Markets in Toronto moved marginally higher on Wednesday, after the indices enjoyed their best day in about two months. Mining and gold stocks were the chief agents of this rise.
The S&P/TSX Composite Index added 13.94 points to begin Wednesday at 13,789.13
The Canadian dollar gained 0.14 cents to 77.61 cents U.S.
Kinross Gold reported lower-than-expected quarterly revenue as the world's fifth biggest gold miner struggled with lower realized gold prices.
Kinross shares moved up 15 cents, or 2.1%, to $7.30.
InnVest Real Estate Investment said that it has entered into an agreement to be bought by Bluesky Hotels and Resorts.
InnVest units climbed $1.50, or 27.4%, to $6.97.
Raymond James cut the rating on Chinook Energy to underperform from market perform
Chinook shares lost a penny to 49 cents each.
Paradigm Capital raised the target price on Lundin Mining to $7.75 from $6.50, with a buy rating. Lundin responded to the news by hiking 13 cents, or 3.3%, to $4.07.
TD Securities raised the target price on Trinidad Drilling to $2.75 from $2.50, with a buy rating.
Trinidad shares stayed put at $2.18.
ON BAYSTREET
The TSX Venture Exchange strengthened 8.09 points to 669.19.
Seven of the 13 TSX subgroups were ahead, with metals and mining stronger 4.7%, gold gaining 3%, and materials up 2.2%.
The half-dozen laggards were anchored mostly by energy, sinking 1.2%, information technology, down 0.7%, and consumer discretionary stocks, off 0.5%.
ON WALLSTREET
U.S. stocks traded lower Wednesday, weighed by some disappointing earnings, as oil struggled for gains ahead of weekly inventory data from the U.S. Energy Information Adminstration
The Dow Jones Industrials stumbled 105.13 points, after yesterday’s hefty gain, to 17,823.22, with Walt Disney contributing the most to declines. Declines in Wal-Mart, Home Depot and Nike also weighed on the index.
The S&P 500 dropped 8.63 points to 2,075.76. Consumer discretionary traded nearly 1.5% lower to lead S&P 500 decliners, followed by energy. Tech was the only sector clinging to gains
The NASDAQ Composite Index fell 11.99 points to 4,797.89.
Shares of Disney briefly fell more than 5.5% in morning trade. Macy's traded more than 8% lower and Fossil fell more than 30% in morning trade after reporting earnings.
Dow component Disney reported its first earnings miss in five years, while revenue was also below forecasts. Factors affecting results included decline in ESPN ad revenue due to the timing of college football playoff games and higher pre-opening expenses at Shanghai Disney Resort.
Studio revenue for the quarter increased 22% to $2.1 billion U.S., powered by the box-office success of "Star Wars: The Force Awakens" and animated movie "Zootopia."
Macy's lowered its full-year forecast, with CEO Terry J. Lundgren noting "continued weakness" in consumer spending in the press release.Quarterly earnings topped expectations, while revenue came in below estimates.
Staples and Office Depot ended their planned merger deal after a judge sided with the Federal Trade Commission in its effort to block the deal on competitive grounds. The companies do not plan to appeal the decision.
Shares of Office Depot fell more than 37% in morning trade, tracking for its worst day since its IPO in 1988. Staples traded more than 18% lower.
Prices for the 10-year Treasury were static, keeping yields at Tuesday’s 1.75%.
Oil prices gave back 29 cents a barrel to $44.37 U.S.
Gold prices hiked $9.85 to $1,275.69 U.S. an ounce.
