Canada's main stock index opened mixed on Thursday, as energy stocks gained on higher oil prices and offset losses in the materials sector.
The S&P/TSX Composite Index regained 43.17 points to start business on Thursday at 16,520.57
The Canadian dollar settled 0.42 cents at 75.51 cents U.S.
Rogers Communications reported a 2% rise in quarterly profit on Thursday as more subscribers signed up for the Canadian telecom company's wireless postpaid services.
Rogers shares skidded 89 cents, or 1.3%, to $66.21
Kinder Morgan Canada on Wednesday reported a quarterly profit that nearly halved, as it moved lower volumes of crude oil through its pipeline and its interest expenses also rose due to the pending sale of its Trans Mountain pipeline.
Kinder Morgan shares galloped 16 cents, or 1%, to $16.23.
Detour Gold and activist investor Paulson & Co entered into an increasingly heated public exchange on Wednesday over the hedge fund's campaign to seek change at the company and a possible merger approach.
Detour shares stumbled 30 cents, or 2.2%, to $13.40.
Raymond James raised the price target on Canadian Pacific Railway to $285.00 from $275.00. CP shares rumbled higher $5.22, or 2.1%, to $254.05.
On the economic front, Statistics Canada found 454,100 people received regular Employment Insurance benefits during May, virtually unchanged from April.
ON BAYSTREET
The TSX Venture Exchange docked 1.53 points to 716.05.
The 12 TSX subgroups were divided cleanly down the middle, with utilities racing 0.6% higher, energy 0.5% better, and industrials improving 0.4%.
The half-dozen laggards were weighed most by materials, surrendering 1%, telecoms, dropping 0.6%, and gold, dulling in price by 0.4%.
ON WALLSTREET
Stocks traded lower on Thursday as investors digested the latest batch of corporate earnings, while trade fears simmer.
The Dow Jones Industrials backpedaled 88.73 points to open Thursday at 25,110.56, with Travelers Cos. and American Express lagging.
The S&P 500 lost 10.03 points to 2,805.46, with materials and financials underperfoming.
The NASDAQ let go of 25.83 points to 7,828.61
Just over 13% of S&P 500 companies have reported calendar second-quarter earnings thus far, with 85.1% of those firms surpassing analyst expectations
IBM shares rose more than 4% after the Dow component reported earnings and revenue that surpassed expectations. American Express, another Dow member, posted a profit that was just above estimates, while sales came in slightly below estimates. Shares of American Express fell 2.7%.
Shares of eBay fell more than 9% after the company posted revenue and guidance that disappointed investors. Earnings, however, topped estimates. Tech giant Microsoft is scheduled to report earnings after the close.
Investors have high expectations for this earnings season, with analysts expecting 20% year-over-year profit growth for the second quarter.
The earnings season comes as tensions between the U.S. and some of its key trade partners are simmering. On Thursday, European Union Trade Commissioner Cecilia Malmstrom said the EU is making a list of goods it could target as a way to retaliate against potential tariffs on European cars.
Malmstrom’s comments come after U.S. President Donald Trump threatened to hike tariffs on European car imports to 20% from 2.5% last month. Commerce Secretary Wilbur Ross said, however, it was "too early" to say whether the U.S. will impose tariffs on cars.
Prices for the benchmark for the 10-year U.S. Treasury gained a bit of ground, lowering yields to 2.87% from Wednesday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.12 to $69.88 U.S. a barrel.
Gold prices doffed $10.10 at $1,217.80 U.S. an ounce.
