Toronto stocks stumbled out of the gate as uranium producer Cameco Corp sank after saying its contract to supply the operator of Japan's wrecked Fukushima nuclear plant had been scrapped.
The S&P/TSX Composite lost 15.25 points to begin Wednesday at 15,370.71
The Canadian dollar tapered off 0.25 cents at 76.44 cents U.S.
Bell Media, a unit of BCE Inc., said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number.
BCE shares dropped 28 cents to $58.38.
Desjardins raised the target price on Intact Financial to $96.00 from $94.00 due to rolling its valuation forward one quarter.
Intact shares fell five cents to $94.96.
CIBC raised the rating on Richmont Mines to outperform from neutral to reflect increased NAV and CFPS expectations.
Richmont gained 32 cents, or 3%, to $10.99
Calian Group is out with Q1 earnings, expecting 45 cents per share. Calian shares dropped five cents to $27.00
CGI Group expects Q1 earnings of 90 cents per share. CGI shares advanced 97 cents, or 1.6%, to $63.54.
Exco Technologies projects Q1 earnings of 28 cents per share. Exco shares retreated two cents to $7.63.
On the economic beat, Markit Canada reported Wednesday morning its seasonally-adjusted Manufacturing Purchasing Managers’ Index registered 53.5 in January, up from 51.8 in December and above the neutral 50.0 threshold for the 11th straight month.
ON BAYSTREET
The TSX Venture Exchange gained 4.01 points to 811.35
Eight of the 12 subgroups were higher in the session’s first hour, with financials, industrials and consumer discretionaries each up 0.3%.
The four laggards were weighed most by gold and utilities, down 0.4% each, while consumer staples fell 0.2%.
ON WALLSTREET
U.S. equities rose on Wednesday as investors parsed through key corporate results and economic data, with the Federal Reserve set to deliver its latest monetary policy decision.
The Dow Jones Industrials aimed at putting an end to their losing streak, advancing 48.68 points early Wednesday to 19,912.77, with Apple spiking.
The S&P 500 gained three points to 2,281.87, with financials and tech plays leading advancers.
The NASDAQ grew 24.72 points to 5,639.50
Dow component Apple reported better-than-expected quarterly results Tuesday after the close, as the firm said it sold more expensive iPhones. However, its future guidance came in at the lower end of expectations.
Companies reporting before the bell Wednesday included ADP, Johnson Controls and Altria, with all three topping bottom-line expectations, but reporting lighter-than-expected sales. Facebook and MetLife are both scheduled to report Wednesday after the close.
In economic news, the latest report from ADP and Moody's showed private companies added 246,000 jobs in January, well above the expected 165,000. January also turned in the best single-month performance since June.
Other data released Wednesday included the IHS Markit Manufacturing index's final read for January, which showed the strongest manufacturing production growth for almost two years.
The Institute for Supply Management Manufacturing index for January came in at 56, above an expected read of 55. December construction spending fell 0.2%, while economist had forecast a gain 0.4%
Meanwhile, the Fed is scheduled to announce its latest decision on U.S. monetary policy at 2 p.m. ET. Market expectations for a rate hike were just 4%
Prices for the benchmark 10-year Treasury note lost strength, picking yields up to 2.51%, from Tuesday’s 2.45%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 39 cents to $53.20 U.S. a barrel
Gold prices tumbled $6.70 to $1,204.70 U.S. an ounce.
