Canada’s main stock index was little changed on Wednesday after hitting a record high in the previous session as weakness in the technology and financial sectors countered gains in commodity-linked shares.
The S&P/TSX Composite Index made its way into plus territory, garnering 19.4 points, to move into noon hour Wednesday at 22,093.75, and, for what it’s worth, achieving yet another all-time high.
The Canadian dollar strengthened 0.23 cents to 79.68 cents U.S.
Energy stocks led the charge upward, with Vermilion Energy taking on $1.28, or 4.8%, to $28.02, while Whitecap Resources collected 49 cents, or 4.8%, to $10.61.
Among health-care gainers, Tilray jumped 29 cents, or 4.1%, to $7.43, while Aurora Cannabis moved upward nine cents, or 1.9%, to $4.72.
Financials had a rough morning, with BMO sinkins $4.61, or 3%, to $149.11, while rival CIBC lost $3.12, or 1.9%, to $160.98.
In the consumer discretionary section, BRP gave up $1.91, or 2.1%, to $90.40, while Linamar Corp. surrendered $1.36, or 2.4%, to $56.38.
Quebec on Tuesday announced payments of $500 each to residents to counter the rising cost of living ahead of a fall election and said it sees a $6.5-billion budget deficit for fiscal 2022/23.
ON BAYSTREET
The TSX Venture Exchange added 6.82 points to 878.50.
Seven of the 12 TSX subgroups were higher by noon hour, with energy gushing 2.7%, health-care haler by 1.3%, and materials improving 0.9%.
The five laggards had financials as their chief anchor, down 1.1%, while consumer discretionary stocks fell 0.7%, and real-estate lost 0.6%.
ON WALLSTREET
U.S. stocks eased Wednesday as oil prices gained, renewing inflation fears.
The Dow Jones Industrials stumbled 302.47 points to 34,504.99.
The S&P 500 dropped 22.55 points to 4,489.06
The NASDAQ Composite was in the red all morning, but had risen to within 8.77 points of breakeven by noon to 14,100.05. Energy stocks rallied Wednesday as oil prices rose.
Schlumberger and Marathon Oil were among the top gainers on the S&P 500, respectively rising about 3% and 2%.
General Mills added 2% after the food maker reported better-than-expected quarterly earnings Wednesday and raised its full-year outlook.
On the downside, Adobe shares fell about 9% after the company forecasted lower-than-expected profit and revenue in its fiscal second quarter.
Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.
Treasury prices gained ground, lowering yields to 2.37% from Tuesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices regained $5.19 to $114.46 U.S. a barrel.
Gold prices brightened eight dollars to $1,929.50 U.S. an ounce.