Stocks in Canada’s largest market edged higher on Thursday, as declines in mining stocks partly offset gains for several heavyweight banks and a jump in shares of Valeant Pharmaceuticals International Inc.
The S&P/TSX Composite Index slid 7.22 points to greet noon at 15,074.99
The Canadian dollar slipped 0.13 cents to 79.07 cents U.S.
Valeant climbed 4.1% to $18.63 after the company said it had resolved the concerns of U.S. authorities about its Bausch + Lomb facility in Tampa.
Big banks also gained, helping the financials group add strength. Royal Bank of Canada rose 0.3% to $93.22, and Toronto-Dominion Bank added 0.3% to $64.14.
The materials group, which includes precious and base metals miners and fertilizer companies, fell back.
Potash Corp of Saskatchewan declined 0.9% to $22.11, and diversified miner Teck Resources fell 1.2% to $29.40.
Among raw materials mined by Teck is copper, whose price in global markets fell 0.6% to $6,494.50 U.S. a tonne.
It also excavates zinc, whose price retreated 0.9% to $3,092.50 U.S. a tonne. Earlier in the session it touched its highest level since October 2007.
First Quantum Minerals, another base metal miner, fell 1.5% to $13.21.
The energy group gained ground, as oil prices steadied after U.S. data showed a big fall in crude stockpiles but also an increase in production.
Prometic Life Sciences declined 5.6% to $1.18, adding to a string of daily declines since reporting revenue that sharply missed expectations last week.
On matters macroeconomic, Statistics Canada reported manufacturing sales fell 1.8% to $53.9 billion in June, following three consecutive monthly gains.
ON BAYSTREET
The TSX Venture Exchange eked lower 0.69 points to 768.60.
Seven of the 12 TSX subgroups were positive, with information technology vaulting 0.5%, health-care up 0.3%, and energy, advancing 0.2%.
The four laggards were weighed most by materials, down 0.3%, consumer discretionary stocks, off 0.2%, and financials, sliding 0.1%.
Industrials were unchanged at noon hour.
ON WALLSTREET
U.S. equities fell on Thursday on concerns President Trump's recent controversies will not allow him to work with Congress to pass business-friendly legislation.
The Dow Jones Industrials dropped 145.62 points to 21,879.25, on fears that Gary Cohn, a business friendly advisor to the president, could resign his role as director of National Economic Council because of Trump's remarks following the violent protests in Charlottesville, Va.
The Dow then pared those losses when reports indicated Cohn has no plans to resign and it was just speculation. Still, the concern remains that members of Congress and others in the business community would not want to work with the President following the backlash that led Trump to dissolve two CEO advisory forums.
It was confirmed a short time later that Cohn would NOT be resigning.
The S&P 500 lost 19.49 points to 2,448.62, with information technology leading decliners.
The NASDAQ faded 66.8 points, or 1.1%, to 6,278.31
Shares of Wal-Mart fell 2% despite the company posting better-than-expected quarterly results.
L Brands also reported results that topped expectations, but the company lowered its 2017 earnings-per-share guidance, sending the stock down more than 9%.
Overall, calendar second-quarter earnings have been a mixed bag for retailers. Nordstrom posted better-than-expected earnings and sales, sending their stock higher. Meanwhile, earnings and sales for Macy's topped expectations, but investors sent the stock lower after the results came out.
Cisco Systems shares, meanwhile, fell despite posting in-line results and better-than-expected sales.
In economic news, weekly jobless claims fell to a seasonally adjusted 232,000 from 244,000. Meanwhile, U.S. factory output slipped in July
as auto production fell off.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.21% from Wednesday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices inched higher 11 cents to $46.89 U.S. a barrel
Gold prices gained $8.90 to $1,291.80 U.S. an ounce.
