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TSX Flat at Open
Equities in Toronto gave up early gains Wednesday as concerns over the economic impact of a coronavirus outbreak in China kept gains in check.
The TSX Composite Index dropped 3.19 points to begin midweek Wednesday at 17,497.69
The Canadian dollar demurred 0.17 cents to 75.79 cents U.S.
Ballard Power gave up earlier gains to fall 19 cents, or 1.4%, to $13.42.
ECN Capital rose nine cents, or 1.7%, to $5.35, after at least five brokerages raised their price target on stock after the company's investor day update.
CGI Inc fell $6.15, or 5.5%, the most on the TSX, to $106.76, after its first quarter results missed estimates. Canopy Growth dug out of the hole, gaining two cents to $31.47, following a 10% surge in the previous session.
Canadian National Railway said on Tuesday it sees crude shipments as a growth driver in the year for the country's largest railway operator, which reported a better-than-expected fourth-quarter profit. Its shares ballooned $1.95, or 1.6%, to $125.42.
Restaurant Brands International’s Tim Hortons said on Tuesday it has removed Beyond Meat's products from its coffee and donut shops in the Canadian provinces of Ontario and British Columbia. Restaurant Brands gained 79 cents, or nearly 1%, to $83.43.
Air Canada said on Tuesday it was canceling select flights to China to better match capacity with expected demand as the spread of the new coronavirus rattles travelers. Air Canada dipped 21 cents to $44.89.
Plant-based proteins maker Burcon NutraScience said on Tuesday it had secured $10 million through a bought deal, just days after food giant Nestle SA teamed up with the Canadian company. Burcon shares acquired three cents, or 1.8%, to $1.73.
National Bank of Canada raised the rating on Altagas to outperform from sector perform. Altagas shot higher 26 cents, or 1.3%, to $21.05.
National Bank of Canada cut the rating on Gibson Energy to sector perform from outperform. Gibson docked 27 cents, or 1%, to $26.73.
National Bank of Canada cut the rating on Superior Plus to sector perform from outperform. Superior slid 20 cents, or 1.7%, to $11.54.
ON BAYSTREET
The TSX Venture Exchange inched up 0.58 points, to 576.21.
The 12 TSX subgroups were evenly divided, with gold gaining 0.7%, energy ahead 0.3%, and materials better by 0.2%.
The half-dozen laggards were co-weighed by consumer staples and health-care, each down 0.4%, and communications, off 0.3%.
ON WALLSTREET
Stocks gave back most of their earlier gains on Wednesday as chipmakers declined while investors also looked ahead to the latest policy decision from the Federal Reserve.
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The Dow Jones Industrials moved higher 86.44 points to 28,809.29
The S&P 500 inched up 3.4 points at 3,279.84
The NASDAQ gained 5.81 points to 9,275.37
Apple shares gained more than 1.5% and hit a record after its quarterly results easily beat analyst expectations. The company’s results were driven in part because of an 8% uptick in iPhone sales, which totaled $55.96 billion.
McDonald’s, another Dow component, posted better-than-expected quarterly results, sending the stock up 0.7%. Dow Inc and ADP reported profits that beat analyst estimates as well along with General Electric, which surged about 10%.
So far, nearly 28% of S&P 500 companies have reported results for the previous quarter. Of those companies, about 70% have beaten analyst expectations.
Boeing shares rose more than 2% even after the aircraft manufacturer reported its first annual loss since 1997.
AMD shares dropped more than 7% after the semiconductor company issued weaker-than-forecast revenue guidance for the first quarter. Xilinx also gave a disappointing sales forecast, which sent its stock down more than 9%.
Semiconductor stocks have had a rough week as worries over the coronavirus outbreak dented sentiment over the global economy.
Chinese officials said late Tuesday that the death toll has risen to 132 with total cases in China now standing at 5,974. The White House told U.S. airlines on Tuesday that the administration is considering a suspension of flights from China to the U.S.
Later in the session, investors will be closely watching the Federal Reserve on Wednesday afternoon, as the central bank convenes for its first monetary policy meeting of the decade. The decision is scheduled for announcement at 2 p.m.
The main interest rate is widely expected to hold steady in the 1.50% to 1.75% range
Prices for the 10-Year U.S. Treasury gained ground, weighing yields to 1.62% from Tuesday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil prices decreased 21 cents to $53.27 U.S. a barrel.
Gold prices inched forward 90 cents to $1,570.70 U.S. an ounce.
