Equity markets in Toronto were fairly flat to begin Thursday, as losses among energy names offset gains in other sectors.
The S&P/TSX composite index fought its way up 3.71 points to begin Thursday at 14,951.22
The Canadian dollar regained 0.24 cents to 80.99 cents U.S.
Empire Company Ltd is to report earnings today, expecting Q4 earnings of $1.49 per share. Empire shares took on 13 cents to $90.97.
Inscape Corp is expecting a Q4 loss of 26 cents per share. Inscape shares were unchanged this morning at $3.44.
Shaw Communications Inc is expecting Q3 earnings of 50 cents per share. Shaw shares marched 19 cents to $27.87.
CIBC cut the target price on AGF Management to $6.50 from $7.00 to reflect the company’s challenge to generate gross sales. AGF shares declined 17 cents, or 2.7%, to $6.22.
Canaccord Genuity raised the rating on Gran Tierra Energy Inc.to buy from hold after the company highlighted an increase in its capital program from $140 million to $185 million. Gran Tierra shares galloped 19 cents, or 5%, to $3.99.
CIBC raised the target price on Redknee Solutions Inc.to $6 from $4.50 saying that the company’s acquisition of Orga Systems out of bankruptcy is a positive for scale. Redknee shares acquired eight cents, or 1.6%, to $4.99.
ON BAYSTREET
The TSX Venture Exchange tacked on 1.31 points to 681.79
Eight of the 14 TSX subgroups were lower, as global base metals retreated 0.9%, metals and mining stocks were down 0.5% and gold tailed off 0.4%.
The half-dozen gainers were led by telecoms, up 1.1%, financials and consumer discretionaries each gained 0.3%.
ON WALLSTREET
U.S. equities traded in a narrow range on Thursday after opening mildly higher as investors eyed ongoing negotiations between Greece and its creditors.
The Dow Jones Industrials moved higher 14.54 points, to 17,980.61, led by Verizon, with Caterpillar the greatest laggard.
The S&P 500 index inched up 2.98 points to 2,111.56, led by telecommunications and utilities the biggest laggard.
The NASDAQ recovered 11.12 points to 5,133.54, amid reports that the meeting between Greece and its creditors was halted "indefinitely."
Nevertheless, the meeting has since resumed, according to media reports.
In corporate news, BlackBerry announced a 12-million common stock buyback program to offset dilution from a new employee stock purchase plan.
Recreational vehicles maker Winnebago and consulting firm Accenture both reported quarterly profits that beat analysts' expectations on both lines.
Bank of America Merrill Lynch raised its rating on drug maker Eli Lilly to "buy" from "neutral", on increased estimates for several drugs still in Lilly's pipeline, while BB&T began coverage of apparel retailer L Brands with a "buy" rating, saying the parent of Victoria's Secret and Bath & Body Works has strong management and good brand positioning.
IAC/InterActiveCorp also announced plans to spin off The Match Group, which owns a number of dating sites, including Match.com.
Investors also kept an eye on U.S. economic data, as weekly jobless claims came in at 271,000, slightly below analyst’ expectations.
U.S. consumer spending also rose 0.9% for the month of May, its largest gain in nearly six years while personal income increased 0.5% last month.
The Services PMI fell from 56 in May to 54.6 in June, showing a slower growth rate in the services sector.
In order to avoid defaulting on its 1.6-billion-euro debt, Greece needs additional financial aid by the end of this month.
Prices for 10-year U.S. Treasuries listed lower, raising yields to 2.40% from Wednesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 48 cents a barrel to $59.79 U.S.
Gold prices gained 50 cents at $1,173.40 U.S. an ounce.
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