Canada's main stock index forged just ahead of the breakeven line by the close on Wednesday, as heavier losses in energy seemed to teeter-totter against gains in consumer discretionary and utility issues.
The S&P/TSX Composite Index maintained gains of 15.99 points to end Wednesday at 16,279.86
The Canadian dollar inched backward 0.02 cents at 74.95 cents U.S.
Energy, as mentioned, took the worst bruising, as Suncor sank 47 cents, or 1.1%, to $43.50, while Imperial Oil gave back 42 cents, or 1.2%, to $36.19
Health-care ended up ailing by the close, with Bausch Health Companies trailing Tuesday’s close by 12 cents to $33.13, while Aurora Cannabis dumped 18 cents, or 1.5%, to $11.91.
Materials also felt the pinch, as Frontier Lithium surrendered 1.5 cents, or 4.1%, to 35 cents, while Agnico Eagle Mines settled 62 cents, or 1.1%, to $57.05
Among gainers, in the consumer discretionary field, Canadian Tire climbed 84 cents to $146.84, while Magna International improved 77 cents, or 1.1%, to $68.65.
Among utilities, Hydro One gained 13 cents to $20.93, and Fortis Inc. picked up 34 cents to $49.57.
Financials also surged, as CIBC collected 17 cents to $108.29, while Sun Life shone brighter by 52 cents, or 1%, to $52.73.
ON BAYSTREET
The TSX Venture Exchange regained 1.68 points to 627.38
The 12 Toronto subgroups were evenly split on the day, as consumer discretionary and utilities each gained 0.5%, while financials came out ahead 0.3%.
The half-dozen laggards were led by energy, off 1.5%, health-care, 0.5% to the bad, and materials, weaker by 0.4%.
ON WALLSTREET
Stocks rose slightly on Wednesday as investors cheered a nearing trade deal between the U.S. and China, though softer measures on payrolls and the service economy kept a lid on optimism.
The Dow Jones Industrial Average held onto gains of 39 points to finish the day at 26,218.13, as Intel and Home Depot outperformed.
The S&P 500 gained 6.16 at 2,873.40, notching a five-day winning streak, as the materials and tech sectors led the way.
The NASDAQ Composite finished in the green 46.86 points to 7,895.55
Chipmakers — which are heavily affected by U.S.-China trade relations —led the tech sector higher. Advanced Micro Devices jumped 8.5%, after Nomura Instinet initiated coverage of the stock with a buy rating, citing the company's improving profitability.
A bearish call on Caterpillar shares also kept the market in check. Caterpillar shares fell 0.7% after Deutsche Bank downgraded the industrial giant to hold from buy and slashed its 12-month price target. The bank cited a "collapse" in synchronized global growth.
American and Chinese officials are reportedly closing in on a trade deal, having resolved most of the outstanding issues in their protracted trade dispute. Both countries have levied tariffs on billions of dollars' worth of each other's goods since last year.
According to the Financial Times, Beijing wants Washington to remove existing U.S. duties on Chinese imports, while the
Trump Administration wants China to agree to enforcement measures that ensure the country sticks to the deal.
Gains were capped, however, by weaker-than-expected economic data.
Private payrolls increased by 129,000 in March, according to ADP and Moody's Analytics. That is well below an estimate of 173,000. The report from ADP and Moody's is typically seen as a preview for the U.S. government's monthly jobs report, which is scheduled for release Friday morning.
A weaker-than-expected update on the U.S. services sector also capped stock advances throughout the session. Growth in services fell more than expected in March and advanced at its slowest pace in more than 12 months, the Institute for Supply Management reported.
The ISM non-manufacturing index dipped to 56.1 last month, its softest read since August 2017.
Prices for the benchmark 10-year U.S. Treasury staggered, raising yields to 2.52% from Tuesday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices slid nine cents to $62.49 U.S. a barrel.
Gold prices faded 50 cents to $1,294.90 U.S. an ounce.
