Equities in Toronto turned negative shortly after the open, as oil and gas names tracked softer crude prices to lead declines.
The S&P/TSX composite index slipped 53.13 points, to open Wednesday at 14,546.27
The Canadian dollar fell backward 0.42 at 78.13 cents U.S.
CI Financial Corp wants to expand its small presence in the fiercely competitive U.S. market with acquisitions worth $500 million to $1 billion, its top executive said.
Chief Executive Stephen MacPhail also said that the Toronto-based firm, which manages assets worth $109 billion now, targets $150 billion in assets under management over the next three to five years. CI stock slumped out of the gate, losing six cents to $34.08
CIBC raised the target price on Alimentation Couche-Tard to $64 from $55 as the company reported fourth-quarter earnings that showed good progress on all fronts. Couche-Tard shares each gained $1.05, or 1.9%, to $56.04.
Canaccord Genuity raises target price on Theratechnologies Inc. to $2.80 from $1.70 as the company reported second-quarter results that were largely in line with expectations. Theatechnologies shares ballooned 11 cents, or 5.2%, to $2.21.
Corus Entertainment Inc reports earnings today, and expects Q3 earnings of 49 cents per share. Corus moved lower by 76 cents, or 4.2%, to $15.70.
On the economic front, Statistics Canada came out with its monthly survey of manufacturing, which revealed that sales edged up 0.1% in May, while constant dollar sales fell 0.5%, indicating a lower volume of goods sold.
Meanwhile, the Canadian Real Estate Association said sales activity was down 0.8% last month from May, but noted that sales levels in May and June were at the strongest level in more than five years.
Actual sales for June, not seasonally-adjusted, surged 11% from June 2014.
ON BAYSTREET
The TSX Venture Exchange added 0.22 points to 645.31
All but three of the 14 TSX subgroups were negative, as gold slipped 1.1%, while energy and materials stocks dropped 0.9% each.
The three gainers were consumer staples, up 0.5%, while industrials were ahead 0.4%, and health-care stocks moved up 0.3%.
ON WALLSTREET
U.S. stocks traded in a range on Wednesday as investors digested data, earnings reports and the beginning of Fed Chair Janet Yellen's two-day testimony to Congress.
The Dow Jones industrial average inched up 7.48 points to 18,061.06, with McDonald's leading decliners and Walt Disney the greatest advancer.
The S&P 500 eked up 0.23 points to 2,109.18, with energy leading eight sectors lower and health care and financials the only gainers.
The NASDAQ index added 15.44 points to 5,120.33.
As second-quarter earnings season gets underway, Wall Street will digest a slew of reports. Bank of America, BlackRock, US Bancorp, Delta Air Lines and PNC Financial, Intel and Netflix all report earnings this session.
In prepared remarks released at 8:30 a.m. ET, the Fed chair said the central bank is on pace to raise rates this year if the economy evolves as expected. She said unemployment should decline but inflation remains below the Fed's target. Greece and China topped the list of uncertainties in Yellen's testimony.
Yellen appeared before the House Financial Services Committee at 10 a.m. ET to deliver her testimony on the economy.
The Fed's Beige Book is due at 2:00 p.m. ET. On Tuesday, June retail sales fell 0.3%, compared with analyst expectations for a rise.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 2.40%.
Oil prices fell 99 cents a barrel to $52.05 U.S.
Gold prices dipped seven dollars at $1,146.50 U.S. an ounce.
