Stocks in Toronto waxed and waned, even registering in the plus category Wednesday, before ending the session in the minus column, as energy losses overrode gains elsewhere.
The TSX fell 16.33 points to close Wednesday at 20,751.05.
The Canadian dollar gained 0.13 cents at 75.26 cents U.S.
Gold stocks proved the champions Wednesday, as Centerra Gold picked up 46 cents, or 5.4%, to $9.00, while Torex Gold climbed 59 cents, or 3.2%, to $18.88.
Tech stocks moved higher as HUT 8 Mining gathered 28 cents, or 10.9%, to $2.86, while BlackBerry shares grabbed 31 cents, or 5.5%, to $5.99.
Among consumer discretionary stocks, Linamar Corp. hoisted $3.78, or 5.6%, to $71.73, while BRP tacked on $4.87, or 4.4%, to $115.90.
Energy sputtered Wednesday, as Spartan Delta chucked $1.62, or 10.8%, to $13.41, while Cenovus Energy toppled $1.03, or 3.9%, to $25.55.
In consumer staples, Loblaw fell $3.95 a share, or 3.3%, to $115.25, while Metro shares ditched $1.90, or 2.6%, to $70.32.
Utilities were also in the red with Superior Plus slipping 51 cents, or 4.7%, to $10.25, while Brookfield Renewable Partners let go of 68 cents, or 1.8%, to $38.07.
On the economic calendar, the S&P Global Canada Manufacturing Purchasing Managers’ Index recorded 51.0 in January, up from 49.2 at the end of 2022.
The TSX Venture Exchange recovered 3.66 points to 629.83.
All but three of the 12 subgroups gained ground, as gold soared 2.1%, information technology rose 1.9%, and consumer discretionary hiked 1.8%.
The three laggards were energy, down 2.3%, consumer staples, up 1.5%, and utilities, ahead 0.3%.
Stocks gained on Wednesday in an intraday turnaround as investors shook off a quarter-point rate hike from the Federal Reserve and instead focused on comments from Fed Chairman Jerome Powell that acknowledged falling inflation.
The Dow Jones Industrials survived heavy losses earlier in the day and forged higher 6.92 points by the close Wednesday at 34,092.96.
The S&P 500 hiked 42.61 points, or 1.1%, to 4,119.21.
The NASDAQ Composite surged 231.77 points, or 2%, to 11,816.32, boosted by gains in chipmakers following strong earnings from Advanced Micro Devices
The Fed’s latest hike represented a slowing from its half-point increase in December, giving a nod to investors hoping the central bank would ease off its aggressive tightening campaign. They were further encouraged by Powell’s comments.
Stock benchmarks also got a boost as fourth quarter corporate earnings largely continued to show resilient profits. Peloton shares surged 26.5% after the fitness equipment company said its net loss narrowed year over year. Advanced Micro Devices shares gained 12.6% after the semiconductor company reported a fourth-quarter earnings beat.
Prices for the 10-year Treasury regained strength, lowering yields to 3.42% from Tuesday’s 3.50%. Treasury prices and yields move in opposite directions.
Oil prices dipped two dollars to $76.87 U.S. a barrel.
Gold prices jumped $22.40 to $1,967.70 U.S. an ounce.