Equities in Canada’s biggest market were slightly higher in early trade on Thursday, weighed down by falling gold mining stocks while energy and banking shares gained and Valeant Pharmaceuticals jumped on news of an asset sale.
The S&P/TSX Composite Index picked up 19.01 points to open Thursday at 15,391.15
The Canadian dollar inched up 0.07 cents to 74.10 cents U.S.
Valeant, for its part, said it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.
Valeant shares galloped $1.03, or 6.3%, to $17.45.
Government officials say Hudson's Bay Co has not yet applied for a Montreal city permit to transform a historic downtown property into a Saks Fifth Avenue store, raising prospects the luxury chain could miss its targeted fall 2018 launch.
Bay shares subsided two cents to $9.71.
Mexico's tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp, thus escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there.
Goldcorp shares lost 38 cents, or 2%, to $18.48.
TD Securities raised the target price on Dollarama to $135.00 from $125.00. Dollarama shares fell $1.74, or 1.4%, to $127.28.
Jefferies cut the target price on First Quantum Minerals to $14.00 from $18.00. First Quantum shares piled on 27 cents, or 2.5%, to $11.18.
BMO raised the rating on Cott Corp. to outperform from market perform, Cott shares listed lower 20 cents, or 1%, to $19.51.
On the economic ledger, Statistics Canada reported that buyers of new homes in Canada saw prices rise 0.8% in April, the largest monthly increase since May 2016. Higher prices in Toronto and Vancouver led the gain.
Meantime, Canada Mortgage and Housing Corporation put housing starts at 214,621 units in May, compared to 213,435 units in April
ON BAYSTREET
The TSX Venture Exchange gave back 0.82 points to 792.88
Seven of the 12 TSX subgroups were lower Thursday, as gold collapsed 1.9%, materials were 1% weaker, and telecoms lost 0.8%.
The five gainers were led by health-care, climbing 1.9%, energy, better by 0.7%, and financials, 0.4% to the good.
ON WALLSTREET
U.S. equities traded mixed on Thursday as Wall Street turned its eyes to former FBI Director James Comey's testimony.
The Dow Jones Industrials opened Thursday up 18.4 points to 21,192.09, Goldman Sachs contributing the most gains
The S&P 500 docked 1.49 points to 2,431.65, with financials leading advancers and real estate lagging.
The NASDAQ weakened 7.57 points to 6,289.81
Firms such as Cantel Medical, J.M. Smucker, and Vail Resorts are due out with earnings today.
Comey is set to testify in front of the Senate Intelligence Committee Thursday morning. Investors will listen closely as they assess how damaging Comey's remarks will be for President Donald Trump and whether he can implement his pro-growth agenda.
The Senate Intelligence Committee released Comey's opening remarks in which Comey said he believed Trump wanted him to "drop" an investigation into former National Security Advisor Michael Flynn's ties to Russia.
Wall Street also digested news coming from Europe, as the European Central Bank kept interest rates unchanged. The ECB dropped all references to a future rate cut from its statement but added that it would be ready to extend its quantitative easing (QE) program if needed. The euro fell 0.4% to $1.122 U.S.
Also in Europe, voters in Britain made their way to the polls for a general election. Prime Minister Theresa May called for the vote in April. Seven weeks ago, May's Conservative party had a seemingly unassailable lead over the left-wing Labour party, but that lead has narrowed significantly since then.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.21% from Wednesday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices were higher 19 cents to $45.91 U.S. a barrel
Gold prices slid $18.40 at $1,274.80 U.S. an ounce.
