Equity markets in this country fell on Thursday, with Tahoe Resources Inc plunging after its license to operate in Guatemala was suspended, while Air Canada bounced after it said a key earnings measure would exceed analysts' expectations.
The S&P/TSX Composite Index had fought its way to within 35.4 points of breakeven to greet noon Thursday at 15,117.72
The Canadian dollar gained 0.12 cents to 77.29 cents U.S.
Tahoe's Canada-listed shares fell 28.4% to $7.70 as the company said the suspension of operations at its Escobal silver mine meant it could no longer confirm its previously issued 2017 outlook. Several banks cut their target prices and recommendations on the stock.
The "Maple Leaf airline" rose 7.8% to $18.70 after the airline said it expected its earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent to "significantly exceed" analysts' expectations.
Smaller rival Westjet Airlines added 2.4% to $24.10.
Equitable Group fell 1% to $58.58 after the country's main financial regulator said it planned to ban some bundled residential mortgages to clamp down on risky lending, six months after media reports revealed that regulated mortgage providers were teaming up with unregulated rivals to circumvent rules limiting how much they can lend against a property.
Intact Financial lost 1.6% to $96.60. The insurer issued estimates of its catastrophe loss payouts due to severe storms and flooding in Ontario and Quebec that were higher than a National Bank Financial analyst had expected.
The materials group, which includes precious and base metal miners and fertilizer companies, lost ground as Barrick Gold fell 2.2% to $20.22, as gold steadied the day after it hit a two-month low.
On the economic slate, Statistics Canada reported our merchandise trade deficit with the world reached $1.1 billion in May, up from a $552-million deficit in April. Imports rose 2.4% and exports were up 1.3%.
The agency also said Canadian municipalities issued $7.7 billion worth of building permits in May, up 8.9% from April and the third highest value on record. The national increase was mainly the result of higher construction intentions for residential buildings, particularly in Ontario.
Seven provinces registered gains in the total value of building permits in May.
ON BAYSTREET
The TSX Venture Exchange settled back 0.18 points Thursday to 762.62
All but one of the 12 TSX subgroups were lower as noon approached, as gold sank 1.5%, materials dropped 1.2%, and utilities dipped 0.8%.
Energy was the only gainer, ahead 0.2%.
ON WALLSTREET
U.S. stocks traded lower on Thursday as a fall in the technology sector dragged down the broader market.
The Dow Jones Industrials slid 70.3 points to 21,407.87, with UnitedHealth and Apple contributing the most losses.
The S&P 500 dropped 10.85 points to 2,421.69, with information technology among the worst performers.
The NASDAQ stepped back 32.81 points, or 1%, to 6,118.04, also off its lows of the morning. Shares of Facebook, Tesla, Apple, Netflix and Google-parent Alphabet all traded lower
Tech — this year's best-performing sector coming into Thursday's session — has been sputtering lately, falling 4% over the past month. The sector was also on track for its fourth losing session in five.
Investors in the U.S. also focused on a series of economic data releases. First, a report from ADP and Moody's Analytics showed the U.S. economy added 158,000 jobs last month, less than the expected 185,000. The report usually serves as a warm-up act for the U.S. Bureau of Labor Statistics' monthly employment report, which is set for release Friday.
Weekly jobless claims, meanwhile, came in at 248,000, slightly higher than the expected 243,000. Other data released included the IHS Markit services Purchasing Managers Index for June, which showed the strongest expansion in business activity since January, and the Institute for Supply Managemente non-manufacturing index, which rose to 57.4 in June from 56.9 in May.
Prices for the benchmark 10-year Treasury note lost strength, raising yields to 2.38% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.10 to $46.23 U.S. a barrel
Gold prices strengthened $1.70 to $1,223.40 U.S. an ounce.
