The Toronto stock market was lower near midday Thursday as weaker gold prices contributed most to the decline.
The S&P/TSX composite index slumped 70.44 points to greet noon ET Thursday at 12,282.65
The Canadian dollar fell 0.04 cents to 101.54 cents U.S.
The TSX gold sector fell as Centamin PLC tumbled 51.7% to 42 cents. Big names like Barrick Gold fell 1.7% to $52.59.
Shares of Research In Motion gained more than 3.5% after the company said the U.S. Immigration and Customs Enforcement agency will be launching a pilot program with its smartphones using the new operating system BlackBerry 10, likely in January. Its stock was up 49 cents to $13.63.
In the economic docket, Statistics Canada’s new housing price index rose 0.2% in October, fairly consistent with similar increases throughout the year.
ON BAYSTREET
The TSX Venture Exchange drooped 15.78 points to 1,169.16
All but three of the 14 Toronto subgroups were lower by noon hour. Gold plummeted 2.7%, while materials were 2% poorer, and energy stocks were 0.9% less energetic.
The three laggards were information technology, up 1.6%, telecoms, up 0.3%, and industrials, inching up 0.1%.
ON WALLSTREET
U.S. stocks fell Thursday as uncertainty over the nation's fiscal policy trumped upbeat economic data and moves by global central banks.
The Dow Jones Industrials slipped 85.42 points to break for lunch Thursday at 13,180
The S&P 500 dipped 6.29 points to 1,422.19, while the Nasdaq Composite Index moved lower 25.04 points to 2,988.77
On the corporate front Thursday, shares of Best Buy surged following a report that said the company's founder Richard Schulze will make an offer to purchase the electronics company by the end of the week.
Swiss banking giant UBS could face a fine of $1 billion U.S. to settle charges it manipulated a key interest rate, according to several news reports, citing unnamed sources.
Sprint has offered to buy the 49% of wireless broadband provider Clearwire it doesn't already own, according to a regulatory filing.
CVS Caremark shares were higher after the company boosted its quarterly dividend, announced a $4-billion U.S. share buyback and raised its 2013 outlook.
Pier 1 Imports also upped its dividend and announced a share repurchase program of $100 million U.S. The home furnishings retailer also reported better-than-expected third quarter earnings and sales, and lifted its forecast for the year.
Hovnanian reported a net loss of 59 cents U.S. per share in the third quarter, although the homebuilder said it made a profit, excluding various charges, for the first time in 25 quarters.
The data came as investors ponder the latest monetary policy moves.
The Federal Reserve, along with four other central banks, extended an existing policy that makes it cheaper for banks around the world to borrow U.S. dollars -- a staple of global financial transactions -- through February 2014. Previously, the policy was set to expire in February 2013.
The moves follows the Fed's announcement Wednesday to extend its bond buying program and to maintain low rates until the unemployment rate falls to 6.5% or inflation exceeds 2.5% a year. The move was widely expected, and U.S. stocks closed lower Wednesday as investors shrugged it off.
Meanwhile, investors returned their attention to fiscal cliff negotiations, as House Speaker John Boehner and Republican members of Congress gave investors few reasons to be optimistic that lawmakers are close to a deal.
Economically speaking, U.S. initial jobless claims fell more than expected during the latest week, while retail sales bounced back in November. Producer prices fell 0.8% last month.
Treasury prices on the 10-year note lost more ground, raising the yield to 1.72% from Wednesday’s 1.70%. Treasury prices and yields move in opposite directions.
Oil prices moved forward six cents a barrel to $86.83 U.S.
Gold prices dumped $15.90 an ounce to $1,702 U.S.
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