Stock markets in Canada’s largest centre were little changed on Wednesday as gains in Royal Bank of Canada and Hudson's Bay Co offset a drop in the shares of energy producers as oil prices fell.
The S&P/TSX composite index strengthened 54.11 points to greet noon at 15,219.08
The Canadian dollar gained 0.46 cents to 80.52 cents U.S.
RBC shares rose 3% to $77.28 after the company posted a stronger-than-expected quarterly profit, driven by significant gains in its personal and commercial banking and capital markets businesses. The strength in RBC helped lift the broader financial sector.
HBC said it will form two real estate joint ventures that will bring in about $1.1 billion in cash. The stock shot up nearly 22% to $26.99.
Among shares of energy producers, Canadian Natural Resources gave back 1.4% to $37.01 and Suncor Energy slipped 1% to $37.94.
ON BAYSTREET
The TSX Venture Exchange improved 3.38 points to 695.44.
Nine of the 14 Toronto subgroups were positive, as consumer discretionary stocks vaulted 2%, gold shone 1.2% brighter, and financials were enriched 1.1%.
The five laggards were weighed mostly by health-care, down 1.9%, global base metals, off 1.3%, and utilities, sliding 0.3%
ON WALLSTREET
U.S. stocks traded mostly higher on Wednesday after closing at records on Tuesday, as investors looked at housing data and listened to Fed Chair Janet Yellen's second day of congressional testimony.
The Dow Jones Industrials moved higher 17.29 points by noon to 18,226.48, with General Electric and Nike leading blue chips and IBM the greatest laggard.
The S&P 500 moved up 0.52 points to 2,116, with consumer discretionary leading five sectors higher and utilities the greatest laggard.
The NASDAQ index moved positive 5.38 points to 4,973.50, from near 15-year highs.
Hewlett-Packard reported adjusted earnings of 92 cents U.S. per share, a penny above estimates. However, revenue was below forecasts, and HP gave lighter than expected guidance due to significant negative impact from a stronger dollar
Target posted earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in pre-market trading.
Campbell Soup matched estimates with adjusted quarterly profit of 66 cents U.S. per share, while revenue was above analyst forecasts.
The company did say its gross margins were disappointing and below its expectations.
Dollar Tree earned an adjusted $1.16 U.S. per share for its latest quarter, beating estimates by one cent, with revenue also above consensus. Comparable store sales were up 5.6% during the quarter.
Lowe's posted quarterly earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in pre-market trading.
The company posted earnings of 46 cents a share on revenue of $12.54 billion U.S.
Avago Technologies, Victoria's Secret and Bath & Body Works owner L Brands, Salesforce.com and Workday are all due after the bell.
Yellen continues her testimony on Wednesday in front of the House Financial Services Committee.
New U.S. single-family home sales in January fell a less-than-expected 0.2% to 481,000 and supply rose to its highest level since 2010, hopeful signs for the sluggish housing market.
The U.S. Energy Information Administration reported that weekly crude inventories rose 8.4 million barrels, more than expected. The figures were in-line with Tuesday's American Petroleum Institute report of 8.9 million barrels.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 1.99%.
Oil prices added 41 cents per barrel to $49.69 U.S.
Gold prices improved $7.40 an ounce to $1,204.70 U.S.
