Equities in Canada’s largest centre fell on Thursday, as energy and materials stocks tracked weaker commodities, while data showed the nation shed jobs for the second straight month in February.
The TSX stepped back from Wednesday’s levels, losing 62.39 points to open for business Thursday at 18,920.71
The Canadian dollar sagged 0.46 cents to 80.26 cents U.S.
Wesdome Gold Mines wobbled 22 cents, or 2.7%, to $8.09, but OceanaGold fought its way half a cent higher, or 1.3%, to 39 cents.
The largest percentage gainers on the TSX were Power Corporation, which jumped $1.03, or 3.1% to $33.90, after multiple brokerages hiked the price target of the stock, and insurance firm Great-West Lifeco, which rose 61 cents, or 1.9%, to $33.36.
National Bank of Canada cut the price target on IMV Inc. to $5.25 from $7.00. IMV shares lost a cent to $4.06.
CIBC raised the price target on Information Services Corp. to $25.00 from $20.50. Information Services shares dipped 41 cents, or 1.7%, to $23.14.
Citigroup raised the price target on Precision Drilling Corp. to $33.00 from $30.00. Precision shares deducted 83 cents, or 2.8%, to $28.54.
On the economic slate, Statistics Canada said new home prices rose last month at their fastest pace since February 1989. New house prices were up in 22 of the 27 census metropolitan areas surveyed during February, pushing the national index up 1.9% in February.
ON BAYSTREET
The TSX Venture Exchange dumped 7.07 points to 990.47
Eight of the 12 TSX subgroups began the day on the down side, with information technology clicking down 1.6%, energy 1.5% less energetic, and gold, dulling in price 1.1%.
The four gainers were led by financials, up 0.8%, health-care haler by 0.4, and communications, better by 0.2%.
ON WALLSTREET
U.S. stocks fell on Thursday led by technology shares as a spike in bond yields fueled fears of equity valuations and caused investors to sell growth-focused high flyers.
The Dow Jones Industrials improved on Wednesday’s all-time high, by 62.41 points to open Thursday at 33,077.78, supported mostly by bank shares.
The S&P slumped 24.51 points to 3,949.61.
The NASDAQ Composite plunged 223.02 points, or 1.7%, to 13,302.18, as Apple, Alphabet, Microsoft and Facebook all fell at least 1%. Tesla slipped more than 3%.
Bank stocks outperformed as higher interest rates tend to improve their profit margins. Banks can earn more from the widening gap between the rate they borrow at in the short term and the rate they lend out at in the long term. JPMorgan jumped 2%, while Goldman Sachs gained 1.9%. Citizen Financial popped 4% and Zions Bancorp rallied 3.6%.
Investors digested a mixed bag of economic data Thursday. Weekly initial jobless claims totaled 770,000 for the week ended March 13, worse than an estimate of 700,000, according to economist polled by Dow Jones.
Meanwhile, the Philadelphia Federal Reserve’s manufacturing index showed a reading of 51.8, well exceeding Dow Jones consensus of 22.0 and hitting the highest level for the gauge since 1973.
Prices for 10-Year Treasurys plummeted, hoisting yields to 1.75% from Wednesday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.77 to $62.83 U.S. a barrel.
Gold prices $5.60 to $1,721.50.
Related Stories
