Equity markets in Toronto opened lower on Wednesday, mirroring global market moves, as China pushed its currency lower for the second straight day.
The S&P/TSX composite index gave back 136.33 points, or near 1%, to open Wednesday at 14,278.34.
The Canadian dollar rocketed 0.76 cents to 77 cents U.S.
Air Canada reported a nearly 33% rise in quarterly profit, helped by a decline in fuel costs. The company's net income rose to $296 million, or a dollar per share, in the second quarter ended June 30, from $223 million, or 75 cents per share, a year earlier. The carrier's operating revenue rose 3.3% to $3.41 billion.
Air Canada shares were grounded 84 cents, or 6.5%, to $12.06.
Grocery whiz Metro said its quarterly profit rose 13% as new fresh foods products boosted the company's same-store sales. The company's same-store sales rose 4.3% in the third quarter ended July 4. Net income rose to $163.5 million, or 64 cents per share, from $144.5 million, or 54 cents per share, a year earlier. Revenue increased 6% to $3.84 billion.
Metro shares took on 15 cents to $36.65.
Silver Wheaton reported a 15% fall in profit, hurt by higher cost of sales and lower commodity prices. Silver Wheaton's net profit fell to $53.7 million, or 13 cents per share, in the quarter ended June 30, from $63.5 million, or 18 cents per share, a year earlier. Revenue rose 10.7% to $164.4 million.
Silver Wheaton shares galloped 97 cents, or 5.6%, to $18.25.
Enbridge said it shut its Line 55 Spearhead pipeline and adjacent Line 59 Flanagan South pipeline, following a crude oil release along Line 55 in Shelby County, Missouri, near Shelbina on Tuesday. About 16 to 20 gallons of crude oil spilled, based on initial estimates, into a nearby waterway that had minimal flow and the environmental impact is being determined, the company said, adding that no injuries have been reported due to the incident.
Enbridge shares dipped $1.16, or 2.1%, to $54.95.
Toronto-Dominion Bank plans to hire more U.S. investment bankers and target multinational clients as it pushes to double its U.S. capital markets business over the next three to four years, one of its top executives said. TD Securities is looking to invest in the energy, technology, media, telecoms and utilities sectors. The U.S. capital markets operation has more than 600 staff members.
TD shares retreated 62 cents, or 1.2%, to $52.34
ON BAYSTREET
The TSX Venture backtracked 2.56 points to 574.97.
All but three of the 14 TSX subgroups were lower in the first hour of trading, as global base metals took a 2.7% header, consumer discretionaries went south 2%, and industrials went downward 1.9%.
The three gainers were gold, up 3.2%, materials, improving 0.8%, and utilities, up 0.4%.
ON WALLSTREET
U.S. stocks quickly fell about 1% on Wednesday as a second day of decline in the yuan against the dollar increased concerns about global growth.
The Dow Jones industrial average descended 249.53 points, or 1.4%, to open Wednesday at 17,153.31, after another 200-point-plus drop Tuesday. Apple and JPMorgan Chase led declines and Merck the only advancer.
The S&P 500 faltered 20.51 points, or nearly 1%, to 2,063.56. More than half of the stocks in the S&P 500 are trading in correction territory. The index is up less than 0.3 percent year-to-date and is about 3% off its 52-week high.
The NASDAQ index lost 54.34 points, or 1.1%, to 4,982.45, as Apple and biotechs continued to decline sharply.
Alibaba plunged to a post-IPO low, falling as much as 7.9% after the China-based e-commerce giant missed on revenue and posted the slowest growth in more than three years. However, adjusted quarterly profit was 59 cents U.S. per share, one cent above estimates.
Macy's also plunged more than 4.5% after reporting earnings that missed on both the top and bottom line. The retailer also lowered its forecast.
U.S. job openings totaled 5.2 million in June, versus 5.3 million expected.
The People's Bank of China set the yuan fixing at 6.3306 against the U.S. dollar on Wednesday, 1.6% weaker than the previous day's level.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.10% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices moved up 59 cents a barrel to $43.67 U.S.
Gold prices added $9.30 to $1,117 U.S. an ounce.
