The Toronto stock market added to a string of losses Thursday with investors cautious ahead of Friday's release of American and Canadian employment data for May.
The S&P/TSX Composite Index faded 74.67 points, to greet noon Thursday at 12,368.98
The Canadian dollar grew 1.05 cents to 97.72 cents U.S.
After Wednesday's 150-point tumble, the resource-heavy TSX is slightly below where it started the year as mining stocks in particular have been pummeled by a slow global economic rebound and lower demand for commodities. And one expert thinks the TSX is in for further losses.
July copper stepped back six cents to $3.31 U.S. a pound and the base metals sector was down. First Quantum Minerals fell 17 cents to $18.36.
The telecom sector was down as the group continued to be rattled from aftershocks two days after Industry Minister Christian Paradis said Mobilicity and other new wireless carriers won't be allowed to sell spectrum to big carriers.
The move was a setback for Telus which had asked permission to acquire Mobilicity and its spectrum and its shares gave back 49 cents to $34.67 U.S. while BCE Inc. shed 24 cents to $45.33.
The energy sector was off as Imperial Oil gave back 35 cents to $39.22.
Tech stocks were positive with Celestica Inc. improved by 11 cents to $9.70.
Industrials also lifted the TSX as Bombardier Inc.'s rail division has won a $771-million U.S. order from the Stockholm Public Transport Authority, which has ordered 96 Movia metro vehicles. Bombardier climbed seven cents to $4.93.
In other corporate news, Dominion Diamond Corp. was up 32 cents to $15.64 as the miner posted a $500.2-million net profit attributable to shareholders in its fiscal first quarter, which included the sale of its Harry Winston luxury jewelry retail business. The profit amounted to $5.89 per share, up from 14 cents per share or $11.6 million a year earlier.
Transcontinental Inc. reversed a large loss last year to earn $27.5 million in the second quarter on stable revenues of $521.3 million.
Adjusting for one-time items, the commercial printer and media company earned $34.8 million, in line with analyst expectations. Its shares advanced 25 cents to $12.
Speaking of things economic, the Ivey Purchasing Managers Index (PMI) by the end of May 2013 stood at 63.1. The corresponding Ivey PMI figure for April 2013 was 52.2, for May 2012, 60.5 and for May 2011, 65.5.
ON BAYSTREET
The TSX Venture Exchange recaptured 0.28 points to 947.72
All but two of the 14 Toronto subgroups were lower at noon, as utilities faded 1.2%, global base metals and financials faltering 1% each.
The two gainers were information technology, up 0.5%, and gold, up 0.3%.
ON WALLSTREET
Investors took a breather Thursday as they weighed the latest data on the job market amid ongoing uncertainty about Federal Reserve policy.
The Dow Jones Industrials tumbled 75.72 points by noon ET to 14,884.90
The S&P 500 index slid 4.21 points to 1,604.69. The tech-rich NASDAQ Composite lost 15.18 points to 3,386.30
Shares of SodaStream rose on speculation that PepsiCo may be trying to buy the soda maker. But the stock pared earlier gains after PepsiCo CEO Indra Nooyi told CNBC the rumors were untrue.
Limited Brands, which owns Victoria's Secret and other apparel brands, said same store sales rose 3% in May. That was slightly below forecasts, putting pressure on the stock.
J. M. Smucker Company said earnings jumped 25% during its fiscal fourth quarter, but sales fell 1% on price cuts made last year.
Shares of Yum Brands rose after a report said the company behind KFC and Taco Bell had strong sales in China last year.
Shares of LightInTheBox rallied in their U.S. stock market debut. The online retailer of "lifestyle products" based in China, raised $79 million U.S. through an initial public offering that priced in the middle of its estimated range.
On the economic ledger, the U.S. government said initial claims for unemployment benefits totaled 346,000 in the week ended June 1, down 11,000 from the previous week.
Friday brings the government's closely watched monthly jobs report. Analysts say this report could be particularly important given the questions about how long the Fed will continue its bond-buying program.
Prices for the 10-year U.S. Treasury strengthened, lowering yields to 2.07% from Wednesday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices added $1.20 to $94.94 U.S. a barrel.
Gold prices moved forward $8.60 to $1,407.10 U.S. an ounce
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