Stocks in Toronto stumbled a bit at the start on Wednesday, ahead of the U.S. Federal Reserve's statement, in which it is expected to signal it remains on track to begin raising interest rates later this year.
The S&P/TSX composite index tailed off 18.09 points to open Wednesday at 14,815.79.
The Canadian dollar dipped 0.29 cents to 80.37 cents U.S.
Cenovus Energy cut its capital spending budget for 2015 in response to the slump in crude oil prices. Cenovus shares dropped $1.24, or 5%, to $23.43.
Bombardier’s top executive said he expects the company to receive safety certification from China for its high-speed trains as early as next month, providing a springboard for more orders. Bombardier shares gained 1.5 cents to $2.81.
Canadian National Railway reported better-than-expected fourth-quarter earnings on Tuesday and boosted its dividend, but lagged its main Canadian rival when it came to a key efficiency measure. CN shares took on 77 cents to $85.93.
Royal Bank of Canada, the country's biggest lender, said on Tuesday that it would cut its prime lending rate by 15 basis points, becoming the first of Canada's big banks to trim borrowing costs nearly a week after the central bank stunned markets with a rate cut. RBC shares left a penny to $75.11.
National Bank Financial, Barclays and others raise price targets on grocer Metro Inc., whose shares gained 65 cents to $101.90.
CIBC cut the price target on Genworth MI Canada to $36.00 from $40.00. Genworth shares hiked a cent to $32.83.
ON BAYSTREET
The TSX Venture Exchange slid 1.95 points to 674.82.
Eight of the 14 Toronto subgroups made their way into positive ranks, with health-care up 0.9%, while consumer staples and telecoms each grew 0.8%.
The half-dozen laggards were weighed by energy stocks, skidding 1.6%, gold, shedding 1.4%, and information technology, off 0.8%.
ON WALLSTREET
U.S. stocks climbed on Wednesday, a day after the S&P 500 took its biggest hit in more than three weeks, as upbeat earnings from companies including Apple boosted investor sentiment.
The Dow Jones Industrials gained 73.06 points to 17,460.27, with Boeing leading blue-chip gains that extended to 20 of 30 components.
The S&P 500 picked up 10.01 points to 2,039.56, with technology the best performing sector and energy the worst of its 10 major industry groups.
The NASDAQ index regained 43.52 points to 4,725.02.
Boeing rose after the jet manufacturer and Dow component posted quarterly profit that surpassed estimates; Yahoo gained after saying it would spin off its 15% stake in Alibaba Group Holding.
A day after disappointing reports from multi-nationals, Apple's stunning results brought some relief.
On Wednesday afternoon, the Federal Reserve concludes its first two-day policy session of 2015, with the central bank expected to indicate that it remains on track to start raising interest rates later in the year.
Prices for 10-year U.S. Treasuries gained ground, dropping yields to 1.80% from Tuesday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices were lower $1.04 per barrel to $45.19 U.S.
Gold prices shed $5.90 an ounce to $1,285.80 U.S.
