Markets in Toronto gave back gains Thursday they’d acquired the day before, as energy stocks withered on possible worldwide production cuts.
The S&P/TSX Composite Index fell back 85.8 points to finish up Thursday at 16,335.15
The Canadian dollar squeaked ahead 0.03 cents to 75.16 cents U.S.
Top drags on the sector were Enbridge --- subsiding 80 cents, or 1.9%, to $41.48 -- and Canadian Natural Resources, down 72 cents, or 1.7%, to $41.92
In the industrial sector, Bombardier slipped six cents, or 1.1%, to $5.27, while Canadian National Railways dwindled $1.63, or 1.5%, to $105.90.
Tech issues got knocked about, too, as BlackBerry faded 27 cents, or, 1.7%, to $15.58, while Constellation Software lost 48 cents to $1,055.61.
Marijuana sales will become legal in Canada beginning Oct. 17, Prime Minister Justin Trudeau said on Wednesday, making it the first major economy to legalize its recreational use.
Cannabis companies like Canopy Growth perked $2.23, or 4.9%, to $47.59, while Aurora Cannabis sprang up 43 cents, or 4.3%, to $10.42.
Financials crept out of the red, primarily TD Bank, gaining 23 cents to $76.97, while Scotiabank took on 52 cents to $76.79.
British Columbia said it is preparing legislation to crack down on "hidden ownership" in real estate and pledged Canada's first public registry of property owners, amid concerns that offshore money and criminal investors are helping fuel a housing crisis in the Pacific Coast province.
On the economic slate, Statistics Canada reported Thursday that those drawing regular employment insurance benefits numbered 453,100 people, down 15,900 or 3.4% from March, continuing the downward trend that began in the fall of 2016. The number of EI beneficiaries in April was at its lowest level since comparable data became available in 1997.
Also that month, wholesale sales edged up 0.1% to $63.1 billion in April. Increases in the machinery, equipment and supplies and the food, beverage and tobacco sub-sectors were almost completely offset by declines in the motor vehicle and parts sub-sector.
ON BAYSTREET
The TSX Venture Exchange strengthened 4.08 points to 752.56
Eight of the 12 TSX subgroups finished the day lower, with energy tumbling 2.2%, industrials docking 1.3%, and information technology doffing 1%.
The four gainers were led by health-care, skyrocketing 2.7%, financials, eking up 0.1%, and telecoms, inching up 0.03%.
ON WALLSTREET
Stocks fell on Thursday as fears of an impending trade war between the U.S. and China dragged investor sentiment lower.
The Dow Jones Industrials plummeted 196.10 points to 24,461.70, with Intel and Caterpillar as the worst-performing stock in the index. In so doing, the 30-stock index posted an eight-day losing streak, its longest since March 2017.
The S&P 500 lost 17.56 points to 2,749.76, as energy shares fell 1.9%.
The NASDAQ wilted 68.56 points to 7,712.95, erasing earlier gains, led by declines in Amazon and Alphabet. Amazon shares fell 1.1% after the Supreme Court ruled that states can force online shoppers to pay sales tax.
Auto makers were among the worst performers on Thursday, with General Motors, Ford Motor and Fiat Chrysler all falling at least 1.5%. The move lower followed a profit warning from German car manufacturer Daimler, which said its bottom line could be affected by the U.S.-China trade tensions.
Caterpillar let go of 2.5% and Boeing dropped 1.5%. Both companies are susceptible to trade tensions given their large exposure to overseas markets.
Intel shares fell 2.4% after CEO Brian Krzanich left the company following an internal investigation into a "consensual relationship with an Intel employee."
Simmering tensions between the U.S. and China on trade have kept stock gains in check this week, with the Trump administration threatening to slap tariffs on $200 billion worth in Chinese goods. China, meanwhile, said this thread violates previous negotiations and consensus reached between both countries.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 2.9% from Wednesday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices recovered three cents to $65.74 U.S. a barrel.
Gold prices faltered $4.90 at $1,269.60 U.S. an ounce.
