The Toronto stock market was lower Thursday as traders stepped back after a string of gains that brought the TSX back into positive territory for the year.
The S&P/TSX index slumped 47.68 points to pause at noon at 12,487.23
The Canadian dollar gained 0.24 cents at 98.83 cents U.S.
The TSX tech sector was the leading decliner with BlackBerry down 79 cents to $14.14.
A Credit Suisse analyst said in a note to clients that his analysis of the company’s recent annual filing showed that gross margins reported for the fourth fiscal quarter were driven in part by lower levels of amortization and not entirely by the new BlackBerry 10 handsets that were launched during the period.
The base metals sector lost ground even as May copper shed early declines to rise two cents to $3.44 U.S. a pound. First Quantum Minerals declined 31 cents to $18.91.
The energy sector dropped while Cenovus Energy shed 37 cents to $31.15.
The financial sector gave back ground as Manulife Financial moved down 24 cents to $14.41.
The gold sector was off, even as Barrick Gold gained 39 cents to $25.20. Barrick shares tumbled almost 9% Wednesday after a Chilean court suspended work on its Pascua-Lama mine after indigenous communities complained that the project is threatening their water supply and polluting glaciers.
Gold slid 1.7% on Wednesday, partly on speculation that Cyprus will sell 400 million euros of the precious metal as part of its financial bailout.
On the earnings front, Hudson’s Bay Company posted fourth-quarter earnings that were down compared with a year ago as its Lord & Taylor operations in the United States felt the impact of hurricane Sandy. HBC’s net earnings from continuing operations were $93.6 million or 81 cents per share for the 14 weeks ended Feb 28, down $5.6 million from a year ago.
Earnings ex-items were $99.3 million or 86 cents per share during the most recent quarter, up from $94.8 million a year earlier. Overall sales grew $86.89 million to $1.39 billion and its shares declined 25 cents to $14.50.
Astral Media Inc. had $41.2 million or 73 cents a share in net earnings in the latest quarter, up eight per cent from the year-earlier period. Revenue also increased slightly, rising to $237.1 million from $233.5 million.
The Montreal-based radio, television and outdoor advertising company is seeking regulatory approval to be acquired by BCE Inc. Its shares added one cent at $48.89.
Corus Entertainment Inc. shares fell $1.46 to $24.25 after it said Thursday that net income attributable to shareholders in the latest quarter fell to $5.9 million or seven cents per diluted share.
That was down from $31.6 million on 38 cents from a year earlier. Corus cited a $25-million pre-tax debt refinancing charge as well as "soft" business results that saw a double-digit slide in quarterly revenue to $183.7 million.
On the economic slate, Statistics Canada reported this morning that its new housing price index jumped 0.2% in February, following a 0.1% increase in January, and similar increases over the second half of 2012.
ON BAYSTREET
The TSX Venture Exchange was off 1.09 points to 1,046.65
All but four of the 14 Toronto subgroups were lower by midday, weighed mostly by information technology and metals and mining issues, each down 1.5%, while global base metals remained negative 0.9%.
The four gainers were led by health-care, up 0.3%, industrials, up 0.2%, and consumer staples, up 0.1%.
ON WALLSTREET
U.S. stocks edged higher Thursday, with the Dow and S&P 500 reaching new record highs.
The Dow Jones Industrials Average added 57.35 points to Wednesday’s all-time record close at 14,859.60
The S&P 500 index gained 5.89 points to 1,593.62. The tech-heavy NASDAQ Composite moved up 1.22 points to 3,298.47
Shares of Microsoft, Intel and Hewlett-Packard fell between 3% and 6%.
Sales at Costco rose 4%, missing forecasts, while Gap reported same-store sales that rose a better-than-expected 3% in the latest month.
Shares of Yum Brands were slightly higher after falling in pre-market trading. The restaurant operator revealed that its same-store sales in China dropped in March amid an ongoing food safety scandal.
Despite the company's recall of 1.7 million vehicles because of airbag defects, Toyota shares rose. Honda shares also gained, even after the automaker said it was recalling 1.1 million vehicles with airbag problems. Shares of airbag supplier Takata Corp closed down 9% in Tokyo.
Meanwhile, corporate results continue to roll in.
Bed Bath & Beyond reported earnings in line with estimates, but better-than-expected revenue helped push the retailer's shares higher..
Drugstore chain Rite Aid swung to a profit in the latest quarter, trouncing forecasts and sending shares up 18%.
Pier 1 Imports Inc reported earnings in line with forecasts but issued lower guidance. The stock rose 1% after falling 3% earlier.
The first of the big banks, JPMorgan and Wells Fargo, will report their results ahead of the opening bell Friday.
On the economic front, investors largely shrugged off a better-than-expected weekly report on initial jobless claims.
Retailers were also reporting a mixed bag of February same-store sales -- a key metric used to gauge consumer spending.
Prices on the 10-year U.S. Treasury grew, thus lowering yields to 1.79% from Wednesday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices sank 45 cents to $94.19 U.S. a barrel.
Gold prices moved up $5.30 to $1,564.10 U.S. an ounce.
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