Canada’s main stock index was little changed on Wednesday as weakness in the technology sector countered strength in health-care.
The S&P/TSX Composite Index had turned negative 24.7 points to move into noon hour of Wednesday’s session at 22,062.52.
The Canadian dollar gained 0.19 cents to 80.20 cents U.S.
Techs took a beating as Shopify, Canada’s third-biggest company by market value, fell $40.56, or 4.4%, to $889.02. Elsewhere, in health-care stocks, Aurora Cannabis picked up 43 cents, or 8.3%, to $5.62, while Canopy Growth moved higher 70 cents, or 7%, to $10.74.
Among other individual shares, Dollarama gained $1.29, or 1.9%, to $70.01, after the discount retailer said it would roll out additional price points up to $5.00 this year to shield its margins from heightened inflation
ON BAYSTREET
The TSX Venture Exchange gained 7.43 points to 885.62.
Eight of the 12 TSX subgroups gained ground, midday, as health-care surged 3.2%, while materials accumulated 1.3%, and gold gathered 1.1%.
The four laggards were burdened most by information technology, down 1.6%, real-estate, shedding 0.7%, and financials, off 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 46.67 points to break for lunch at 35,247.52
The S&P 500 lost 20.61 points to 4,610.99.
The NASDAQ Composite retreated 93.63 points to 14,526.
Oil stocks moved higher, with Occidental Petroleum and Phillips 66 each gaining about 4%.
Elsewhere, 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 on Wednesday 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 2.35% from Tuesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices hopped $3.62 to $107.86 U.S. a barrel.
Gold prices progressed $23.50 to $1,941.50 U.S. an ounce.