Bay Street stocks gave a mixed performance Wednesday with gains in energy and mining shares propping up weak performance among technology and banking issues.
The S&P/TSX composite index fell 25.56 points to 8,467.03 on a volume of 275 million shares.
Energy share climbed 0.3% as the price of crude oil slid late in the session on hopes that Gulf Coast oil and gas installations are no longer in the path of hurricane Ivan.
The price of crude for October delivery reversed course and closed down 81¢ at US$43.58 a barrel.
There was little reaction an OPEC decision to increase its oil production by 1 million barrels a day beginning Nov. 1 to meet strong world demand. The move will bump OPEC’s output limit to 27 million barrels a day.
In the materials group, shares in Potash Corp. rose $1.30, or 1.7%, to $76.31, after the company bumped up its earnings outlook for the current quarter, citing strong demand from Latin American and Asia.
Late Tuesday, the company raised its guidance to 65¢ to 75¢ a share on a post-split basis, up from the previous range of 50¢ to 60¢.
Technology shares slipped 2.2% following a profit warning from Celestica. Investors sold off shares in Celestica, a day after the company issued a profit and revenue warning for its third quarter.
Shares of the electronic components maker were off 13%, falling $2.47 to $16.32.
Tech bellwether Nortel Networks fell 27¢, or 5%, to $4.92.
In the heavily weighted financial services group, Royal Bank shares fell 40¢ to $59.86 after Fitch Ratings placed the bank of a negative rating watch following its recent corporate overhaul, and missteps in the U.S. market.
TD Bank shares slipped 36¢ to $45.72.
The junior S&P/TSX Venture composite index was up 8.15 points at 1,525.78.
In New York, stocks fell after a profit warning from Coca-Cola Co. stoked fears about corporate profits and a downgrade of the technology sector by investment bank Goldman Sachs weighed on markets.
Shares of Coca-Cola touched a 16-month low and helped drag the blue-chip Dow Jones index to its lowest close since September 1.
The Dow Jones industrial average was down 86.80 points, or 0.84%, at 10,231.36. The S&P 500 was down 7.96 points, or 0.71%, at 1,120.37.
The tech-heavy Nasdaq composite index finished down 18.88 points, or 0.99%, at 1,896.52.
The Nasdaq slipped below 1,900, after Goldman Sachs cut its view on the software and hardware sectors, citing a survey that showed a slowdown in technology spending in 2004 and 2005.
Record high Canadian factory shipment figures did not help the Canadian dollar on Wednesday as U.S. economic reports prompted a broad rally in the U.S. currency.
The Canadian dollar closed at US77.09¢, down from US77.32¢, at Tuesday’s close. Hurting the currency were U.S. economic reports that boosted the greenback.