The TSX significantly narrowed its earlier decline Wednesday, helped by the recovery in telecom and utility stocks. Sentiments were dampened for a second straight day by the surprise devaluation of the yuan currency.
The S&P/TSX composite index was off its lows of the day, but still down 75.14 points to close Wednesday at 14,339.53
The Canadian dollar surged 0.82 cents to 77.06 cents U.S.
Consumer discretionary stocks were the worst off, as Magna International dumped $2.55, or 3.6%, to $68.01, while Dorel Industries backtracked 95 cents, or 2.7%, to $34.50.
Industrials also had their share of woes Wednesday, as ATS collapsed $1.45, or 9.1%, to $14.55, while Air Canada got pasted 82 cents, or 6.4%, to $12.08.
Health-care shares were sicker on the day, as old standby Valeant Pharmaceuticals was clobbered $6.32, or nearly 2%, to $316.44
Gold shares proved the biggest gainers on the day, as Southern Arc Minerals triumphed half a cent or 14.3%, to four cents. Yamana Gold was the most actively traded stock, gaining 25 cents, or 9.1%, to $3.01, on 6.6 million shares.
ON BAYSTREET
The TSX Venture shook off earlier losses to gain 1.05 points to 578.58.
Eight of the 14 TSX subgroups were lower on the day, as consumer discretionary issues were off 1.5%, while industrials and health-care subsided 1.4%.
The half-dozen gainers were led by gold, surging 5.5%, materials, better by 1.7%, and utilities, clicking 1.1% higher.
ON WALLSTREET
U.S. stocks closed mostly higher on Wednesday, recovering from sharp intraday declines as gains in energy offset earlier pressures from growth concerns.
The Dow Jones industrial average recovered from losses of 250 points-plus, to creep to within 0.33 points of breakeven and close the day at 17,402.51. JPMorgan Chase led decliners and Exxon Mobil proved the greatest advancer.
The S&P 500 inched higher 1.98 points to 2,086.05, again, after lounging in negative territory much of the day. Even so, more than half of the stocks in the S&P 500 are trading in correction territory.
The NASDAQ index also overcame substantial losses to recoup 7.6 points, to 5,044.39
The major averages trimmed losses in midday trade as oil recovered to boost the energy sector and Apple turned higher to gain more than 1%.
Alibaba closed down 5.1% after initially plunging 7.9% to a post-IPO low. 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 plunged more than 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 settled, boosting yields to 2.15% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices moved up 28 cents a barrel to $43.36 U.S.
Gold prices added $15.30 to $1,123 U.S. an ounce.
