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 53.54 points to end Thursday at 12,481.37
The Canadian dollar gained 0.34 cents at 98.93 cents U.S.
The TSX tech sector was the leading decliner with BlackBerry down $1.08, or 7.2%, to $13.85.
An analyst with Credit Suisse told 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 36 cents to $18.86.
The energy sector dropped some of its strength while Cenovus Energy shed 59 cents to $30.93.
The financial sector gave back as Manulife Financial moved down 25 cents to $14.40.
The gold sector was off as Iamgold faded 26 cents to $6.26.
But Barrick Gold gained 19 cents to $25.00. 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, down $5.6 million from a year ago.
Overall sales grew $86.89 million to $1.39 billion and its shares gained 24 cents to $14.99.
Astral Media Inc. had $41.2 million or 73 cents a share in net earnings in the latest quarter, up 8% 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 inched up one cent to $48.89.
Corus Entertainment Inc. shares fell $1.13, or more than 4%, to $24.58 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.
The Royal Bank’s chief executive, Gordon Nixon, is making a public apology to the workers who are being affected by the bank’s outsourcing arrangement with a foreign company.
Nixon’s public apology follows a backlash against the bank after some of its Canadian information technology workers complained they were being replaced by foreign workers working for a company contracted by RBC.
RBC shares were off seven cents to $61.31.
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 found its way into positive territory, but by only 0.80 points, to 1,048.54.
All but three of the 14 Toronto subgroups were negative to end the day, weighed mostly by information technology issues, down 2.3%, while metals and mining stocks slid 1.6% and gold lost 1.4%.
The three gainers were health-care, up 0.6%, consumer staples, off 0.2%, and real-estate, up 0.1%.
ON WALLSTREET
U.S. stocks continued to edge higher Thursday, giving the Dow and S&P 500 more record closes.
The Dow Jones Industrials Average added 62.90 points to Wednesday’s all-time record close at 14,865.10
The S&P 500 index gained 5.76 points to 1,593.49. The tech-heavy NASDAQ Composite moved up 2.90 points to 3,300.16
Shares of Microsoft, Intel and Hewlett-Packard fell between 3% and 7%.
Herbalife spiked 4% after the Securities and Exchange Commission filed insider trading charges against the former KPMG partner who was fired after allegedly leaking insider trading information. KPMG resigned as auditor of the nutritional supplement company on Wednesday.
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 and concerns about bird flu.
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.
Drugstore chain Rite Aid swung to a profit in the latest quarter, trouncing forecasts and sending shares up 19%. Bed Bath & Beyond reported earnings in line with forecasts, as sales continued to rise.
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 also reported 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 $1.40 to $93.24 U.S. a barrel.
Gold prices moved up $3.20 to $1,561.00 U.S. an ounce.
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