Equity markets in Toronto fell back at the open Wednesday, as financials and materials stocks declined, while higher oil prices helped support energy stocks.
The S&P/TSX Composite Index settled 23.96 points, to open the day at 13,280.70
The Canadian dollar slid 0.07 cents to 76.05 cents U.S.
Royal Bank of Canada faces shareholders at its annual meeting in Montreal on Wednesday amid concerns over its oil and gas exposure following an increase in bad loans in the first quarter.
RBC shares dipped 17 cents to $73.94.
RBC raised target price on Canadian Natural Resources to $40.00 from $39.00.
Natural Resources shares gathered 48 cents, or 1.4%, to $33.83.
Desjardins cut the rating on Metro Inc. to hold from buy.
Metro shares retreated 89 cents, or 2%, to $43.01.
CIBC cut the target price on Hudson's Bay Co. to $23.00 from $30.00.
Bay shares dipped seven cents to $17.94.
On the economic front, Western University in London, Ontario reported that its seasonally-adjusted Ivey Purchasing Managers Index came in at 50.1 for March, down from 53.4 in February and 47.9 for March 2015. The survey asks purchasing managers whether their expenditures increased, decreased or stayed put during the previous month.
Any reading over 50 indicates expansion.
ON BAYSTREET
The TSX Venture Exchange poked up 0.6 points to kick off the session at 584.02
All but two of the 13 TSX subgroups were lower, with consumer staples trailing 0.7%, while telecoms and the metals and mining group each rising 0.6%.
Energy and health-care proved the lone gainers, each up 0.8%.
ON WALLSTREET
U.S. stocks traded in a range Wednesday, amid a rise in oil prices, as investors awaited the afternoon release of the Federal Reserve meeting minutes.
The Dow Jones Industrials fell 14.45 points to 17,588.87.
The S&P 500 recovered 1.35 points to 2,046.52. Health-care led S&P 500 advancers, followed by energy.
The NASDAQ index regained 21.34 points to 4,865.27, as Amazon gained
In corporate news, Pfizer abandoned its merger with Allergan following the Treasury's fresh moves to limit inversions. Shares of both stocks were up more than 2% in morning trade.
Separately, the U.S. Department of Justice filed a suit to block the merger of Halliburton and Baker Hughes. The two firms "intend to vigorously contest" the DOJ. Shares of Halliburton were up more than 4.5% and Baker Hughes traded 5.7% higher
The Federal Open Market Committee minutes from the March 15 to 16 meeting are due at 2 p.m. ET. At that meeting, the central bank kept rates unchanged and lowered its projections for the number of hikes this year to two from four.
Prices for the 10-year Treasury fell back, raising yields back to 1.74% from Tuesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.08 a barrel to $36.97 U.S.
Gold prices moved lower $9.67 to $1,221.68 U.S. an ounce.
