Equities in Toronto fought doggedly to maintain the gains they had amassed throughout Wednesday, as energy did its best to push the index up.
The S&P/TSX Composite Index nosed higher nine points to conclude Wednesday at 15,627.93
The Canadian dollar dipped 0.21 cents to 77.63 cents U.S.
Shares of Suncor Energy gained seven cents to $48.91, after the second-largest Canadian energy producer posted a quarterly profit that beat analysts' expectations. Elsewhere in energy, Imperial Oil triumphed 63 cents, or 1.6%, to $39.99.
Among resource stocks, Teck Resources gathered 18 cents to $32.25, while First Quantum Minerals climbed 39 cents, or 2.1%, to $19.11
Gold stocks registered positive, as Goldcorp gained eight cents to $17.23, while Kinross Gold picked up three cents to $5.08.
Consumer staples, however, took a pounding, as Loblaw Companies gained 11 cents to $65.45, after the company beat profit estimates, helped by a rise in same-store sales in its food and drug retail businesses.
Maple Leaf Foods fell $1.44, or 4.7%, to $28.96, and was among the largest decliner on the index, after the meat packaging company posted a first-quarter profit that missed estimates.
Telecoms stubbed their toes, too, as BCE Inc. docked 48 cents to $53.99, while Shaw Communications swooned 47 cents, or 1.8%, to $25.99.
Among utilities, Fortis Inc. doffed 59 cents, or 1.4%, to $42.46.
On the economic front, the IHS Markit Canada Manufacturing Purchasing Managers’ Index posted 55.5 in April, little changed from 55.7 in March and well above the neutral 50.0 threshold.
Also helping the sentiment was Bank of Canada Governor Stephen Poloz saying the outlook for the domestic economy is good despite the overhang of high household debt.
Meantime, U.S. Trade Representative Robert Lighthizer said on Tuesday that if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the U.S. Congress could be in jeopardy.
ON BAYSTREET
The TSX Venture Exchange eased 3.35 points to 772.11
Seven of the 12 TSX subgroups were higher, with energy gushing 1.1%, materials up 1%, and gold ahead 0.6%.
The five laggards were consumer staples, down 1.1%, telecoms off 0.7%, and utilities clicking 0.5% lower.
ON WALLSTREET
Stocks closed lower on Wednesday after Federal Reserve's latest monetary policy announcement hinted at higher inflation ahead.
The Dow Jones Industrial Average jettisoned 174.07 points to 23,924.98
The S&P 500 dipped 19.13 points to 2,635.67
The NASDAQ retreated 29.81 points to 7,100.90.
The major indexes initially popped after the central bank made its announcement, but sold off sharply in the last hour of trading.
The change is key as Fed officials consider 2% to be a healthy level of inflation and a key for continuing to push rates higher.
In corporate news, Apple rose 4.4% after reporting better-than-expected quarterly earnings and revenue that surpassed market expectations.
Wall Street was eagerly awaiting Apple's quarterly figures as the company is seen as a bellwether for the technology sector.
Earnings season continued Wednesday with CVS Health and Estee Lauder among the companies that reported earnings that beat analyst expectations. Garmin and Clorox also posted stronger-than-forecast results.
Overall, most major companies have reported quarterly earnings that outperform analyst estimates. According to experts, 79.1% of S&P 500 companies that have reported thus far have surpassed earnings expectations.
However, reactions to the earnings have been mixed, with some companies seeing their stock drop despite beating the Street.
In economic news, mortgage applications dropped 2.5%, as rates reached their highest levels in nearly five years. ADP and Moody's Analytics also found that private payrolls grew by 204,000 in April, more than the expected 200,000.
Prices for the benchmark 10-year Treasury note lost earlier gains, raising yields to 2.98% from Tuesday’s 2.97%. Treasury prices and yields move in opposite directions.
Oil prices restored 48 cents a barrel to $67.73 U.S.
Gold prices removed $1.50 to $1,305.30 U.S. an ounce.
