Stocks in Toronto faded by midday Wednesday as gold miners and other resource issues gained and investors bought shares of companies that reported stronger-than-expected results.
The S&P/TSX Composite went south 42.67 points to pause for lunch time at 14,507.33
The Canadian dollar faded 0.19 cents to 75.65 cents U.S.
The most influential gainers included grocery chain Loblaw, which rose 3.4% to $73.28, and technology company CGI Group, which advanced 3.5% to $60.86, after both beat earnings expectations.
But Toronto Star publisher Torstar Corp fell 3.6% to $1.60 after reporting a wider loss and cutting their dividend.
Barrick Gold advanced 2.3% to $27.60, while Goldcorp gained 1.6% to $24.55.
Alaris Royalty Corp slumped 10% to $26.40 after sharply missing earnings expectations and providing a weaker-than-expected outlook after markets closed on Tuesday.
Gildan Activewear fell 4.3% to $39.14 after reporting results and a weaker-than-expected outlook.
The energy group climbed with Suncor Energy up 0.9% to $35.33 and Canadian Natural Resources adding 0.7% to $40.05.
ON BAYSTREET
The TSX Venture Exchange gained 3.8 points to 774.71
Eight of the 13 subgroups had faded by noon, as energy waned 1.4%, while the metals and mining and consumer discretionary groups each sank 0.7%.
The five gainers were led upwards by information technology, popping 2.5%, while consumer staples and gold each prospered 0.8%.
ON WALLSTREET
U.S. stocks traded mixed Wednesday, as gains in shares of Apple countered declines in Coca-Cola after their earnings reports, ahead of the central bank's decision on monetary policy.
The Dow Jones Industrials docked 28.56 points to 18,445.19, with Apple and Boeing having the greatest positive impact and Coca-Cola and McDonald's contributing the most to declines.
The S&P 500 loosed 6.69 points to 2,162.49, with consumer staples leading seven sectors lower and information technology the top advancer.
The NASDAQ stayed positive 14.78 points to 5,124.83
Apple reported earnings that beat on both the top and bottom line, strong current-quarter revenue guidance, and iPhone and iPad shipments above estimates. Shares held about 6.5% higher in late-morning trade, tracking for their best day since April 2014.
Coca-Cola traded more than 3.5% lower after reporting earnings that beat on revenue that missed. The beverage maker said international headwinds were more severe than anticipated, and that the macroeconomic environment worsened in the quarter.
However, the company did see a 3% rise in organic revenue, thanks to better pricing.
Boeing posted a smaller-than-expected loss for the second quarter and cut its full-year forecast, due to previously announced charges from several of its aircraft programs. Revenue beat estimates, and while Boeing cut its full-year forecast to account for those charges, its forecast is above Street estimates. The quarterly earnings loss was the first in nearly seven years.
Comcast posted earnings that beat on both the top and bottom line, and reported a 3% increase in revenue per cable customer over a year ago. The firm also saw good results for its internet and video businesses.
Anthem reported quarterly earnings that succeeded on both the top and bottom lines. The health insurer said it remains committed to completing its planned acquisition of Cigna despite a Justice Department lawsuit aimed at blocking the deal.
Biotech firm Kadmon traded 16% lower in its IPO debut, tracking for the worst opening day of 2016 for IPOs greater than $100 million U.S. in market cap.
In economic news, overall orders for durable goods orders fell 4% in June. Non-defense capital goods orders excluding aircraft increased 0.2% last month, Reuters said.
Pending home sales rose a far less-than-expected 0.2% in June.
Oil prices briefly fell after the Energy Information Administration reported a surprise crude stock build of 1.7 million barrels. The energy sector traded about 1% lower.
The Federal Open Market Committee is scheduled to conclude its two-day meeting with a statement at 2 p.m. ET. The Fed is not expected to raise rates, but the statement will be scrutinized for indications on the timing of the next rate hike.
Prices for the 10-year Treasury gained ground, dropping yields to 1.54% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices dumped 85 cents a barrel to $42.07 U.S.
Gold prices grew $5.60 to $1,326.40 U.S. an ounce.
