Equity markets in Canada’s largest centre opened lower on Thursday, hurt by slips among heavyweight financial and energy stocks.
The S&P/TSX Composite Index slid 7.22 points to kick off Thursday trading at 15,074.99
The Canadian dollar erased 0.02 cents to 79.17 cents U.S.
Sears Canada Inc, which filed for creditor protection in June, said in a staff memo Executive Chairman Brandon Stranzl had stepped away from day-to-day operations to focus on plans for the retailer to continue as a going concern.
CIBC cut the target price on Metro Inc. to $46.00 from $48.00. Metro shares dropped 22 cents to $42.39.
National Bank of Canada cut the rating on Prometic Life Sciences to sector perform. Prometic shares lost six cents, or 4.8%, to $1.19.
Raymond James cut the rating on RMP Energy to underperform from market perform. RMP shares inched higher two cents to 55 cents.
On matters macroeconomic, Statistics Canada reported manufacturing sales fell 1.8% to $53.9 billion in June, following three consecutive monthly gains.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.97 points to 770.46.
The 12 TSX subgroups were evenly divided, health-care leading the list of winners, up 0.6%, while information technology improved 0.3% and industrials inched up 0.1%.
The half-dozen laggards were weighed most by financials, down 0.2%, while consumer discretionary and telecom stocks each sagged 0.1%.
ON WALLSTREET
U.S. equities traded lower on Thursday as retailers concluded their earnings season.
The Dow Jones Industrials dropped 110.26 points to open Thursday at 21,914.61, with Wal-Mart and Cisco Systems contributing the most losses. The index was also on track to snap a four-day winning streak.
The S&P 500 lost 15.81 points to 2,452.30, with information technology leading decliners.
The NASDAQ faded 62.6 points, or 1%, to 6,282.51
Shares of Wal-Mart fell more than 2.3% in early trade despite the company posting better-than-expected quarterly results.
L Brands also reported results that topped expectations, but the company lowered its 2017 earnings-per-share guidance, sending the stock down more than 7%.
Overall, calendar second-quarter earnings have been a mixed bag for retailers. Nordstrom posted better-than-expected earnings and sales, sending their stock higher. Meanwhile, earnings and sales for Macy's topped expectations, but investors sent the stock lower after the results came out.
Cisco Systems shares, meanwhile, fell despite posting in-line results and better-than-expected sales.
Wall Street also contended with the fallout from President Donald Trump dissolving two advisory forums comprised of top U.S. CEOs. The disbanding came as backlash from against Trump grew following remarks he has made following the violent protests in Charlottesville.
In economic news, weekly jobless claims fell to a seasonally adjusted 232,000 from 244,000. Meanwhile, U.S. factory output slipped in July as auto production fell off.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.21% from Wednesday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices inched higher eight cents to $46.86 U.S. a barrel
Gold prices gained $10.10 to $1,293.00 U.S. an ounce.
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