Equities in Canada’s largest market turned lower in early trade on Thursday as losses among heavyweight financial stocks offset gains in mining and energy companies as commodity prices rose.
The S&P/TSX Composite hesitated 16.37 points to open Thursday at 15,475.17
The Canadian dollar vaulted 0.38 cents at 76.34 cents U.S.
MEG Energy says its 2017 capital budget will be nearly four times higher than last year's spending, as the company also outlined plans to refinance its debt.
MEG shares stumbled 53 cents, or 6.2%, to $7.89.
Onex Corp is exploring a sale of USI Insurance Services, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.
Onex shares gave back 14 cents to $88.89.
NBF raised the price target on DH Corp. to $24 from $18 saying the strategic review has the potential to create shareholder value beyond current levels.
DH shares eked up 13 cents to $23.28.
Barclays raised the price target on Manulife Financial to $28 from $24 saying that the growth outlook provides a compelling investment opportunity.
Manulife shares slid 43 cents, or 1.7%, to $24.45.
Neptune Technologies & Bioressources is expecting Q3 earnings of two cents per share.
Neptune shares dropped three cents, or 2%, to $1.44.
Sandvine Corp also projects Q4 earnings of two cents per share. Sandvine shares lost three cents, or 1.1%, to $2.66.
On the economic ledger, Statistics Canada reported its new housing price rose 0.2% in November compared with the previous month. The advance was largely driven by price increases for new housing in Ontario.
ON BAYSTREET
The TSX Venture Exchange regrouped 3.78 points to 794.24
Eight of the 12 TSX subgroups slumped in the first hour of Thursday trading, with consumer discretionary issues sliding 0.7%, health-care ailing 0.6%, and financials the poorer by 0.5%.
The four gainers were led by gold, shining brighter 1.6%, materials, jumping 1%, and energy, poking up 0.3%.
ON WALLSTREET
U.S. equities traded lower on Thursday after President-elect Donald Trump disappointed investors during his first news conference since July.
The Dow Jones Industrials collapsed 146.29 points to 19,807.99, with Goldman Sachs weighing the most.
The S&P 500 skidded 14.27 points to 2,261.05, with information technology and financials lagging
The NASDAQ composite index retreated 45.88 points from Wednesday’s all-time high, at 5,517.77
Trump took shots at the pharmaceutical industry, which sent health-care and biotechnology stocks reeling. He also failed to provide new details on three of his key policies: tax reform, deregulation of certain sectors and fiscal stimulus.
Investors on Thursday also focused on speeches from several Federal Reserve officials.
In economic news, weekly jobless claims rose less than expected, while U.S. import prices rose in last month, boosted by higher oil prices.
Prices for the benchmark 10-year Treasury note hiked, lowering yields to 2.33% from Wednesday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.17 to $53.42 U.S. a barrel
Gold prices added $6.80 to $1,203.40 U.S. an ounce.
