Stocks in Toronto were marginally firmer shortly after the open on Wednesday, but moves were extremely limited ahead of the U.S. Federal Reserve's interest rate statement due later this afternoon.
The S&P/TSX composite index demurred 3.08 points to begin the session at 14,074.28
The Canadian dollar ducked back 0.11 cents to 77.27 cents U.S.
Sherritt International reported a bigger loss for the second quarter, hurt by lower nickel prices. The company said on Tuesday its adjusted net loss from continuing operations widened to $75.2 million, or 25 cents per share, in the three months ended June 30 from $56.2 million, or 19 cents per share, a year earlier.
Sherritt shares gained four cents, or 3%, to $1.39 in the first hour of trading.
Thomson Reuters reported a higher-than-expected quarterly profit even as currency weighed on its revenues. The news and information company said second-quarter net earnings were $281 million, or 33 cents per share, compared with $260 million, or 31 cents per share, a year ago.
Thomson shares took on $1.50, or 3.1%, to $50.17.
German engineering group Siemens and Bombardier are in early talks to merge their rail businesses, The Wall Street Journal reported, adding that Bombardier was also in talks with other possible partners.
Bombardier gained four cents, or 2.2%, to $1.86.
German potash and salt miner K+S has turned to German economy minister Sigmar Gabriel for help against an unwanted takeover approach by Potash Corporation and has discussed the option of German state bank KfW taking a stake in K+S, a newspaper reported on Wednesday.
Shares in Potash faded 61 cents, or 1.7%, to $34.74.
BMO raises price target on Centerra Gold Inc. to $6.25 from $6.00 after the company reported a better-than-expected second-quarter earnings.
Centerra shares increased in price 13 cents, or 2.3%, to $5.90.
RBC cut the price target on the U.S.-listed shares of Magna International Inc to $67 from $68, expecting second-quarter revenue to decline on the sale of the interiors division and forex headwinds.
Magna shares took on 22 cents to $69.76.
CIBC cut the price target on Westjet Airlines Ltd to $31.00 from $32.25, following the company’s decision to reduce its capacity growth in fourth quarter.
WestJet shares took flight 58 cents, or 2.7%, to $22.41.
ON BAYSTREET
The TSX Venture Exchange dropped 2.65 points to start Wednesday at 584.32
Nine of the 14 TSX subgroups were positive in the first hour, with consumer discretionary and industrial stocks each up 0.6%, while metals and mining increased 0.4%.
The five laggards were weighed mostly by information technology, down 1.1%, while health-care and utilities stocks each slipped 0.3%.
ON WALLSTREET
U.S. stocks traded in a narrow range Wednesday as investors digested earnings and awaited the release of the Federal Reserve statement that could shed light on the timing of a rate hike.
The Dow Jones industrial average added 32 points to 17,662.27, after yesterday’s gain of nearly 200 points. Visa led advancers and Caterpillar was the greatest decliner.
The S&P 500 gained 3.94 points to 2,097.19, with telecommunications leading seven sectors higher and utilities the greatest laggard.
The NASDAQ index moved up 5.12 points to 5,094.32
Tableau plunged nearly 19% despite reporting earnings that beat on both the top and bottom line.
After the close Tuesday, Twitter reported earnings that beat on both the top and bottom line. However, user growth figures proved disappointing to investors, sending its shares sharply lower in after-hours trade. The stock fell more than 11% in morning trade Wednesday.
Gilead Sciences reported adjusted quarterly profit of $3.15 U.S. per share, outdistancing estimates of $2.71 U.S. Revenue also came in well above Street forecasts, with the drug maker benefiting from increased sales of hepatitis C treatments. Gilead also raised its full-year outlook.
Yelp missed on earnings per share but topped revenue expectations. The consumer review website gave a lower-than-expected forecast for current quarter revenue, amid increasing competition. Shares plunged more than 26 percent Wednesday.
Express Scripts topped earnings estimates and raised its full-years earning’s forecast, but missed revenue expectations.
In economic news, pending home sales came in down 1.8% in June from May. Housing data so far has been mixed. Last week's new home sales report disappointed analysts while existing home sales jumped to an eight-and-a-half-year high.
Weekly mortgage applications barely moved for the second week in a row, rising just 0.8%, the Mortgage Bankers Association said.
The Federal Open Market Committee concludes its two-day meeting in the afternoon and is scheduled to release its statement at 2:00 p.m. No press conference is planned.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.27% from Tuesday’s 2.25%. Treasury prices and yields move in opposite directions.
Oil prices hiked 33 cents a barrel to $47.65 U.S.
Gold prices ditched $2.50 to $1,094.20 U.S. an ounce.
