Equities in Canada’s largest centre tailed off a mite at the opening on Wednesday, with tech shares falling, warding off advances in energy issues.
The S&P/TSX Composite Index demurred 10.17 points to begin Wednesday’s trading session at 22,077.05.
The Canadian dollar gained 0.33 cents to 80.34 cents U.S.
Air Canada and Mexico’s Aeromar announced the signing of an agreement to jointly market routes through Mexico.
Shares in “The Maple Leaf Airline” grabbed eight cents to $24.80.
Kinross Gold said on Tuesday it was in talks for a potential sale of its assets in Russia.
Kinross heightened nine cents, or 2.1%, to $7.34.
Canaccord Genuity cut the rating on BBTV Holdings to hold from buy. BBTV swooned 51 cents, or 15.5%, to $2.79.
CIBC raised the target price on Cargojet to $236.00 from $217.00. Shares in Cargojet zoomed $2.22, or 1.2%, to $187.25.
National Bank of Canada raised the target price on Stelco Holdings to $55.00 from $48.00. Stelco shares dropped 14 cents to $52.81.
ON BAYSTREET
The TSX Venture Exchange gained 3.19 points to 881.38.
Eight of the 12 TSX subgroups listed lower in the first hour, primarily information technology, down 1.3%, real-estate, ditching 0.7%, and health-care, off 0.4%.
The four gainers were co-led by energy and materials, each up 1%, and gold, brighter by 0.6%.
ON WALLSTREET
U.S. stocks moved slightly lower on Wednesday after the Dow and S&P 500 extended their rally in the previous session as investors monitored developments in Ukraine and the bond market.
The Dow Jones Industrials dropped 31.78 points to start the midweek session at 35,262.41
The S&P 500 lost 11.03 points to 4,620.57.
The NASDAQ Composite eased back 43.3 points to 14,576.34.
Oil stocks moved higher, with Occidental Petroleum and Phillips 66 each gaining about 4%.
Shares of Apple, which have risen for 11 consecutive sessions, were flat. Shares of Procter & Gamble dipped 1.4% following a downgrade from JPMorgan.
Shares of chipmaker Micron rose 2% after the company beat estimates on the top and bottom lines Other semiconductor stocks fell, however, with Marvell and Nvidia shedding more than 2%.
Several retail stocks were under pressure after disappointing quarterly reports, including Five Below and Chewy.
On the positive side, apparel stock Lululemon jumped 5% after issuing upbeat guidance and announcing a share buyback program.
Wednesday was also a busy day of economic data. The ADP payrolls report said private firms added 455,000 jobs in March. Economists surveyed by Dow Jones were expected 450,000. The final reading for fourth quarter U.S. GDP showed 6.9% growth, below the preliminary reading of 7%.
Russia said late Tuesday it would reduce its military presence in some parts of Ukraine, but several countries — including the U.S. and U.K. — remain skeptical over Moscow’s pledge. Meanwhile, Russian attacks on Ukraine continued Wednesday.
Treasury prices gained an inch of ground, lowering yields to 2.38% from Tuesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices hopped $4.02 to $108.26 U.S. a barrel.
Gold prices progressed $20.30 to $1,938.30 U.S. an ounce.