Stock markets in Toronto continued to stub their toes Thursday, Losses for as the continued rally in information technology stocks and the reversal of drop in energy shares helped curb the negative impact of utilities.
The S&P/TSX composite index slid 59.57 points to close Thursday at 14,869.30, following a collapse of more than 150 points Wednesday.
The Canadian dollar added 0.24 cents to 80.16 cents U.S.
Tech rose after IT consulting company CGI Group gained 62 cents, or 1.2%, to $54.03, on a new contract from the U.K. Ministry of Defence.
Miners also maintained their strength amid increasing gold and copper prices and advanced. Teck Resources lost 52 cents, or 2.8%, to $18.01
Energy jumped as Suncor acquired 39 cents, or 1.1%, to $36.55
Utilities registered a loss as Canadian Utilities stock let go of 49 cents, or 1.2%, to $39.81. Telecoms eased, though, Telus shares picked up 12 cents to $41.94.
Spartan Energy, which climbed 11 cents, or 4%, to $2.88 , was the most heavily traded stock, at 12.9 million shares.
On the economic calendar, the number of Canadians receiving regular employment insurance benefits numbered 496,600 in January – roughly the same as the month before, according to figures released this morning by Statistics Canada
The agency also says, compared with January 2014, the number of beneficiaries decreased by 14,200 or 2.8%.
ON BAYSTREET
The TSX Venture Exchange poked ahead 2.32 points to 679.56
All but three of the 14 Toronto subgroups lost ground, with gold dulling 1.8%, consumer staples skidding 1.4%, and materials 1.2% to the bad.
The three gainers were information technology, up 0.8%, energy, picking up 0.4%, and health-care, 0.2% haler.
ON WALLSTREET
U.S. stocks closed mildly lower on Thursday as equities failed to shake off the losses of the last three days and investors weighed geopolitical events ahead of earnings season.
The Dow Jones Industrials fell 40.31 points to 17,678.23, with American Express the greatest laggard and IBM leading seven blue chips higher.
The S&P 500 dropped 4.90 points to 2,056.15, with utilities leading eight sectors lower and materials and information technology the only sectors gaining.
The NASDAQ index shed 13.16 points to 4,863.36.
Lululemon beat estimates by five cents with quarterly profit of 78 cents U.S. per share, with revenue essentially in line and same-store sales increasing by five percent. However, the athletic wear retailer's forecast for the current quarter is short of Street estimates.
Winnebago missed estimates by eight cents U.S. with quarterly profit of 30 cents U.S. per share, with revenue also well below forecasts.
The recreational vehicle maker said it was hurt by labor-related constraints and higher operating expenses, although it also said it was seeing its profit margins improve and expects positive cash flow during the second half of the year.
Apple and its Beats music service are working on a subscription streaming services that won't have a free tier, according to a story in the New York Times. Separately, Apple is planning an iPhone trade-in program in China, according to Bloomberg.
Oil prices gained as tensions intensified in the Middle East after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
U.S. jobless claims fell to a five-week low, pointing to a healthy and expanding labour market.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally-adjusted 282,000 for the week ended March 21, the U.S. Labor Department said on Thursday. That was the lowest level since mid-February.
The U.S. services sector expanded in March at its fastest pace since September, an industry report showed on Thursday.
Financial data firm Markit said its preliminary, or "flash," reading of its Purchasing Managers Index for the service sector rose to 58.6 in March from a final reading of 57.1 in February.
Prices for 10-year U.S. Treasuries fell sharply, raising yields to 2% from Wednesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $2.12 to $51.33 U.S.
Gold prices gained $6.10 to $1,203.10 U.S.
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