TORONTO _ The Toronto stock market was slightly higher Wednesday amid a quiet economic calendar and a potential major shift in the Canadian retail landscape.
U.S. retailer Sears Holdings Corp. (NASDAQ: SHLD, Stock Forum) is considering selling its 51 per cent interest in Sears Canada Inc. (TSX: T.SCC, Stock Forum) as the retailer continues with efforts to turn around its business. Sears Holdings' overall business has been struggling after years of sales declines and it has been closing some unprofitable stores.
The S&P/TSX composite index gained 16.17 points to 14,695.98 while the Canadian dollar rose 0.04 of a cent to 91.7 cents US.
U.S. indexes were lower as the Dow Jones industrials declined 10.08 points to 16,705.36, the Nasdaq dropped 11.4 points to 4,118.77 and the S&P index slipped 1.78 points to 1,895.67.
In earnings news, Sony Corp. (NASDAQ:SNE, Stock Forum) sank to a 138 billion yen ($1.3 billion) quarterly loss, hit by costs from selling its personal computer business. The maker of the PlayStation 4 game console, Bravia TVs and Walkman digital player also reported a loss of 128.4 billion yen for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year.