Equities in Canada’s largest centre headed lower for the fourth straight day on Wednesday as lower oil prices weighed on energy stocks, offsetting gains for gold miners.
The S&P/TSX Composite dropped 14.37 points to begin Wednesday at 14,535.23
The Canadian dollar fell 0.12 cents to 75.32 cents U.S.
Canadian health benefit startup League Inc said it has teamed up with the insurance arm of backer Royal Bank of Canada as it expands into insurance, targeting the many small businesses offering no such benefits to employees.
As for RBC, its shares forfeited 10 cents to $81.93.
CIBC cut the target price on Endeavour Silver to $5.00 from $6.00, saying that the company is well positioned to achieve its 2016 guidance, with an opportunity to beat on its gold production.
Endeavour shares added nine cents, or 1.7%, to $5.44.
CIBC cut the rating on Interfor to sector perform from outperform, to reflect increased uncertainty about how pricing for cedar will respond to duties.
Interfor shares slid 32 cents, or 2.1%, to $14.72.
CIBC raised the target price on Teck Resources to $31.00 from $28.00, as the company manages through a period of abnormally low metallurgical coal prices.
Teck shares advanced 29 cents, or 1.2%, to $24.56.
ON BAY STREET
The TSX Venture Exchange eked ahead 1.83 points to 774.5.
Seven of the 12 TSX subgroups began the session lower, as energy sagged 1%, while consumer discretionary and information technology stocks each skidded 0.1%.
The five gainers were led by health-care, up 1.8%, gold, better by 1.3%, and materials, climbing 0.7%.
ON WALL STREET
U.S. equities proved a mixed bag on Wednesday as investors awaited the release of the Federal Reserve's September meeting minutes while digesting a rise in sovereign bond yields.
The Dow Jones Industrials pulled themselves out of negative territory and gained 16.33 points in the first hour to 18,144.99, with IBM contributing the most losses
The S&P 500 crawled higher 2.36 points to 2,139.09
The NASDAQ Composite dipped 2.82 points to 5,243.96
Railroad giant CSX is expected to report quarterly results Wednesday after the bell. Other companies slated to report this week include Wells Fargo and JPMorgan Chase.
In economic news, mortgage applications fell 6% last week as rising rates weighed. The August job openings and labour turnover survey (JOLTS) was due for release at 10 a.m. ET.
The Fed is scheduled to release its September meeting minutes at 2 p.m. ET. The Treasury Department will hold two key sales Wednesday, auctioning $24 billion worth of three-year notes and $20 billion in 10-year notes.
The market is largely anticipating the Fed to raise interest rates later this year, with Fed Funds futures pricing in a more-than 65% probability of a December move.
Prices for the 10-year Treasury dropped slightly, raising yields to 1.79% from Tuesday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices sank 47 cents to $50.32 U.S. a barrel
Gold prices gained $2.20 to $1,258 U.S. an ounce.
