The Toronto stock market was little changed Wednesday as energy and mining stocks fell alongside oil and metal prices. Traders also looked to the outcome of an emergency meeting of euro-zone finance ministers who are discussing the Greek government's demand for debt relief.
The S&P/TSX composite index moved higher 38.98 points to end Wednesday at 15,151.50
The Canadian dollar slipped 0.32 cents to 79.11 cents U.S.
March copper was off a penny at $2.54 U.S. a pound and the base metals sector fell. Teck Resources dumped 28 cents, or 1.6%, to $17.53.
The gold sector lost ground as bullion shed early gains.
Kinross Gold fell 30 cents, or 7.4%, to $3.77 as the miner reported a $1.47-billion loss in the most recent quarter. Kinross took impairment charges and writedowns of more than $1 billion, around half related to a decision to not go ahead with a $1.6-billion expansion of its Tasiast mine in Africa's northwest because of weak gold prices.
The adjusted loss was $6 million, or one cent a share, missing forecasts of a profit of 1.2 cents.
The energy sector was down. Oil prices have hit six-year lows, down 50% from the highs of last summer amid a huge supply/demand imbalance on global markets.
However, there is little evidence that global oil production levels have shown any decline.
Imperial Oil added 12 cents to $49.80, while Canadian Natural Resources hiked 29 cents to $38.92
The industrials sector also lagged, as Air Canada posted a quarterly net loss of $100 million or 35 cents a share. Adjusted earnings came in at 23 cents a share, a penny short of estimates. Revenue improved 7.2% to $3.1 billion but its shares fell $1.18, or 8.9%, to $12.07.
TSX advancers were led by the telecom sector, with Telus ahead 64 cents, or 1.5%, to $43.38, a day before the Vancouver-based telco releases earnings.
ON BAYSTREET
The TSX Venture Exchange greeted the closing bell in the red 0.82 points to 690.22
Eight of the 14 Toronto subgroups were higher, with telecoms up 1.4%, consumer staples up 1.1%, while real-estate improved 0.7%.
The half-dozen laggards were weighed most by gold, down 1.3%, while consumer discretionaries and materials were each off 0.4%.
ON WALLSTREET
U.S. stocks closed narrowly mixed following a choppy day of trading on Wednesday, as investors continued to watch for developments in negotiations between Greece and euro-zone finance ministers.
The Dow Jones Industrials gave back 6.62 points to 17,862.14, with Cisco Systems the greatest decliner and Goldman Sachs the greatest of 12 blue-chip gainers.
The S&P 500 remained negative 0.06 points to 2,068.53, with utilities leading six sectors lower and consumer staples the greatest advancer.
The NASDAQ index actually gained 13.54 points to 4,801.18.
Apple traded by more than 2% higher, boosting the NASDAQ as the top performing major index. The stock closed at $122.02 U.S. a share on Tuesday, giving the firm a record market cap of more than $700 billion U.S.
Lions Gate shares rose 8% on Wednesday on news that the entertainment company entered into a stock agreement with affiliates of billionaire John Malone.
Viacom shares traded lower after news late on Tuesday that Jon Stewart is leaving "The Daily Show".
On the earnings front, PepsiCo beat estimates by four cents with adjusted fourth-quarter profit of $1.12 U.S. per share, with revenue also beating forecasts. The beverage and snack giant does say it expects a "challenging and volatile" macroeconomic environment this year.
Time Warner reported adjusted quarterly profit of 98 cents U.S. per share, beating estimates by five cents. Revenue was slightly short of consensus, mostly due to declines at the Warner Brothers movie studio. Time Warner also raised its quarterly dividend by 10% to 35 cents per share.
Numbers were due out after the bell from the likes of Baidu, Tesla, Cisco, MetLife, Whole Foods and Applied Materials.
Economically speaking, the U.S. Treasury Department said its budget deficit widened slightly in January, fueled in part by higher spending on government health care services for low-income Americans.
All eyes were on the outcome of the Eurogroup meeting Wednesday.
Greek Finance Minister Yanis Varoufakis was expected to ask for a "bridge program" to cover the government's funding needs while a new debt pact is agreed.
Prices for 10-year U.S. Treasuries regained lost ground, lowering yields back to Tuesday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.48 per barrel to $49.20 U.S.
Gold prices let go of $4.29 an ounce to $1,220.10 U.S.
