The Toronto stock market declined Wednesday afternoon but the TSX was off the lowest levels of the session as traders felt that the U.S. Federal Reserve is in no hurry to hike interest rates.
The S&P/TSX composite index dipped 71.86 points to close Wednesday at 15,212.75
The Canadian dollar fell 0.22 cents to 80.49 cents U.S.
On the TSX, energy stocks retreated after a sharp runup in oil prices while financials declined ahead of earnings news from Canada's big banks next week.
Cenovus Energy Inc. fell $1.19, or 5.1%, to $22.10. It said Tuesday after markets closed that it's raising $1.5 billion through the sale of 67.5 million common shares priced at $22.25 each in a move aimed at shoring up its balance sheet in the face of plummeting oil prices.
Financials were down as Toronto-Dominion sank 97 cents, or 1.8%, to $54.59, Royal Bank shares gave back 98 cents, or 1.3%, to $76.72.
The metals and mining sector led advancers, while March copper gained three cents to $2.61 U.S. a pound. Teck Resources gathered 38 cents, or 2%, to $19.90, while Sherritt International moved ahead 14 cents, or 5.9%, to $2.51.
The gold sector was up as Goldcorp advanced 76 cents, or 2.7%, to $28.96, and Barrick Gold picked up 38 cents, or 2.6%, to $15.25.
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 regained 0.38 points to 698.05
Nine of the 14 Toronto subgroups were higher on the day, led by gold, up 2.9%, while materials and the metals and mining group each climbed 1.9%.
The five laggards were weighed most by energy, down 2.4%, financials, off 1%, and consumer staples, subsiding 0.5%.
ON WALLSTREET
U.S. stocks closed mostly lower on Wednesday despite surprisingly dovish Fed minutes, amid apparent progress in the Greece-euro-zone negotiations.
The Dow Jones Industrials remained negative 17.73 points to 18,029.85
The S&P 500 slipped 0.66 points to 2,099.68. The NASDAQ index reversed course and gained 7.09 points to 4,906.36.
The Fed funds futures from CME Group showed only a 53% chance of a rate hike in September, down from 62% prior to the release of the minutes.
Exxon Mobil was the greatest laggard on the Dow, falling more than 2% on negative news.
During midday trade, reports surfaced of a possible incident at an Exxon Mobil refinery in Torrance, Calif.
Warren Buffett's Berkshire Hathaway disclosed late on Tuesday that it shed its $3.47-billion U.S. stake in the energy company.
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.
The drug maker is also planning to take the Allergan corporate name when it completes 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.
The firm 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.
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 climbed, lowering yields to 2.07% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.94 per barrel to $51.59 U.S.
Gold prices regained $2.70 an ounce to $1,211.30 U.S.
