Canada's main stock index hesitated at Thursday’s open, even after the European Central Bank cut interest rates by 25 basis points as inflation in the euro-zone fell below its target.
The S&P/TSX index ducked back 25.52 points to begin Thursday at 12,295.77
The Canadian dollar strengthened 0.09 cents to 99.29 cents U.S.
Valeant Pharmaceuticals International Inc reported a 12% rise in adjusted quarterly profit due to higher product sales and raised its full-year adjusted profit forecast. Valeant shares took a breather, sliding $1.14 to $73.14.
Manulife Financial Corp reported a lower first-quarter profit on weak insurance sales and higher expenses. Shares headed higher by 37 cents to $15.13.
Gildan Activewear Inc reported a higher second-quarter profit, helped by lower cotton prices and higher sales across its printwear and branded businesses. Shares in Gildan hiked 52 cents to $41.57.
Catamaran Corp reported a higher-than-expected first-quarter profit, helped by the $4.4-billion acquisition of rival Catalyst Health Solutions. Catamaran shares took a header of $5.09, or 8.9%, soon after the open to $52.39.
The Pentagon is expected to clear Apple, Samsung and BlackBerry mobile devices for use on Defense Department networks in the next few weeks, part of an effort to ensure the military has access to the latest communications technology, a spokesman said on Wednesday. The news could be a catalyst for the company once known as Research In Motion. BlackBerry shares dipped 28 cents to $15.61.
On the economic slate, figures released this morning by Statistics Canada revealed that Canada's merchandise exports increased 5.1% in March and imports rose 1.7%. As a result, Canada's trade balance went from a deficit of $1.2 billion in February to a surplus of $24 million in March.
ON BAYSTREET
The TSX Venture Exchange regained 2.27 points Thursday to 964.21
Nine of the 14 Toronto subgroups backslid, weighed mostly by health-care, which lost 2.6% of its strength, while information technology and global base metals each stepped back 0.9%.
The five gainers were led by industrials and consumer discretionary stocks, each up 0.3%, while real-estate took on 0.2%.
ON WALLSTREET
U.S. stock indices were up at Thursday's open, as the market rebounded a day after "sell in May" sentiment knocked 1% off U.S. stocks.
The Dow Jones Industrials gained 77.19 points to 14,778.10
The S&P 500 index muscled higher 5.83 to 1,588.53. The NASDAQ Composite gained 24.42 points to 3,323.54
Turning to corporate news, General Motors stock jumped about 4% in pre-market trading after the automaker beat expectations, despite a slight decline in revenue and profit, with reduced losses in Europe.
Yelp shares surged about 10% after the review site reported a narrower loss and sales that topped estimates on Wednesday.
Shares of chipmaker Intel fell 1% after the company announced it was promoting COO Brian Krzanich to CEO. Krzanich will replace Paul Otellini, who is set to retire.
Results are due in the afternoon from AIG, Kraft Foods and LinkedIn
Facebook shares rose after the company reported first-quarter sales that came in slightly ahead of forecasts but missed on earnings.
Economically speaking, the U.S. government issued its weekly report on jobless claims, which fell to their lowest level in more than five years.
Looking ahead, investors will be focused on the monthly jobs report, due out Friday. Economists expect 140,000 jobs to have been added in April. On Wednesday, payroll processor ADP reported sluggish job growth in the private sector.
Also, investors headed into the day with more earnings reports to digest, as well as the news that the European Central Bank finally lowered interest rates.
Prices on the 10-year U.S. Treasury stood pat, keeping yields at Wednesday’s 1.64%.
Oil prices regained 61 cents to $91.64 U.S. a barrel.
Gold prices were hiked $20.60 at $1,466.80 U.S. an ounce
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