TSX Falls Thursday

RioCan, Descartes in Focus

Stocks in Canada’s largest market limped to the finish on Thursday as losses in tech issues overcame gains in real-estate and gold

The TSX Composite Index dropped 42.42 points to conclude Thursday at 16,854.92

The Canadian dollar added 0.12 cents to 75.91 cents U.S.

In real-estate, Summit Industrial Income REIT moved upward 22 cents, or 1.7%, to $12.98, while RioCan REIT picked up 47 cents, or 1.7%, to $27.69.

In the gold sector, Novagold collected 32 cents, or 3.4%, to $9.55, while OceanaGold picked up seven cents, or 2.9%, to $2.52.

In communications, TELUS increased in price 63 cents, or 1.3%, to $50.79, while Cogeco Communications added $1.15, or 1%, to $115.67.

Tech stocks, as mentioned, did not fare so well, as Descartes Group faltered $2.43, or 4.3%, to $53.73, while EXFO dropped 20 cents, or 3.3%, to $5.80.

Financials felt the sting, too, as CIBC slumped $5.93, or 5.2%, to $108.91, while Canadian Western Bank slid $2.47, or 7%, to $33.01.

Lastly, energy stocks lost ground, as EnCana backpedaled 16 cents, or 3%, to $5.20, while Suncor gave up 45 cents, or 1.1%, to $40.88.

On the economic slate, Statistics Canada said this country’s exports rose 0.8% in October, while imports increased 0.5%. As a result, Canada's merchandise trade deficit with the world narrowed slightly from $1.2 billion in September to $1.1 billion in October.

Moreover, Western University’s IVEY Purchasing Managers Index soared to 60.0 in November, towering over October's 48.2 reading, and even surpassing the 57.2 number recorded in November 2018

ON BAYSTREET

The TSX Venture Exchange docked 2.6 points to 537.10

In Toronto, seven of the 12 subgroups had moved higher the closing bell, led by real-estate, headed north 0.8%, gold, up 0.6%, and communications, ahead 0.5%.

The five laggards were weighed most by information technology, down 1.1%, financials, worse off by 0.8%, and energy, sinking 0.5%.

ON WALLSTREET

Stocks were little changed on Thursday as investors digested strong employment data while monitoring U.S.-China trade negotiations.

The Dow Jones Industrials came out of the minus column and gained 28.01 points finish at 27,677.79

The S&P 500 gained 4.67 points to 3,117.43

The NASDAQ added 4.03 points to 8,570.70.

Nike led the slight gains for the Dow, rising 1.8% after a Goldman Sachs analyst upgraded the stock. Apple also rose more than 1%. Consumer staples was the worst-performing sector in the S&P 500, dipping 0.6%.

The Labor Department said U.S. weekly jobless claims dropped 203,000 last week, below an estimate of 215,000.

The report quelled fears stemming from a disappointing private payrolls number released Wednesday. It also comes a day before the government’s monthly non-farm payrolls report.

The U.S. trade deficit tumbled to 7.6% to $47.2 billion in October, a one-and-a-half-year low as imports dropped by $4.3 billion.

Bloomberg News reported Wednesday, citing sources, that both the U.S. and China were inching closer to securing an agreement on the amount of tariffs that would be rolled back in a limited trade deal. President Donald Trump also said Wednesday that he believed trade talks with Beijing were going “very well.”

The report, along with Trump’s comment lifted sentiment around trade and helped the major averages snap a three-day losing streak. It also helped the market recover some of the steep losses from the month’s first two trading days

China and the U.S. have 10 days to reach a trade deal before additional U.S. tariffs on Chinese goods take effect. Those levies would target an additional $156 billion in Chinese goods.

Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.80% from Wednesday’s 1.77%. Treasury prices and yields move in opposite directions.

Oil prices gained 17 cents at $58.60 U.S. a barrel.

Gold prices picked up $4.30 to $1,484.50 U.S. an ounce.