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Feb. 10, 2010 (Baystreet.ca) --
Canadian stocks have failed to extend their previous session's gains in mid-morning deals Wednesday. Even as traders were digesting contradicting reports on the Greek situation and trade numbers from both sides of the border, easing commodity prices weighed on their sentiment.
The S&P/TSX Composite Index had fallen 60.57 points by lunch hour to 11,213.67.
The Gold Index shed strength, as Eldorado Gold was down 2.47% and Anglo Gold slipped 2.73%.
Among energy plays, Suncor Energy surrendered 3.14% after it said that it has reached an agreement with Progress Energy Resources Corp. to sell certain natural gas properties for about $390 million. Progress Energy eased 1.08%.
Cenovus Energy moved down 1.54% and Encana Corp. lost 1.49%.
Oil and natural gas explorer Talisman Energy gave in 3.33% after the company slipped to loss reporting fourth quarter net loss of $0.11 per share, compared to net income of $1.17 per share last year.
Suncor Energy slipped 2.34% after RBC trimmed its rating on the stock to "sector perform" from a "market perform".
Printer and publisher Transcontinental eased 0.62% after it said that it signed an agreement to sell its U.S. high-volume direct mail operations to IWCO Direct, a U.S.-company headquartered in Minnesota.
Meanwhile, ARC Energy Trust rose 1.33% even after reporting net income for the fourth quarter of $0.28 per unit, lower than $0.38 per unit in the prior-year quarter.
Canadian stock market operator TMX Group gained 2.79% despite reporting a fourth-quarter net loss of $0.36 per share, compared to net income of $0.65 per share last year.
Mining and metals company First Quantum Minerals edged up 0.32% after announcing the finalization of the acquisition of the Ravensthorpe Nickel Operation in Western Australia.
Canadian National Railway edged up 0.04% after Raymond James upped its rating to an "outperform" from a "market perform".
Air Canada rose 2.27% after reporting a narrower fourth-quarter net loss of $0.25 per share, down from a loss of $7.27 per share in the year-ago quarter.
Further, the airline operator said it plans to increase its full-year 2010 system capacity, by 4% to 6% from the full year 2009 level. Separately, it said that it has tied up with a group of lenders to increase its term credit facility by $100 million.
Mineral explorer New World Resources added 2.38%. The company said it has decided to withdraw its proposed offering of EUR 700 million equivalent senior secured notes due to prevailing market conditions.
Financial services provider Home Capital Group edged up 0.76% after it reported fourth quarter net income of $1.16 per share, compared to $0.84 per share last year. In addition, the company said its per-share earnings will grow 15-20% for 2010.
In economic news, Statistics Canada said today that the country's exports and imports both advanced in December, resulting Canada's trade deficit with the world to widen to $246 million from $201 million in November.
The Canadian dollar inched 0.13 cents higher to 93.70 cents U.S.
ON BAYSTREET
Of the 14 TSX subgroups, eight had faded by noon, weighed down by global base metals and gold stocks, off 2.2% each, while metals and mining stocks slid 1.5%.
Of the half-dozen gainers, financials proved the champions, up 0.6%, while telecoms were ahead 0.5% and utilities gained 0.3%.
The TSX Venture Exchange skidded 9.93 points to 1,464.60, while the Nasdaq Canada index moved ahead 1.59 points to 716.15.
ON WALLSTREET
In New York, stocks retreated Wednesday morning as investors looked for more details about a potential bailout for debt-ridden Greece and the stronger dollar pummeled commodity prices and stocks.
The Dow Jones industrial average was off its lows of the day, but still trailed Tuesday's close by 32.95 points over noon hour, to 10,025.69. The S&P 500 index skidded 4.05 points to 1,066.47 and the Nasdaq composite fell 11.04 points to 2,139.83.
Wall Street surged Tuesday, lifted by reports that Germany may offer aid to Greece to manage its mounting debt problems.
Hopes that such a rescue would keep the debt crisis in Europe from spilling over and putting the brakes on the global economic recovery helped the Dow gain 150 points, or 1.5%.
Steel company Arcelor Mittal reported a fourth-quarter profit of more than $1 billion U.S., compared to a loss of $2.6 billion U.S. in the year-earlier quarter. For all of 2009, the company reported a profit of $118 million U.S.
Disney reported quarterly profit and sales that topped Wall Street's expectations. Shares of the company, which posted its results after U.S. markets closed Tuesday, rose in extended trading.
Economically, the U.S. trade deficit grew to $40.2 billion in December from a revised $36.4 billion U.S. in November, a government report said.
The January Treasury budget is on tap later in the day.
Fed Chairman Ben Bernanke was due to appear before the House Financial Services Committee hearing on the unwinding of Fed liquidity programs, but the hearing was postponed due to snow.
The Fed, however, may still release Bernanke's planned testimony about the programs that were put in place at the height of the financial crisis.
Steel company Arcelor Mittal reported a fourth-quarter profit of more than $1 billion U.S., compared to a loss of $2.6 billion U.S. in the year-earlier quarter. For all of 2009, the company reported a profit of $118 million U.S.
Disney reported quarterly profit and sales that topped Wall Street's expectations. Shares of the company, which posted its results after U.S. markets closed Tuesday, rose in extended trading.
Treasury yields on the benchmark 10-year note were 3.65%.
The price of a barrel of oil stepped back seven cents to $73.68 U.S.
Gold prices backslid $10 to $1,068 U.S.