The Toronto stock market ebbed and flowed before finishing Wednesday afternoon pretty much where it started in the morning, despite gains in tech issues.
The TSX fought its forward 5.45 points to close Wednesday at 25,641.18
The Canadian dollar was unchanged at 71.09 cents U.S.
Royal Bank of Canada reported a rise in fourth-quarter profit as the country’s biggest lender benefited from strong performance in its personal banking business. Shares in Canada’s biggest bank gained 62 cents to $176.42.
Still, RBC set aside more funds than expected for possible souring loans, indicating clients struggled to pay their mortgages and credit card bills despite multiple rate cuts in Canada.
Meanwhile, the National Bank of Canada also reported higher quarterly profit, helped by solid performance in its wealth management unit. National shares, by contrast, lost $5.26, or 3.7%, to $135.50.
Among tech stocks, Bitfarms leading with a rise of 21 cents, or 7.3%, to $3.02, after Alliance Global Partners initiated coverage on the blockchain farm operator with a “buy” rating.
Consumer discretionary issues fell, pressured by a drop of $7.37, or 5% in Dollarama, despite the retailer reporting increased third-quarter sales and profit. Dollarama shares ended the day at $140.80. Meantime, BRP Inc. slid $1.39, or 2%, to $68.13.
The energy sector declined with Baytex Energy dropping 21 cents, or 5.3%, to $3.77, after two brokerages cut target prices. Elsewhere, Precision Drilling fell $2.88, or 3.3%, to $85.39.
In the materials sector, Ero Copper chucked 66 cents, or 3.1%, to $20.84, while Algoma Steel slid 40 cents, or 2.7%, to $14.54.
In the economic docket, Greater Toronto Area home sales rose for the fourth straight month in November and prices climbed to a one-year high as lower borrowing costs encouraged buyers to move off the sidelines.
ON BAYSTREET
The TSX Venture Exchange slid 3.22 points to 617.50.
The 12 TSX subgroups were evenly split at the finish between gainers and losers, with information technology picking up 1.2%, while industrials jumped 0.5% and utilities gained 0.3%.
The half-dozen laggards were weighed most by energy, 2.2% less energetic, while consumer discretionary stocks retreated 1.6%, and materials faded 0.5%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite scaled to record highs Wednesday, with tech shares leading the charge following strong reports from Salesforce and Marvell Technology.
The Dow Jones Industrial index leaped 308.51 points to 45,014.04
The broader market surged 36.61 points to 6,086.49.
The tech-heavy NASDAQ Composite popped 254.21 points, or 1.3%, to 19,735.12.
Salesforce climbed nearly 11% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings expectations and issued strong fourth-quarter guidance, advancing 23%. The stock was headed for its best daily performance since May 26, 2023.
Wednesday’s moves come as investors await new U.S. employment data due Friday. Economists polled by Dow Jones expect the U.S. economy added 214,000 jobs in November.
Another report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions.
Prices for the 10-year Treasury were higher, reducing yields to 4.19% from Tuesday’s 4.23%. Treasury prices and yields move in opposite
directions.
Oil prices dipped $1.09 to $68.85 U.S. a barrel.
Prices for gold jumped $6.40 an ounce to $2,674.30 U.S.
