Stocks in Canada’s largest centre inched higher at open on Thursday, weighed down by energy stocks tracking weaker crude prices, while official data showed domestic home sales fell 8.4% sequentially in June.
TSX Composite index crept up 8.07 points to begin Thursday at 20,155.31
The Canadian dollar dipped 0.23 cents to 79.67 cents U.S.
Barrick Gold said on Thursday second-quarter gold production fell 5.4% from the previous quarter, dented by planned maintenance shutdowns at Nevada Gold Mine in the United States and Pueblo Viejo in the Dominican Republic.
Shares in the world’s largest gold producer dropped eight cents to $26.60.
TD Securities initiates coverage on Anaergia with a speculative buy rating, and a price target of $40.00. Anaergia shares leaped $1.39, or 9.3%, to $16.40.
CIBC raised the rating on CGI to outperform. CGI shares popped $1.59, or 1.4%, to $115.34.
On the economic slate, the Canadian Real Estate Association reported national home sales declined by 8.4% on a month-over-month basis in June. Actual (not seasonally adjusted) activity was up 13.6% year-over-year.
ON BAYSTREET
The TSX Venture Exchange stepped backward 3.99 points to 933.83.
The 12 TSX subgroups were evenly split, with consumer staples vaulting 1.1%, while health-care and information technology each took on 0.6%.
The half-dozen laggards were weighed down most by communications, off 0.9%, while consumer discretionary stocks gave back 0.3%, and energy faded 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average fell Thursday even as second-quarter earnings results continued to beat expectations.
The 30-stock index dropped 31.29 points to kick off Thursday at 34,901.94
The S&P 500 slipped 15.42 points to 4,358.88. The S&P 500 is already up 16% this year in anticipation of a big profit comeback.
The NASDAQ tumbled 74.46 points to 14,570.50.
Shares of Morgan Stanley dipped even after the company’s second-quarter earnings report Thursday morning topped analysts’ expectations with strong equities trading and investment banking results. Morgan Stanley shares were up 35% this year into the results and the stock may be reacting more to the outlook for yields than its actual results.
Initial jobless claims for the week ending July 10 totaled 360,000, a new pandemic-era low, as expected by economists.
Bank shares, including Wells Fargo and Bank of America, were lower despite posting better-than-expected results earlier in the week, as the falling yields pinch their profitability.
Delta shares bucked the trend, however, gaining after an upgrade from Raymond James.
Netflix shares also rose after it hired a veteran video-game executive as it pushes deeper into gaming.
Initial jobless claims for the week ending July 10 totaled 360,000, a new pandemic-era low, as expected by economists.
Federal Reserve Chair Jerome Powell began his second day of Congressional testimony, this time before the Senate banking panel.
Prices for 10-Year Treasurys gained a bit, lowering yields to 1.34% from Wednesday’s 1.35%. Treasury prices and yields move in opposite directions.
Oil prices fell 70 cents to $72.43 U.S. a barrel.
Gold prices moved lower $1.80 to $1,823.20 U.S. an ounce.
