Investing.com — Canada's main stock index, the S&P/TSX Composite traded on a moderately positive note on Wednesday, while US stocks powered higher.
The S&P 500 traded just shy of the 5,000 mark as Chiptole and Ford earnings drove consumer stocks.
Toronto Stock Market News
Finning International Inc . (TSX:FTT) shares fell to the bottom of the TSX as the company's fourth-quarter profit fell compared with a year ago. Net income attributable to shareholders totalled $85 million or 59 cents per diluted share for the quarter, down from $136 million or 89 cents per share a year ago. Net revenue for the quarter totalled $2.40 billion, up from $2.37 billion a year ago.
The Canadian government announced that it will aim to support First Quantum Minerals (TSX:FM), as per trade minister Mary Ng. "First Quantum Mineral is a really important Canadian company," Ng told reporters in Ottawa. However, she did not further elaborate on how the government will support the miner.
CIBC (TSX:CM) cut its price target on Dye & Durham (TSX:DND) Ltd to $21.50 from $23, after the company announced it had closed an approximately $145 million bought deal.
ATB Capital Markets cut its price target on Precision Drilling (TSX:PD) Corp to $125 from $126, following the company's fourth-quarter results.
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In Canadian Economics
The Bank of Canada’s Summary of Deliberations from its January meeting noted that the governing council was "particularly concerned about the persistence of inflation and did not want to lower interest rates prematurely.” The minutes also expressed concern about shelter price inflation, which “would continue to keep overall inflation elevated”.
Meanwhile, data from Statistics Canada showed that Canada's merchandise trade balance went from a surplus of $1.1 billion in November to a deficit of $312 million in December.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.