Equities pulled slightly ahead at Wednesday’s open in Toronto, as cheery profit news from Canada’s biggest gain helped dispense some of the gloom cast Tuesday by Bank of Montreal.
The S&P/TSX composite index poked ahead 10.84 points to begin the session at 15,175.81
The Canadian dollar regained 0.30 cents to 80.37 cents U.S.
Royal Bank of Canada, the country's biggest lender, said quarterly net profit jumped 17%, helped by gains in its personal and commercial banking and capital markets businesses. RBC shares grew $2.34, or 3.1%, to $77.39.
Encana Corp., Canada's largest natural gas producer, reported an 84.5% drop in operating profit for the fourth quarter, hurt by a fall in natural gas production and weak oil prices. Encana shares acquired 29 cents, or 1.8%, to $16.57.
Canadian auto parts behemoth Magna International cut its revenue forecast for 2015, hurt by weak demand from Europe. Magna shares skyrocketed $8.27, or 6.5%, to $135.95.
CIBC cut the price target on Bank of Montreal to $83.00 from $84.00. BMO shares gatherd 37 cents to $76.20.
CIBC then raised the price target on Catamaran Corp. to $77.50 from $62.00. Catamaran shares sank 32 cents to $65.88.
HSBC raised the rating on IAMGOLD Corp. to overweight from underweight. IAMGOLD shares hiked 10 cents, or 3.5%, to $2.93.
ON BAYSTREET
The TSX Venture Exchange poked up 1.27 points to 693.33
Nine of the 14 Toronto subgroups were lower in the first hour of trading, with global base metals falling 1.5%, health-care stocks down 1.1%, and energy stocks 0.7% less energetic.
The five gainers were led by consumer discretionaries, up 1.8%, financials, trading better by 0.9%, and information technology 0.7% to the good.
ON WALLSTREET
U.S. stocks traded moderately lower on Wednesday, as investors looked at housing data and digested U.S. Federal Reserve Chair Janet Yellen's dovish comments on Tuesday ahead of her second congressional testimony.
The Dow Jones Industrials eased back 7.61 points from Tuesday’s record levels, at 18,201.58, with JPMorgan Chase leading blue chips and Intel the greatest laggard.
The S&P 500 dulled 2.05 points to 2,113.43, with information technology the greatest laggard and energy leading five sectors higher.
The NASDAQ index was flat, inching back 0.22 points to 4,967.90, from near 15-year highs.
Target posted earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in pre-market trading.
Campbell Soup matched estimates with adjusted quarterly profit of 66 cents U.S. per share, while revenue was above analyst forecasts. The company did say its gross margins were disappointing and below its expectations.
Dollar Tree earned an adjusted $1.16 U.S. per share for its latest quarter, beating estimates by one cent, with revenue also above consensus. Comparable store sales were up 5.6% during the quarter.
Lowe's posted quarterly earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in pre-market trading.
The company posted earnings of 46 cents U.S. a share on revenue of $12.54 billion U.S.
Avago Technologies, Victoria's Secret and Bath & Body Works owner L Brands, Salesforce.com and Workday are all due after the bell.
Yellen continues her testimony on Wednesday in front of the House Financial Services Committee.
U.S. new home sales declined 0.2% in January.
Investors will also watch oil inventories later this morning from the U.S. Energy Information Administration for signals on supply buildup.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 1.99%.
Oil prices erased 12 cents per barrel to $49.16 U.S.
Gold prices improved $7.70 an ounce to $1,205.00 U.S.
