The Toronto stock market was fairly flat at the open Thursday, despite rising commodities along with strong trade and other economic data.
The S&P/TSX composite index began Thursday up but 12.66 points to 12,844.62
The Canadian dollar strengthened 0.31 cents at 97.20 cents U.S.
Traders also digested earnings news from energy giant Canadian Natural Resources.
The Calgary-based oil and gas producer had 33 cents per share of adjusted earnings in the fourth quarter, six cents below estimates of 39 cents per share.
Net income was $352.8 million or 32 cents per diluted share, down from $360 million or 33 cents per share from a year ago and also below analyst estimates of 40 cents per share.
Canadian Natural’s revenue was higher than expected at $3.7 billion but half a billion lower than in the fourth quarter of 2011. Canadian Natural shares began the session 29 cents to $31.45
In Ottawa, the federal government has announced that its long-awaited wireless spectrum auction for the telecom industry will begin on Nov. 19. The auction aims to have at least four wireless-service providers in every region of the country, in an effort to increase competition and push down consumer prices.
On the economic front, figures released this morning by Statistics Canada told us that merchandise exports rose 2.1% in January while imports hiked 1.9%. As a result, Canada's trade deficit with the world narrowed from $332 million in December to $237 million in January.
Moreover, building permits were issued last month worth $5.8 billion, up 1.7% from December, with an increase in the residential sector more than offsetting a slump in the non-residential sector.
ON BAYSTREET
The TSX Venture Exchange recovered 6.48 points to 1,116.22
In all, eight of the 14 Toronto subgroups gained ground in the early going, led by a 1% hike in metals and mining stocks, while energy plays gathered 0.7% and global base metals traveled 0.5% higher.
The five laggards were weighed by telecoms, down 0.7%, while consumer discretionaries and real-estate each skidded 0.1%.
Information technology issues were flat at the outset.
ON WALLSTREET
U.S. stocks edged higher at Thursday's open, setting the stage for yet another record-setting day for the Dow Jones Industrials.
The Dow added 44.55 points early Thursday at 14,340.80, building on Wednesday’s all-time high.
The S&P 500 index eked up 2.47 points to 1,543.93. The tech-heavy NASDAQ Composite edged higher 0.61 points to 3,222.98
The recent rally has been driven by a series of strong economic reports, particularly related to the job market and manufacturing, according to experts
Meanwhile, earnings season is winding down with a smattering of companies still reporting.
SolarCity shares sank after the company missed earnings estimates. Online music streaming firm Pandora Media reports after the market close.
In other corporate news, Time Warner Inc announced plans late Wednesday to spin off its Time Inc. magazine business into a separate publicly traded company. The stock edged higher in early trading.
Economically speaking, ahead of Thursday's open, the U.S. Department of Labor reported that initial jobless claims fell to 340,000 last week. That was down from an upwardly revised tally of 347,000 the prior week and better than the 350,000 forecast economists had expected.
Investors are gearing up for Friday's key monthly government jobs report on Friday. Economists expect a gain of 170,000 jobs in February.
Prices on the 10-year U.S. Treasury dropped, raising yields to 1.97% from Wednesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil prices increased 85 cents to $91.28 U.S. a barrel.
Gold prices took on four dollars to $1,578.90 U.S. an ounce.
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