Toronto’s stock market was little changed on Thursday with investors reluctant to take new positions ahead of the long Easter weekend, and with the market settling down after a volatile phase of steep advances and sharp dives.
The S&P/TSX composite index regained 29 points, to greet noon Thursday 14,474.34
The Canadian dollar regained 0.12 cents at 90.93 cents U.S.
The consensus is that trading will remain light today as folks head into a long weekend, resulting in somewhat volatile trade. Markets are shuttered throughout North America for Good Friday.
Financials, the index's most heavily weighted sector, climbed, as insurer Manulife Financial added 0.9% to $20.56, and rival Sun Life Financial advanced nearly 1% to $36.66.
Shares of energy producers gave back ground, as Suncor Energy declined 0.5% to $39.94, and Encana lost 1.7% to $25.22.
The bullion price slipped, weighing on gold-mining shares. Barrick Gold shed 0.6% to $20.07.
On the economic schedule, Statistics Canada reported that its consumer price index rose 1.5% in the 12 months to March, following a 1.1% increase in February.
The agency also said that the number of those receiving regular Employment Insurance benefits was little changed in February at 506,500. Compared with 12 months earlier, the number of beneficiaries was down 4.9%.
Bank of Canada Governor Stephen Poloz said an interest rate cut is still a possibility even though the bank forecasts inflation will pick up speed this year and approach its 2% target.
A new poll out by Reuters shows Canada's economy will grow only modestly over the next two years and underperform the United States as high household debt levels and a cooling housing market restrain consumer spending.
ON BAYSTREET
The TSX Venture Exchange inched up 0.03 points to 998
Eight of the 14 Toronto subgroups were higher midday, led by energy stocks, up 0.7%, industrials, up 0.3%, and financials, nicking ahead 0.2%.
The half-dozen laggards were weighed by health-care and consumer staples, each down 0.8%, and materials, down 0.2%.
ON WALLSTREET
The Dow Jones Industrials, S&P 500, and NASDAQ were flat at noon, but that's a lot better than they were doing earlier today when the Dow was down more than 50 points.
The Dow Jones Industrial Average surrendered 12.72 points to break for lunch at 16,412.13
The S&P 500 inched up 0.91 points to 1,863.22, and the NASDAQ composite index gained 3.11 to 4,089.34.
Investors spent the morning sorting through a mixed batch of earnings that showed strength in banking and consumer companies, but weakness in technology.
Google is down nearly 3%. Ad volume surged 26% in the most recent quarter. While that would impressive for just about anybody else, Wall Street is now conditioned to see anything less than spectacular as a shrug of the shoulders when it comes to Google.
IBM is also sliding. The company was refuge when the momentum stocks relentlessly sold off last week, but its earnings were down again in the first quarter and that obviously bothered some investors.
One area leaving a better taste in investor mouths today: restaurant and food companies.
Traders can't see to get enough of Chipotle. The stock is surging 5%. The restaurant chain missed earnings estimates but revenue came in higher than Wall Street had predicted. Even the winter weather didn't keep people from getting their Tex-Mex fix.
Pepsico share also have some fizz today after the company's reports of growth in its snack businesses.
Banks are another bright spot today. Goldman Sachs is sharply higher after strongly outperforming Wall Street expectations.
Fellow financial Morgan Stanley is also having a good day after reporting that first quarter earnings surged 63% and revenues grew 10%.
China's Weibo begins trading today. Some have called Weibo the Twitter of China, but the company had to cut its offering from 20 million shares to just under 17 million shares, raising less money than expected.
Weibo is being watched closely as a warm-up for China's Alibaba, which is expected to start trading in the U.S. in the coming months. Alibaba is China's version of a hybrid Amazon.com/eBay.
Prices for 10-year U.S. Treasuries dipped, lifting yields to 2.68% from Wednesday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices gained 92 cents to $104.68 U.S. a barrel.
Gold prices fell $3.40 to $1,300.10 U.S. an ounce.
