Stock indices in Toronto opened virtually even on Wednesday as gains in the energy and mining sectors were offset by slumps in consumer staples.
The S&P/TSX composite index moved down 5.46 points to begin April at 14,896.98
The Canadian dollar inched up 0.12 cents to 78.98 cents U.S.
Keyera Corp and midstream company Kinder Morgan Inc plan to build 4.8 million barrels of new crude oil storage in the marketing hub of Edmonton. Keyera shares surged $3.20, or 3.8%, to $87.45.
CIBC raised the price target on Belo Sun Mining to 70 cents from 40 cents.
National Bank Financial raised the target price on Empire Company to $102.00 from $99.00. Belo Sun shares gained two cents, or 10%, to 22 cents.
Raymond James raised the rating on Tahoe Resources to outperform from market perform. Tahoe shares popped 66 cents, or 4.8%, to $14.54.
The RBC Canadian Manufacturing Purchasing Managers' index hinted at a slowdown in business conditions across the Canadian manufacturing sector in March.
At 48.9, up from 48.7 in February, the seasonally-adjusted PMI posted below the neutral 50 value for the second month running. This represents the first back-to-back deterioration in overall business conditions in the survey's four-and-a-half year history.
ON BAYSTREET
The TSX Venture Exchange poked up 0.94 points to 681.01
Nine of the 14 Toronto subgroups were down in the first hour, as consumer staples slid 1%, while information technology gave back 0.7%, and real-estate shed 0.5%.
The five gainers were led by gold, up 2.4%, while energy and materials each took on 1.3%.
ON WALLSTREET
U.S. stocks traded about 1% lower on Wednesday as investors viewed softness in economic data ahead of Friday's important jobs report.
The Dow Jones Industrials nosedived 153.38 points to 17,622.74, as Merck led all blue-chips lower.
The S&P 500 dropped 15.22 points to 2,052.67
The NASDAQ plummeted 42.64 points to 4,858.24.
Ford reported a less-than-expected decline of 3.4% for March. Chrysler sales increased 1.7%, or one full percentage point below expectations. General Motors reported a greater-than-expected decline of 2.4%.
GoDaddy announced late on Tuesday that its initial public offering will price at $20 U.S. per share, valuing the company about $4.5 billion U.S. They are expected to begin trading on Wednesday under the symbol "GDY."
Futures continued to point lower after the ADP employment report for March showed an increase of 189,000 in monthly private payrolls, below expectations of a modest rise to around 225,000.
ISM posted 51.5 for March, the weakest level on this indicator since last May. Construction spending fell 0.1% in February, for a second straight month of decline.
Growth in the U.S. manufacturing sector rose to a five-month high in March as output and employment gained, according to an industry report released on Wednesday.
Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers' Index rose to 55.7 in March from 55.1 in February and to its highest since October, when the PMI was 55.9. It also came above the preliminary reading of 55.3.
In an encouraging sign that the housing market is picking up with the onset of spring, weekly mortgage application volume increased 4.6% on a seasonally adjusted basis, the Mortgage Bankers Association said.
Prices for 10-year U.S. Treasuries spiked, lowering yields to 1.86% from Tuesday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil prices gained 29 cents to $47.89 U.S.
Gold prices grew $11.10 to $1,194.20 U.S.
