Canada's main stock index slipped on Thursday, as limited resource stock gains on the back of Middle Eastern violence were offset by broad pessimism about economic growth that affected banks, insurers, railways and others.
The S&P/TSX composite index had fallen 36.31 points to greet noon at 14,893.06, following a collapse of more than 150 points Wednesday.
The Canadian dollar grew 0.30 cents to 80.22 cents U.S.
Consumer staples were some of the biggest losers, as Saputo shed 59 cents, or 1.7%, to $34.97.
Toronto-Dominion Bank slipped 0.4% to $53.70, while CIBC gave up 1% to $91.11. Manulife Financial lost 1.1% to $21.41, and Canadian Pacific Railway was down 0.8% at $228.23.
TransCanada Corp fell 1.8% to $54.89, while fellow pipeline operator Enbridge lost 1.3% to $61.38.
Canadian Natural Resources gained 1.7% to $39.12 and Suncor Energy added 1.2% to $36.60.
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 eased 0.29 points to 676.95
All but three of the 14 Toronto subgroups lost ground by midday, with consumer staples skidding 1%, utilities off 0.8%, and global base metals sliding 0.7%.
The three gainers were energy, picking up 0.3%, metals and mining, eking higher by 0.2%, and gold, 0.1% brighter.
ON WALLSTREET
U.S. stocks traded narrowly mixed on Thursday as equities attempted to break a three-day selloff and investors weighed geopolitical events in the final few days before the coming earnings season.
The Dow Jones Industrials dipped 81.72 points to 17,636.82, with Intel leading gains and American Express the greatest laggard.
The S&P 500 dropped 4.61 points to 2,055.14. The NASDAQ index shed 19.65 points to 4,856.87.
Oil prices gained as tensions intensified in the Middle East after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
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 labour-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.
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 1.97% from Wednesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices remained positive $1.23 to $50.44 U.S.
Gold prices had gained $7.20 by noon hour to $1,204.20 U.S.
