Markets Go for Dip by Noon

Element Fleet Featured, Likewise, Kinaxix

Equity markets in Toronto tailed off by noon Thursday, despite gains in energy stocks, while data showing domestic labour productivity fell in the fourth quarter.

The TSX shrugged off initial morning gains and settled 59.8 points approaching noon EST Thursday at 18,260.87

The Canadian dollar regained 0.44 cents at 79.35 cents U.S.

The largest percentage gainers on the TSX were Element Fleet Management, which jumped 52 cents, or 4.1%, to $13.09, after the firm reported fourth-quarter results and Parex Resources, which rose $1.29, or 6%, to $22.91, after multiple brokerages raised the price target of the stock.

Kinaxis fell $22.54, or 13.8%, the most on the TSX, to $140.62, after the IT service provider reported fourth-quarter results and miner Hudbay Minerals, down 39 cents, or 4.4%, was the second biggest decliner. Hudbay moved into noon hour at $8.45.

ON BAYSTREET

The TSX Venture Exchange tumbled 37.55 points, or 3.8%, to 954.43

The 12 TSX subgroups were evenly split midday, with energy climbing 3.1%, gold up 1.9%, and consumer staples, progressing 1.2%.

The half-dozen laggards were hampered most by health-care, docking 3.7% of its strength, information technology worse off 2.3%, and consumer discretionary stocks, failing 1.6%.

ON WALLSTREET

U.S. stocks swung wildly on Thursday following back-to-back losses on Wall Street.

The Dow Jones Industrials regained 138 points to kick off Thursday at 31,408.09.

The S&P recovered 18.15 points to 3,837.87.

The NASDAQ Composite recaptured 40.61 points to 13,038.37.

Investors digested a better-than-expected reading on weekly jobless claims. First-time filings for unemployment insurance in the week ended Feb. 27 totaled 745,000, a touch below the Dow Jones estimate of 750,000, the U.S. Labor Department reported Thursday.

Federal Reserve Chair Jerome Powell is set to join The Wall Street Journal Jobs Summit to talk about the economy later Thursday.

Additional stimulus measures could also inject optimism into the market. The Senate is currently debating the $1.9-trillion relief package passed by the House on Saturday. President Joe Biden has backed a plan to cut the income caps for Americans to receive stimulus checks.

Prices for 10-Year Treasurys sagged, raising yields to Wednesday’s 1.47%. Treasury prices and yields move in opposite directions.

Oil prices zoomed $3.06 to $64.34 U.S. a barrel.

Gold prices slid a dollar to $1,714.80.