The Toronto stock market was lower Thursday, adding to the steep losses of the previous session as further weak employment data raised worries about slowing U.S. economic conditions.
The S&P/TSX index dropped 17.67 points, on top of yesterday’s plunge of 250 points plus, to begin Thursday at 12,404.45
The Canadian dollar was up 0.04 at 98.61 cents U.S.
The gold sector declined on top of a slide of almost 5% on Wednesday, as Barrick Gold Corp. faded 42 cents to $26.67.
The energy sector declined as crude futures tumbled. Canadian Natural Resources gave back 40 cents to $31.08.
The base metals group was slightly higher while May copper was a cent lower at $3.32 U.S. a pound following a five-cent slide. First Quantum Minerals gained 15 cents to $18.11.
Telecoms were the leading advancer with Telus Corp. ahead 42 cents to $69.73.
On the corporate front, Lululemon Athletica Inc. shares gained 80 cents to $66.06 after it said Wednesday that its chief product officer is leaving the retailer, just weeks after it pulled its black Luon pants from store shelves because they were too sheer. Specific reasons for Sheree Waterson’s departure were not disclosed.
Dominion Diamond Corp, formerly Harry Winston Diamond Corp, on Wednesday reported an increase in fourth-quarter sales on rising demand in the United States, China and India. Dominion shares tacked on a dime to $16.03.
ON BAYSTREET
The TSX Venture Exchange demurred 12.97 points to 1,025.65
In all, nine of the 14 Toronto subgroups were higher, with global base metals leading the charge, ahead 0.9%, while metals and mining stocks progressed 0.8% and information technology gained 0.5%.
The five laggards were weighed mostly by energy, trailing Wednesday’s close by 0.7%, financials, down 0.3%, and industrials, off 0.2%.
ON WALLSTREET
U.S. stocks were little changed at the open Thursday, as the Bank of Japan's plan to expand its stimulus program offset higher-than-expected U.S. unemployment claims.
The Dow Jones Industrials picked up 37.45 points to open at 14,587.80
The S&P 500 index added 7.18 points to 1,560.87. The tech-heavy NASDAQ Composite dipped 7.68 points to 3,210.92.
In corporate news, Lululemon Athletic said its chief product officer Sheree Waterson was leaving, effective April 15. The announcement comes after
Lululemon issued a recall last month of unintentionally see-through yoga pants.
Shares of Carnival Corp. slumped nearly 2%, a day after the troubled cruise liner's Triumph broke free of its dock in Mobile, Ala.
Investors will also be monitoring an Android-related press event hosted by Facebook and scheduled to begin at 1 p.m. ET. Industry watchers have speculated that the social network could reveal its own Android-based smartphone.
On the economic slate, the U.S. Labor Department said that initial jobless claims rose to 385,000 last week. That's more than the 345,000 analysts had expected and comes one day ahead of the government's closely watched monthly jobs report. Economists expect 192,000 jobs to have been added in March, according to Briefing.com.
Earlier, Japan's central bank announced plans to expand its stimulus program in an effort to breathe life into the country's flagging economy.
Prices on the 10-year U.S. Treasury gained, lowering yields to 1.79% from Wednesday’s 1.81%. Treasury prices yields move in opposite directions.
Oil prices fell another 86 cents to $93.39 U.S. a barrel.
Gold prices fell $16.60 to $1,548.70 U.S. an ounce.
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