeline company, reported a 56% rise in quarterly profit, helped by higher volumes on its regional oil sands system. Enbridge shares faded 12 cents to $52.87.
Torstar Corp said first-quarter sales slipped, hurt by an 8% fall in revenue at its media business, which publishes the country's largest daily newspaper. Shares in Torstar dipped five cents to $7.65.
On the economic beat, Statistics Canada reported this morning that building permits totaled $6 billion in March, down 3% from February. The March decline followed an 11.3% decrease the previous month.
The nation’s number-crunchers added that lower construction intentions in the non-residential sector in six provinces, led by Ontario, more than offset a gain in the residential sector.
ON BAYSTREET
The TSX Venture Exchange eked up 0.68 points to 1,006.30
The 14 Toronto subgroups were evenly split among winners and losers, with energy spiking 0.6%, real-estate better by 0.5%, and telecoms climbing 0.3%.
The seven laggards were weighed mostly by information technology, dipping 0.8%, gold, off 0.7%, and materials, dipping 0.5%.
ON WALLSTREET
Investors are hoping Janet Yellen can engineer a rebound from Wall Street's rare Tuesday tumble.
The Dow Jones Industrial Average recovered 9.67 points to 16,410.69, from the rubble of yesterday’s 120-point-plus loss.
The S&P 500 added 4.45 points to 1,872.17, but the NASDAQ composite index fell 35.84 points to 4,044.92.
Fed Chief Yellen's script today is likely to mirror the Fed's statement last week when it decided to dial back its bond-buying program by an additional $10 billion U.S. But she has surprised markets before.
Traders are also buzzing about Alibaba's long awaited U.S. initial public offering, which could be the biggest in U.S. history.
In corporate news, Whole Foods shares plummeted 19% after posting earnings that fell short of expectations and dimming its guidance.
Likewise, AOL retreated 11% as an ad-driven rise in revenue was overshadowed by tumbling profits.
Shares of Groupon dove 14% after the daily deals company logged a larger-than-expected quarterly loss.
Brewer Molson Coor reported that "underlying after-tax income" more than doubled during the quarter, compared to one year ago, but net sales slipped and worldwide beer volume was flat.
Shares of Anheuser-Busch InBev flatlined after the brewer reported lower-than-expected profits. Tesla and SolarCity are set to report after the close.
Despite holding a major stake in Alibaba, Yahoo shares fell over 4% in early trading following the big IPO filing announcement.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.61% from Tuesday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 70 cents to $100.20 U.S. a barrel.
Gold prices faltered seven dollars to $1,301.60 U.S. an ounce.
