Markets in Toronto sustained a slightly lower opening on Thursday as disappointing trade data from China and industrial data from Italy and France overshadowed indications that the U.S. Federal Reserve would not raise interest rates as quickly as expected.
The S&P/TSX composite index began Thursday dropped three points at 14,432.58
The Canadian dollar surrendered 0.19 cents at 91.70 cents U.S.
Goldcorp, the world's second-biggest gold miner by market value, raised its offer to buy Osisko Mining Corp to about $3.6 billion. Goldcorp shares dipped 44 cents to $27.40, while Osisko shares gained 14 cents to $7.69.
BlackBerry would consider exiting its handset business if it remains unprofitable, its CEO said, as the technology company looks to expand its corporate reach with investments, acquisitions and partnerships. BlackBerry shares subsided five cents to $8.61.
Cable TV, internet and phone services provider Cogeco Cable raised its full-year profit outlook, citing expansion into data services and its U.S. cable business. Cogeco Cable shares chugged ahead $2.98, or 5.1%, to $60.98.
In the economic docket, Statistics Canada reported its new housing index rose 0.2% in February, following a 0.3% increase in January.
The Bank of Canada is unlikely to raise interest rates until the third quarter of 2015, possibly later than the U.S. Fed, and will stick to a staunchly neutral stance in its policy statement next week, according to a Reuters poll of analysts.
ON BAYSTREET
The TSX Venture Exchange gained 2.91 points to 1,006.28
Eight of the 14 Toronto subgroups were lower to begin the day, with health-care shedding 2.2%, industrials losing 0.6%, and information technology suffering 0.5%.
The half-dozen gainers were led by gold, up 0.9%, metals and mining, up 0.8%, energy, gaining 0.7%.
ON WALLSTREET
All three major U.S. indexes were ailing in early trading, although the Dow is hovering around even.
The Dow Jones Industrial Average inched higher 1.83 points to 16,439.01. The S&P 500 stepped back 3.66 points to 1,868.52, while the NASDAQ slid 34.35 points to 4,149.55
Tech stocks have been in focus the past few days as investors weigh whether momentum stocks have lost their luster. This morning Google, Yahoo and Tesla all opened over 1% lower.
The other big news of the morning is eBay. The stock is lower after an announcement that the company and activist investor Carl Icahn have reached a deal to end a contentious proxy battle. Icahn will withdraw his proposal to spin off eBay's PayPal unit and relent on his request for two board seats.
For its part, eBay has agreed to appoint David Dorman as an independent director. Dorman is currently chairman of CVS Caremark.
Retailers are in the midst of reporting their earnings. Rite Aid shares are surging after the drugstore chain reported better than expected fourth-quarter results.
It was also a pretty picture for home decor retailer Pier 1 shares are higher after announcing earnings that surprised on the high end of Wall Street expectations.
In contrast, shares in retailer Bed Bath & Beyond are tumbling after the company warned that it expects first quarter earnings to miss expectations.
And the biggest IPO to hit Wall Street so far this year started trading this morning. Ally Financial, the old GM finance arm that was bailed out by the government, priced last night at $25 U.S. a share -- the low end of expectations. It started trading shortly after the bell and has been below its start price ever since.
Prices for 10-year U.S. Treasuries were unchanged Thursday, keeping yields at Wednesday’s 2.68%.
Oil prices hesitated seven cents to $103.53 U.S. a barrel.
Gold prices picked up $15.90 to $1,321.80 U.S. an ounce.
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