Canada's main stock index opened lower on Thursday, led by losses in energy stocks after oil prices fell.
The S&P/TSX Composite Index dipped 14.29 points to begin Thursday’s session at 16,406.66
The Canadian dollar settled 0.08 cents to 75.05 cents U.S.
Brookfield Asset Management Inc launched a $515-million bid for Australian retirement village owner Gateway Lifestyle Group, topping an earlier bid from Hometown America Corp and setting up a takeover tussle.
Brookfield shares docked one cent to $55.10.
Barclays adjusted the price target on Dollarama to $52.00 from $157.00. Dollarama shares hiked 67 cents, or 1.3%, to $53.53.
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 88 cents, or 1.9%, to $46.24.
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 2.63 points to 753.88
Seven of the 12 TSX subgroups were higher to start out, as health-care stocks acquired 1.2%, while telecoms and real-estate each climbed 0.2%.
The five laggards were weighed most by energy, skidding 1%, while industrials and gold each lost 0.3%.
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 167.59 points to 24,490.21, with Boeing and Caterpillar among the worst-performing stocks in the index. The Dow was also on track to post an eight-day losing streak, its longest since March 2017.
The S&P 500 lost 11.87 points to 2,755.45, as energy shares fell more than 1%.
The NASDAQ dropped 33.56 points to 7,747.95, as Netflix shares hit an all-time high to build on its recent rip-roaring rally.
Netflix's stock rose after Pivotal Research Group became the second firm this week to raise its price target on the stock to $500 a share.
Kroger Company and Darden Restaurants are among a slew of companies releasing earning Thursday
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 deleted 72 cents to $64.99 U.S. a barrel.
Gold prices faltered $7.60 at $1,266.90 U.S. an ounce.
