Stocks in Canada’s largest market were little changed on Thursday as heavyweight financial sector shares gained, while lower oil prices weighed on the energy group.
The S&P/TSX Composite Index poked up 1.83 points to open Thursday at 15,350.29
The Canadian dollar was virtually unchanged at 75 cents U.S.
The Trudeau government unveiled a stay-the-course budget on Wednesday that targeted export growth and some measure of tax reform but did little to whittle away at deficits even as it backed off from an explicit pledge to improve the debt outlook.
The budget also took aim at ride-sharing providers such as Uber Technologies Inc, looking to end a tax advantage they have over traditional taxi companies.
Alberta Premier Rachel Notley says her province has obtained federal aid to help clean up the rising number of oil wells whose owners have gone bankrupt. Notley’s remarks came after the release of the federal budget on Wednesday.
Desjardins raised the target price on Amaya Inc., to $24.50. Amaya shares climbed 26 cents, or 1.2%, to $21.35.
Raymond James cut the target price on RMP Energy to $0.75 from $1.00. RMP shares dropped a penny, or 1.5%, to 67 cents.
RBC cut the target price on Yellow Pages Ltd. to $9.00 from $16.00. Yellow shares dipped 17 cents, or 2.2%, to $7.59.
On matters economic, Statistics Canada reported that those drawing regular employment insurance numbered 567,900 in January, little changed from the previous month.
The agency goes on to say that, in the 12 months to January, the number of EI beneficiaries in Canada was up by 20,300, or 3.7%, largely as a result of increases in Alberta
ON BAYSTREET
The TSX Venture Exchange moved up 4.63 points to 805.55
Seven of the 12 TSX subgroups were lower to start the session, as energy trailed Wednesday’s close 0.8%, telecoms dipped 0.5%, and information technology fell 0.2%.
The five gainers were led by health-care, recovering 0.9%, financials, richer by 0.4%, and gold, 0.3% brighter.
ON WALLSTREET
U.S. stocks traded in a narrow range Thursday as investors eagerly awaited a key vote in the House regarding a Republican-led health-care bill.
The Dow Jones Industrials dropped 2.41 points to 20,658.89, with Nike contributing the most gains and UnitedHeatlh the most losses.
The S&P 500 fell 0.13 points to 2,348.53, with real estate outperforming and tech lagging.
The NASDAQ sank 6.61 points to 5,815.04
Cars dominated company news, as shares of Ford Motor fell more than 2% before the bell after the company's first-quarter guidance came in lower than Wall Street estimates. General Motors' stock followed Ford lower, slipping more than 1%.
The health bill, if signed into law, would effectively repeal and replace Obamacare, thus accomplishing one of President Donald Trump's first legislative goals.
The House vote is crucial for the Trump agenda. Trump has said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction. Republicans need 215 House votes for passage.
In economic news, weekly jobless claims rose by 15,000 to 258,000, above the expected print of 240,000. New home sales were due out soon after the markets opened.
Meantime, Federal Reserve Chair Janet Yellen spoke at a conference in Washington, D.C., but did not comment on monetary policy.
Prices for the benchmark 10-year Treasury note gave back a bit, raising yields to 2.41% from Wednesday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices docked 34 cents to $47.70 U.S. a barrel
Gold prices were unchanged at $1,249.70 U.S. an ounce.
