Stocks Drag with Energy Prices
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May 16,2018 10:15 am EST

Stocks Drag with Energy Prices

Equities in Canada''s largest centre opened lower on Wednesday as a drop in oil prices weighed on energy shares.

The S&P/TSX Composite Index let go of 8.53 points to start mid-week Wednesday trading at 16,089.28

The Canadian dollar increased 0.35 cents to 78.02 cents U.S.

Finance Minister Bill Morneau will brief reporters on Wednesday about talks with Kinder Morgan Canada on possible aid for an oil pipeline project but will not be announcing a final decision.

Kinder Morgan shares acquired 58 cents, or 3.5%, to $17.33

Home Capital Group Inc said on Wednesday its unit received a two-year $500-million funding commitment that would replace a $2-billion credit facility offered by Warren Buffett''s Berkshire Hathaway.

Home shares took on 11 cents to $14.24.

RBC raised the price target on Linamar to $86.00 from $84.00. Linamar shares trailed $1.05, or 1.4%, to $74.01.

On the economic front, Statistics Canada reported manufacturing sales rose 1.4% to $57.1 billion in March. The agency says higher sales at primary metal, aerospace product and parts, fabricated metal product, and other transportation equipment industries were mostly responsible for the increase.

ON BAYSTREET

The TSX Venture Exchange ditched 0.72 points to 780.31

The 12 TSX subgroups were evenly divided between gainers and losers, with consumer staples and materials co-leading the former category, each climbing 0.4%, while industrials gained 0.3%.

The half-dozen laggards were weighed most by financials and utilities, each down 0.2%, and telecoms, off 0.1%

ON WALLSTREET

Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy''s.

The Dow Jones Industrial Average gained 27.3 points to 24,733.71, with Nike as the best-performing stock in the index.

The S&P 500 added 5.86 points to 2,717.31, as the consumer discretionary sector climbed 0.6%.

The NASDAQ acquired 24.36 points to 7,375.11

Macy''s shares rallied 6.4% on stronger-than-expected quarterly earnings. The company''s same-store sales, a key metric for retailers, rose 4.2% last quarter versus an estimate of 1.4%.

Elsewhere in corporate news, Teva Pharmaceutical rose more than 3% after Warren Buffett''s Berkshire Hathaway revealed it increased its stake in the company.

Prices for the benchmark for the 10-year U.S. Treasury dipped sharply, raising yields to 3.08% from Tuesday''s 3.07%. Treasury prices and yields move in opposite directions.

Oil prices fell 43 cents a barrel to $70.88 U.S.

Gold prices inched up 20 cents to $1,291.90 U.S. an ounce.