Stocks prices tailed off a mite at the open Wednesday in Toronto, as oil prices declined after rising in the past few days
The S&P/TSX composite index shed 102.05 points to open Wednesday at 14,960.83
The Canadian dollar slid 0.49 cents to 80.06 cents U.S.
Intact Financial Corp, Canada's largest property and casualty insurer, reported a near-doubling in quarterly profit, boosted by strong growth in underwriting income. Intact shares took on $1.20, or 1.4%, to $87.91.
Canadian financial services holding company Fairfax Financial Holdings Ltd said on Tuesday it had agreed to acquire the Ukrainian insurance operations of Australia's QBE Insurance Group, expanding its presence in Eastern Europe. Fairfax shares settled $1.98 to $654.02.
National Bank Financial cut the rating on Agnico Eagle Mines to sector perform from outperform. Agnico shares gained 63 cents, or 1.5%, to $42.49.
National also resumed coverage on WPT Industrial Real Estate Investment with an outperform rating. WPT units picked up 13 cents, or 1.1%, to $11.79.
Barclays raised the price target on Brookfield Infrastructure Partners LP to $62.00 from $50.00. Brookfield units picked up 89 cents, or 1.7%, to $53.55.
Western University’s Ivey PMI was released this morning and stood at 45.4 in January, compared to 55.4 in December, and 56.8 for January 2014. The index asks purchasing managers whether their orders improved, stayed the same or dropped during the month.
A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange squirted ahead 0.14 points to 692.46
Nine of the 14 Toronto subgroups were higher in the first hour of trading, led by gold, up 1.5%, materials, ahead 0.7%, and consumer staples, up 0.6%.
The five laggards were weighed mostly by a 4.2% loss in the energy patch, while metals and mining stocks dove 2.3%, and global base metals fell 1.9%.
ON WALLSTREET
U.S. stocks traded narrowly mixed on Wednesday as oil reversed its recent rally and markets digested mixed overseas news from China and Greece.
The Dow Jones Industrials came out of the gate ahead 47.34 points to 17,713.77, with Walt Disney leading blue chip gains and Merck the greatest laggard.
The S&P 500 settled 4.93 points to 2,045.10, with energy the greatest decliner and consumer staples leading five advancing sectors.
The NASDAQ index fell 18.40 points to 4,709.34.
Disney jumped 7% to a new high following a blowout earnings report after the bell Tuesday. The blue-chip gain pushed the Dow Jones Industrial Average into positive territory, while the other major indices remained in the red.
The ADP Employment report, which is seen as a precursor to Friday's important jobs report, showed January payrolls increased by 213,000, below estimates of 225,000.
Financial data firm Markit said the final reading of its Purchasing Managers Index for the service sector rose to 54.2 in January, up from both the preliminary read of 54.0, as well as the December read of 53.3, which had matched a 10-month low.
The ISM Non-manufacturing Index posted 56.7 for January, a slight increase from December.
China's central bank increased its economic stimulus measures even further Wednesday by cutting the reserve requirement ratio amid growing concerns about the rate of expansion in the world's second-largest economy.
The 50 basis points reduction to 19.5%, effective Thursday, is the first such cut since May 2012. This will lower the amount of deposits that each lender is required to hold as reserves.
Prices for 10-year U.S. Treasuries skidded, raising yields to 1.82% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices dumped $4.39 per barrel to $50.72 U.S.
Gold prices moved higher seven dollars an ounce to $1,267.30 U.S.
