Equities in Canada’s biggest centre pulled back from a one-month high on Thursday as deal-related news pressured shares of Cenovus Energy Inc and Canadian Imperial Bank of Commerce.
The S&P/TSX Composite Index skidded 37.63 points to greet noon Thursday at 15,620
The Canadian dollar rose 0.25 cents at 75.25 cents U.S.
Cenovus shares tumbled $2.07, or 11.9% to $15.38 after the Canadian company agreed to buy oil sands and natural gas assets from ConocoPhillips for $17.7 billion.
Shares of CIBC fell $2.54, or 2.2% to $114.66 after it raised its offer for PrivateBancorp Inc ahead of a June deadline. CIBC said it offered about $4.9 billion in cash and stock, up from the earlier $3.8-billion offer.
Toronto-Dominion Bank's chief executive officer told shareholders at the bank's annual meeting that it does not have a "widespread problem" with its sales practices, responding to a report staffers were pressured to meet targets.
TD shares rose 16 cents to $66.29, while the overall financials group was little changed.
Dollarama Inc's quarterly profit beat analysts' estimates as the average amount customers spent at its stores increased, sending the Canadian discount retailer's shares to a record high, up $7.56, or 7.6%, at $107.30.
On the economic slate, Statistics Canada reported that its industrial product price index increased 0.1% during February, mostly due to higher prices for meat, fish and dairy products and primary non-ferrous metal products.
The Raw Materials Price Index gained 1.2%, mainly as a result of higher prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange acquired 0.89 points to 812.94
All but three of the 12 TSX subgroups were down by noon, as energy slid 1.4%, gold faded 1.3%, and materials fell 0.5%
The two gainers were consumer discretionary stocks, up 0.9%, while industrials eked up 0.1%. Health-care issues were unchanged over noon hour.
ON WALLSTREET
U.S. equities traded higher on Thursday as investors digested some economic data and kept an eye on oil prices.
The Dow Jones Industrials increased 48.79 points to 20,708.11, with Goldman Sachs and UnitedHealth contributing the most gains.
The S&P 500 gained 4.73 points to 2,365.86, with financials leading the way
The NASDAQ Composite marched ahead 5.11 points to 5,902.66
Friday marks the last day of the first quarter. Entering Thursday's session, the NASDAQ composite had gained 9.6%, while the S&P and Dow had risen 5.5% and 4.5% respectively.
However, March has been a mixed month for stocks as investors digested the defeat of a Republican-led bill that would have replaced Obamacare. The S&P and NASDAQ were up 0.3% and 1.3% for the month, respectively, while the Dow tracked for slight losses.
In economic news, the U.S. economy grew at a rate of 2.1% in the final quarter of last year, more than was expected. Other data released Thursday included weekly jobless claims, which fell by 3,000 to 258,000.
Prices for the benchmark 10-year Treasury note lost ground, lowering yields to 2.4% from Wednesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices climbed 33 cents to $49.84 U.S. a barrel
Gold prices sank $5.40 at $1,248.30 U.S. an ounce.
