The Toronto stock market held onto a slight lead Thursday, well off morning highs as gold stocks moved sharply into negative territory.
The S&P/TSX composite index inched up 4.91 points to end Thursday at 12,841.62
The Canadian dollar squeezed higher 0.1 cents to 96.97 cents U.S.
BlackBerry had another tough session. Its shares fell six cents to $8.20 after the company's smartphone supplier, Jabil Circuit, said it is moving ahead with plans to end its partnership agreement, raising new questions about whether the Canadian company will soon exit the handset business.
Its shares had headed higher following a 6% slide Wednesday after Fairfax Financial chief executive Prem Watsa said that he has every intention of completing the acquisition of the smartphone maker. Fairfax has proposed to take the company private with a consortium of unnamed financiers for $9 per share. Fairfax shares advanced $1.32 to $422.19.
Commodity prices were generally higher and the base metals sector rose 0.85 per cent as December copper gained three cents to $3.31 U.S. a pound. Teck Resources rose 71 cents to $29.29.
The energy sector was ahead as Cenovus Energy was 13 cents higher to $31.12.
A Norwegian energy firm Statoil is estimating that an untapped oil field off Canada's east coast contains between 300 and 600 million barrels of recoverable oil, making it one of the biggest discoveries in recent years.
Calgary-based Husky Energy, another major producer in Newfoundland's current offshore oilfields, is Statoil's partner in the area, with a 35% working interest in three discoveries. Husky shares were ahead $1.20 to $30.26.
Telecoms also supported the TSX. Rogers Communications Inc. and U.S. wireless carrier Sprint Corp. say they will offer Canadians a high-speed Internet access in their vehicles. The cost of the project, pricing for the services and dates for the rollout weren't included in a joint statement issued by the companies, which have two of North America's largest telecommunications networks. Rogers was ahead 18 cents to $45.09.
The gold sector fell about as bullion prices headed lower with Goldcorp Inc. faded 36 cents to $26.48.
Barrick Gold Corp. says the Supreme Court of Chile has upheld rulings that require the miner to complete a water management system for the Pascua-Lama mining project to the satisfaction of the country's environment ministry before resuming construction.
Barrick has submitted a plan that estimates completion of the water management system by the end of 2014. Its shares were 21 cents lower to $19.08.
ON BAYSTREET
The TSX Venture Exchange gained 0.43 points to 948.13
Eight of the 14 Toronto subgroups were in positive country to end Thursday, led by metals and mining stocks, along with their cousins in global base metals, each up 0.7%, while energy stocks gained 0.5%.
The half-dozen laggards were weighed mostly by gold, down 1.8%, materials, sliding 0.9%, and real-estate, skidding 0.6%.
ON WALLSTREET
After five straight days of losses, stocks gained ground Thursday.
The Dow Jones Industrials closed positive 55.04 points to 15,328.30.
The S&P 500 index improved 5.90 points to 1,698.67. The NASDAQ grew 26.33 points to 3,767.43
Nike, one of the newest members of the Dow, will release its latest quarterly results after the closing bell.
Facebook shares hit an all-time high above $50 U.S. a share. Shares have nearly doubled since Facebook's second-quarter earnings report in July that reassured investors about the company's mobile strategy. The rally marks a sharp reversal for the stock, which was a big disappointment after its botched May 2012 IPO.
Yahoo shares rose to a six-year high of $33 U.S. a share, the same price that Microsoft bid for the company in 2008. Yahoo is in the midst of a turnaround, led by CEO Marissa Mayer. Plus, the stock has been getting extra attention as investors anticipate the upcoming IPO of Alibaba. Yahoo owns 24% of Alibaba, making it the second largest shareholder in the company.
Shares of eBay jumped after the company said it will buy online payment platform Braintree for $800 million U.S., and will combine it with PayPal.
J.C. Penney shares bounced back Thursday after J.C. Penney CEO Mike Ullman reportedly told investors that the company won't need to raise capital this year, according to CNBC. On Wednesday, the stock plunged 15% following reports that the retailer might seek $1 billion U.S. through a stock sale.
In a statement Thursday morning, J.C. Penney said it is "pleased thus far in the company's turnaround efforts," and added that it expects to book positive same-store sales during the third and fourth quarters.
Though Washington was in the spotlight, investors will also soon turn their attention to third-quarter earnings.
Analysts expect earnings growth of 3.6% for the S&P 500 companies, according to S&P Capital IQ estimates. That would be the smallest increase in a year. But revenue is forecast to grow by 4.8%, the best pace in over a year.
On the economic front, gross domestic product in the U.S. grew at an annual rate of 2.5% during the third quarter according to the government's final GDP reading. Jobless claims fell slightly to 305,000 last week, which was below expectations.
Stocks hit record highs earlier last week, but market sentiment has taken a hit in the past few days as investors worry about a possible government shutdown and the upcoming debt limit.
Congress has less than a week to agree on a short-term funding bill to prevent a shutdown on Oct. 1, and despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.64% from Wednesday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices gained 28 cents to $102.94 U.S. a barrel.
Gold prices dipped $13.10 at $1,325.80 U.S. an ounce.
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