Toronto markets dipped early Wednesday, following a triple-digit hike on Tuesday, as investors found few reasons to continue buying in the absence of any major economic catalyst.
The S&P/TSX composite index faltered 23.59 points to open Wednesday at 15,453.58.
The Canadian dollar was flat at 91.40 cents U.S.
Another Bombardier commercial aircraft executive has left the company, the plane and train maker said, the latest move following a major restructuring announcement last month involving its aerospace division. Bombardier shares gained a penny to $3.82.
Penn West Petroleum, who said last month it had discovered nearly $400 million in accounting irregularities, faces a growing number of lawsuits after its shares dropped more than a fifth following the admission. Penn West shares traded down two cents to $7.92.
AltaGas said it has signed a long-term strategic deal with Painted Pony Petroleum Ltd, helping secure supply for its plans to export natural gas and natural gas liquids to international markets.
Alta shares declined $1.37, or 2.6%, to $51.53, while Painted Pony shares vaulted 66 cents, or 4.9%, to open at $14.10.
Canaccord Genuity raised the target on Alimentation Couche-Tard to $36.00 from $33.00. Shares in the convenience-store chain moved back 34 cents, or 1.1%, to $30.99.
Speaking of things economic, Statistics Canada reported this morning that wholesale sales rose 0.6% to $53.0 billion in June, a third consecutive increase.
The agency says gains in five subsectors, which together represented 69% of wholesale sales, more than offset a decline in motor vehicle and parts. Excluding this latter subsector, wholesale sales rose 1.2%.
ON BAYSTREET
The TSX Venture Exchange gained 0.66 points to 998.22
Eight of the 14 Toronto subgroups were down, as consumer staples subtracted 0.9%, while health-care and consumer discretionaries were each off 0.3%.
The half-dozen gainers were led by global base metals, up 1%, metals and mining, up 0.9%, and information technology, up 0.2%.
ON WALLSTREET
U.S. stocks mostly edged lower early Wednesday after two straight days of gains, as investors waited for minutes from the latest meeting of Federal Reserve policy makers.
The Dow Jones Industrials inched up 8.77 points to begin Wednesday trading at 16,928.36
The S&P 500 subtracted 0.05 points to 1,981.55, trading not far off from its July 24 record close at 1,987.98. The NASDAQ composite lost 7.04 points to 4,520.47
Lowe’s Cos. fell after the retailer cut its outlook while reporting quarterly results. Apple Inc. rose quickly to an intraday split-adjusted record of $100.77 U.S., then eased and was roughly unchanged.
Hertz Global Holdings Inc. shares slumped 12% after the rental-car company said it expects to be “well below the low end” of guidance, due to operational challenges and costs from restating its financial statements for the last three years.
No major U.S. economic releases are on Wednesday’s calendar beyond the minutes of the July 29-30 Federal Open Market Committee meeting.
While investors may glean clues about the Fed’s exit strategy from the minutes, markets may also quickly move past them to focus on Fed Chairwoman Janet Yellen’s speech at 10 a.m. Eastern Friday in Jackson Hole, Wyo.
Prices for 10-year U.S. Treasuries fell back, raising yields to 2.42% from Tuesday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.22 to $95.70 U.S. a barrel.
Gold prices dropped 40 cents at $1,296.30 U.S. an ounce.
