Equities in Toronto stumbled a bit at the opening on Wednesday, as initial enthusiasm over Greece’s debt problems faded in the first hour of trade
The S&P/TSX composite index backtracked 46.40 points to open Wednesday at 15,238.23
The Canadian dollar dipped 0.43 cents to 80.29 cents U.S.
Cenovus Energy has agreed to sell 67.5 million shares to a group of underwriters as it seeks to raise about $1.5 billion for its 2015 capital spending budget as oil prices remain weak. Cenovus shares plummeted $1.20, or 5.2%, to $22.09.
Raymond James raises rating on Trinidad Drilling to outperform from market perform. Trinidad responded by leaping in price 32 cents, or 7.2%, to $4.78.
CIBC cut the rating on Exfo to sector underperformer from sector performer. Exfo shares tailed off six cents to $4.64.
National Bank Financial raised the rating on Rona to outperform from sector perform. Rona shares galloped 35 cents, or 2.5%, to $14.28.
Economically speaking, Statistics Canada reported that wholesale trade rose 2.5% in December to $55.4 billion.
Higher sales were recorded in six of seven sub-sectors, representing 80% of wholesale trade, the chief engine of this growth coming in motor vehicle and parts.
ON BAYSTREET
The TSX Venture Exchange moved forward 1.88 points to 699.55
Eight of the 14 Toronto subgroups were lower in the first hour of trade, with energy and financials each tailing off 0.7%, while consumer discretionary stocks faded 0.4%.
The half-dozen gainers were led by metals and mining, hiking 2.7%, while global base metals and gold each moved higher by 1%.
ON WALLSTREET
U.S. stocks traded lower on Wednesday as investors awaited the release of the Fed minutes amid continued uncertainty over the Greece-euro-zone negotiations.
The Dow Jones Industrials shaved off 58.07 points to 17,989.51, with Cisco leading gains and Exxon Mobil the greatest laggard.
The S&P 500 slipped 6.66 points to 2,093.68, with energy the greatest decliner and utilities and health-care the only advancing sectors.
The NASDAQ index docked 6.64 points to 4,892.62.
Hilton Worldwide missed estimates by one cent with adjusted quarterly profit of 17 cents U.S. per share, though revenue was above estimates. Hilton's revenue per available room in properties open at least a year rose less than expected, and the company is also projecting current quarter earnings below Street estimates.
Starwood Hotels said it will pay former CEO Frits Van Paasschen $7.2 million U.S. in severance, according to an SEC filing. He'll also get a $312,500 U.S. consulting fee for helping Starwood find his replacement.
Actavis earned $3.91 U.S. per share for its latest quarter, beating estimates of $3.67 U.S. Revenue was also above estimates and the company also raised its full-year forecast on upbeat sales growth for its top selling products. It's also planning to take the Allergan corporate name when it completes its acquisition of that company, pending shareholder approval.
Garmin earned an adjusted 77 cents U.S. per share for its latest quarter, one cent below estimates, though revenue beat consensus. Garmin did say currency issues will slow revenue growth this year, but it will continue to invest in research and development.
Earnings from Marriott, Energy Transfer Equity, Marathon Oil, Norwegian Cruise Line and SolarCity are due after the bell.
On the economic front, industrial production increased 0.2% in January, slightly below expectations.
The U.S. Labor Department said its producer price index for final demand dropped 0.8%, the biggest drop since the revamped series started in November 2009, after falling 0.2% in December. It was the third straight month of decline in the PPI.
U.S. housing starts fell in January as ground breaking for single-family projects slipped off a six-and-a-half-year peak, but stayed at levels consistent with a gradually improving housing market.
The publication of the minutes of last month's Federal Open Market Committee meeting comes at 2:00 p.m. ET.
Markets continued to await a resolution in the Greece debt talks. The European Central Bank governing council meeting on non-monetary measures on Wednesday should not result in an announcement regarding Greece, ECB sources told the media.
Prices for 10-year U.S. Treasuries moved up, lowering yields to 2.12% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices dropped 59 cents per barrel to $52.94 U.S.
Gold prices fell $1.70 an ounce to $1,206.90 U.S.
