The Toronto stock market continued its downward path Thursday morning, dragged by soft euro-zone data and minutes from the U.S. Federal Open Market Committee meeting which suggested the possibility of the American central bank ending its stimulus program.
The S&P/TSX composite index tumbled 98.56 points early Thursday to 12,615.49
The Canadian dollar fell 0.27 to 98.12 cents U.S.
In company news, Celtic Exploration Ltd said the Canadian government has approved its acquisition by Exxon Mobil Corp, paving the way for the $2.64-billion deal to be closed four months after it was first announced. Shares climbed 15 cents to $27.00
Miner Centerra Gold Inc. reported a fourth-quarter loss on a one-time accounting charge and said it expected to incur closure costs related to underground operations at Kumtor during the first quarter of 2013. Shares –were down a cent to $7.59
Base metals miner Hudbay Minerals Inc. reported a 78% decrease in quarterly net profit, driven largely by a sharp decrease in total sales volume and lower metals prices. Shares descended 78 cents, or 7.8%, to $9.29
Iamgold Corp. reported a 37% decrease in quarterly net profit on Wednesday due to lower metal prices and lower sales volumes. Iamgold acquired seven cents to $7.64.
Motion picture technology whiz Imax Corp. said its fourth-quarter profit more than doubled, helped by theatre network growth and strong box office performances. Imax shares soared $1.16, or 4.5%, to $26.78.
Home improvement mogul Rona Inc. reported a quarterly loss, due to charges related to restructuring, asset impairments and other one-time items. Rona shares tanked 36 cents, or 3%, to $11.70.
Yamana Gold Inc. reported a boost in quarterly profit on Wednesday as strong gold production and sales outweighed higher operating costs. Yamana shares were up 75 cents, or 5%, to $15.43.
ON BAYSTREET
The TSX Venture Exchange subsided 4.01 points to 1,127.16
All but two of the 14 Toronto subgroups were lower at the start Thursday. Consumer discretionary stocks tanked 1.7%, while energy and the metals and mining group each fell 1.6%.
The two stalwarts were gold, up 2.1%, and materials, advancing 0.5%.
ON WALLSTREET
U. S. stocks opened lower Thursday amid ongoing weakness in Europe, a slew of economic reports and quarterly results from Wal-Mart.
The Dow Jones Industrial Average dropped 49.07 points to 13,878.50
The S&P 500 index sank 9.49 points to 1,502.46. The tech-heavy NASDAQ Composite slipped 18.23 points to 3,146.18
On the corporate front, Wal-Mart reported earnings that beat forecasts but said sales had softened during the quarter. The retailer also hiked its annual dividend by 18%.
Tesla shares sank 9% after the electric-car maker posted a wider-than-expected loss for the fourth quarter.
Hewlett-Packard is up after the closing bell.
Shares of Constellation Brands jumped after Anheuser-Busch InBev and Grupo Modelo SAB said they are in talks with the Justice Department to try and resolve an antitrust lawsuit challenging their planned merger.
Last week, AB InBev agreed to sell Constellation its rights to distribute Modelo in the United States as well its brewery in Mexico, in an effort to rescue the deal.
Apple shares fell 0.7% after Foxconn said it is slowing its hiring of workers at factories in China. The Taiwanese company makes about 40% of the world's consumer electronics gadgets, including products and parts for Apple, Intel and Cisco
Speaking of things economic, U.S. initial jobless claims rose to 362,000 last week, coming in higher than economists were expecting.
The Consumer Price Index was unchanged month-over-month in January, and up 1.6% from a year ago. Core CPI, which strips the price of food and energy, increased 0.3% month-over-month in January, and 1.9% from a year earlier.
Also this morning, the National Association of Realtors released data on existing home sales, while the Philadelphia branch of the Federal Reserve will release its monthly business outlook survey.
Prices on the 10-year U.S. Treasury were higher, pushing yields down to 1.97% from Wednesday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices dove $2.44 to $92.78 U.S. a barrel.
Gold prices fell $4.10 to $1,573.90 U.S. an ounce.
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