TORONTO ? The Toronto stock market registered a modest gain Tuesday afternoon as energy and mining stocks ran ahead on higher prices for oil and metals.
But the index was held back in part by BlackBerry (TSX:BB) as its new product started presales in the U.S.
The S&P/TSX composite index advanced 20.88 points to 12,879.37.
The Canadian dollar inched 0.02 of a cent higher to 97.45 cents US.
U.S. indexes were lower as traders wondered if the recent rally that has driven indexes to multi-year highs is running out of steam.
The Dow industrials lost 20.86 points to 14,426.43 after registering record high closes for the last five sessions in a row. The Dow has also closed every trading session higher since March 1.
The Nasdaq index fell 17.52 points to 3,235.35 while the S&P 500 index shed 6.19 points to 1,550.03.
The mainly weak performance on stock indexes reflects soft Chinese industrial production and retail sales figures which came out last weekend and raised concerns about the pace of the world?s second biggest economy.
In addition, higher-than-expected inflation of 3.2% in February raised questions about the Chinese government?s ability to do more to shore up the economy.
And on Tuesday, Britain?s Office for National Statistics released figures showing industrial production fell sharply during January, raising fears the country will suffer its third recession in not much more than four years.
Industrial production fell at a monthly rate of 1.2% in January, in contrast to expectations for a modest 0.2% rise.
However, the TSX is still up 3.8% for the year so far with some support coming from the Dow?s recent strong runup.
?I do think there is inspiration flowing across the border from the south,? said Fred Ketchen, manager of equity trading at Scotia Capital.
?There is that influence and the U.S. is obviously one of the economic leaders and certainly one of the larger influences and we watch very closely what is taking place down there because we are so close, we have economic inter-relationships and what often happens in the U.S. has an influence here.?
The Dow has surged more than 10% so far this year.
In Toronto, the gold sector led advancers, up almost 2.3% while April bullion was ahead $13.70 to US$1,591.70 an ounce. Goldcorp Inc. (TSX:G) rose 92 cents to C$34.15.
Alamos Gold Inc. (TSX:AGI) is asking the B.C. Securities Commission to remove a ?poison pill? anti-takeover defence erected by Aurizon Mines Ltd. (TSX:ARZ). The original Aurizon shareholder rights plan expired March 4 when Hecla Mining Co. came forward with a rival, friendly offer. Alamos says a second poison pill announced by Aurizon on Monday is designed to prevent shareholders from exercising their right to accept its proposal. Alamos shares gained 10 cents to $14.66 while Aurizon was unchanged at $4.51.
May copper rose four cents to US$3.55 a pound, boosting the base metals sector by about 0.6%. Teck Resources (TSX:TCK.B) gained 20 cents to C$31.53.
Labrador Iron Mines Holdings Ltd. (TSX:LIM) surged 16 cents or 24.62% to 81 cents. The company and a subsidiary of India?s Tata Steel Ltd. have reached a strategic co-operation pact. Labrador Iron has agreed to sell a 51% stake in its Howse deposit to Tata Steel Minerals Canada for $30 million cash and the right to acquire a deposit from TSMC. The agreement also calls for the companies to share a rail line and other equipment to carry ore from the Labrador-Quebec border area to the port of Sept-Iles, Que.
The energy sector rose 0.17% while the April crude contract on the New York Mercantile Exchange up 67 cents to US$92.73 a barrel. Talisman Energy (TSX:TLM) was up eight cents to C$12.52 as the company said it has signed a deal with SBM Offshore to cancel and scrap its Yme project in the North Sea, which has faced a number of problems and delays. The company said a new solution is needed in order to develop the Yme field.
PetroBakken Energy Ltd. (TSX:PBN) declined 17 cents to $8.28 as it said it plans $675 million in capital spending this year, about 30% less than in 2012 or 2011 before adjusting for dispositions. The Calgary-based oil and gas producer also says it had $106.9 million of adjusted net income, or 55 cents per share. Revenue was $296.5 million and funds from operations was $168.3 million, or 88 cents per share.
The tech sector led losing components. Shares in BlackBerry (TSX:BB) fell 58 cents or 3.8% to $14.71 as U.S. telecom AT&T started presales of the company?s new Z10 touchscreen smartphone, leading up to an official U.S. release on March 22. The company said on Monday that the phone will sell for US$199.99 under a two-year contract. The stock had surged 14% Monday amid high hopes for the smartphone in the highly competitive U.S. market.
The consumer staples sector was also weak with convenience store chain Alimentation Couche Tard (TSX:ATD.B) down $1.31 to $55.48.
The parent of the Sobeys grocery chain, Nova Scotia-based Empire Company Ltd. (TSX:EMP.A), says it had $75.2 million of net income in its financial third quarter. The profit amounted to $1.11 per share while adjusted earnings were slightly higher at $79.6 million or $1.17 per share. Revenue for the three months ended Feb. 2 was $4.34 billion, most of it from Sobeys. Empire shares slipped 12 cents to $65.15.
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