Stocks in Toronto hesitated soon after Thursday’s opening bell as investors hoped for a revival of oil prices after their latest retreat below $46.00 U.S.
The S&P/TSX composite index dropped 13.05 points to open at 14,589.83.
The Canadian dollar shed 0.10 cents to 79.70 cents U.S.
Potash Corp of Saskatchewan reported a better-than-expected quarterly profit, helped by strong potash sales and lower costs. Potash shares triumphed 93 cents, or 2.1%, to $46.29.
Imperial Oil said on Wednesday it is considering selling 475 company-owned Esso gas stations. IMO shares dipped six cents to $46.63.
Jefferies cut the rating on CGI Group to hold from buy. CGI shares took on 51 cents to $48.92.
CIBC raised the rating on Canacol Energy to outperform from sector perform. Canacol shares dropped four cents to $3.38.
ON BAYSTREET
The TSX Venture Exchange was down 1.91 points to 665.39
Nine of the 14 Toronto subgroups went lower, metals and mining tumbling 1.5%, with health-care off 0.7%, and gold down 0.6%.
The five gainers were co-led by telecoms and consumer staples, each climbing 0.6%, while global base metals moved up 0.3%.
ON WALLSTREET
U.S. stocks wavered on Thursday after a two-day rout, as investors mulled earnings from corporations including Ford Motor and data that had a less-than-expected number of Americans filing for unemployment benefits.
The Dow Jones Industrials gained 39.18 points to 17,230.55, with McDonald's pacing blue-chip gains that included 19 of 30 components.
The S&P 500 let go of 2.92 points to 1,999.24, with consumer discretionary the strongest performer and energy the worst of its 10 major sectors.
The NASDAQ index shed 15.41 points to 4,622.58.
Alibaba Group Holding fell after the Chinese e-commerce company reported quarterly revenue short of expectations.
McDonald's gained after the fast-food chain said its chief executive officer would be replaced by its chief brand officer March 1.
Qualcomm dropped after the chip manufacturer cut its fiscal 2015 outlook and Ford Motor climbed after the car manufacturer's quarterly earnings surpassed estimates.
Stock futures added to gains after the U.S. Labor Department reported jobless claims dropped by 43,000 to 265,000 last week, fewer than forecast and the lowest number in nearly 15 years.
However, the week included the Martin Luther King holiday, increasing the volatility of the numbers.
Stocks offered muted reaction to another report that had pending-home sales dropping 3.7% in December.
Prices for 10-year U.S. Treasuries sagged, raising yields to 1.75% from Wednesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices acquired 30 cents per barrel to $44.75 U.S.
Gold prices faded $18.00 an ounce to $1,267.90 U.S.
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