Canada's main stock index opened lower on Thursday, as commodity prices traded lower after the European Central Bank left interest rates unchanged, waiting to see if inflation and the euro-zone economy slows further.
The S&P/TSX Composite index fell 46.02 points soon after the start of business Thursday to 11,572.51
The Canadian dollar strengthened 0.15 cents to 99.60 cents U.S.
In corporate developments, Enbridge Inc. says its second-quarter profit shrank by 96% to $11 million, as a decline in the fair value of its derivatives portfolio offset gains in the company's operational profit.
Gildan Activewear Inc. says its third-quarter profit fell to $78.6 million U.S., almost $10 million below the same time last year, as it absorbed restructuring and other costs related to an acquisition in May.
Elsewhere, Valeant Pharmaceuticals International reported a second-quarter net loss on Thursday as costs rose, but adjusted cash earnings rose and the company raised its forecast for full-year cash results.
Ritchie Bros Auctioneers Inc, which auctions industrial equipment, posted a 17% rise in profit on strong equipment pricing and demand and the company raised its quarterly dividend by 9%.
ON BAYSTREET
The TSX Venture Exchange swooned 7.11 points to 1,182.52. The Nasdaq Canada index slid 0.90 points to 334.22.
In all, nine of the 14 Toronto subgroups were lower in the first hour. Energy stocks fell 1.1%, while utilities surrendered 0.6% and information technology issues were down 0.5%.
Metals and mining stocks led the five gainers, up 1.9%, followed by gold, ahead 0.7%, and materials, gaining 0.3%.
ON WALLSTREET
U.S. stocks opened lower Thursday after European Central Bank President Mario Draghi failed to announce concrete plans to help solve Europe's debt crisis.
The Dow Jones industrial average opened the day down 42.91 points to 12,928.15
The S&P 500 tripped 4.03 points to 1,371.29. The Nasdaq, however, added 8.59 points to 2,928.80
Knight Capital Group's stock plunged 50% after the company said it would report a $440-million U.S. pre-tax loss due to a "technology issue" at the trading firm Wednesday that led to a series of bizarre moves in the market.
General Motors shares were down slightly even after the auto delivered quarterly earnings of $1.5 billion U.S., topping forecasts, despite "headwinds" in Europe.
Shares of Green Mountain Coffee Roasters jumped after the company reported quarterly earnings that beat expectations. The company also announced plans to buy back up to $500 million U.S. in shares.
Shares of Abercrombie & Fitch tumbled after the teen retailer slashed its forecast for the year, citing weakness in Europe.
First Solar's stock was solidly higher after the company posted an 82% jump in second-quarter profit.
Shares of Sony were down sharply after the company posted a wider loss compared to last year and cut its outlook for the year.
Shares of online review site Yelp advanced after the company reported quarterly results that showed solid revenue growth and a smaller-than-expected net loss.
After the U.S. Federal Reserve refrained from taking new action to jumpstart the economy, investor hopes were high that Draghi would announce some form of new action after he pledged last week that the E.C.B. would do "whatever it takes" to preserve the euro.
But Draghi's comments echoed previous remarks, and didn't present any material changes in policy action.
On the economic slate, the number of Americans filing initial unemployment claims rose 8,000 to 365,000 in the latest week, according to the U.S. Labor Department, in line with economists' expectations.
Planned jobs cuts fell 45% in July to a 15-month low, according to outplacement firm Challenger, Gray & Christmas.
Later this morning, the Census Bureau will release data on June factory orders, which are expected to have increased by 0.6%.
The price on the benchmark 10-year U.S. Treasury rose, pushing the down to 1.48% from 1.54% late Wednesday. Treasury prices and yields move in opposite directions.
Oil for September delivery fell $1.47 to $87.44 U.S. a barrel.
Gold futures for August delivery fell $13.10 to $1,590.60 U.S. an ounce.
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