Toronto’s lead equity index was in negative territory Thursday afternoon, giving up all of its early-day gains, while the U.S. indexes marched higher.
Toronto’s S&P/TSX composite index surrendered 133.58 points to close Thursday at 14,278.49
The Canadian dollar moved forward 0.26 cents at 78.73 cents U.S.
Utilities fared the worst, as Brookfield Renewable Energy collapsed $1.18, or 3.2% in price, to $35.35, and TransAlta Corp. swooned 27 cents, or 2.9%, to $9.20.
Energy stocks also ran out of steam, as Pacific Rubiales shares were bruised $2.36, or nearly 45%, to $2.89, while Trican Well Service went south 21 cents, or 5.9%, to $3.35.
Industrials were battered as well, as Bombardier dropped 18 cents, or 8.3%, to $2.00, while Ritchie Bros. Auctioneers dipped $2.01, or 5.5%, to $34.32.
Metals and mining stocks provided one of the few bright spots, as First Quantum Minerals gained 68 cents, or 4.6%, to $15.14, and
Lundin Mining clicked 21 cents, or 4.4%, to $4.95.
On the economic beat, the International Monetary Fund has cut its outlook for the Canadian economy this year, with growth now pegged at just 1.5%, down from 2.2% in April. The IMF cited the negative impact of lower oil prices.
The IMF’s global growth forecast has also been lowered for 2015, to 3.3% from 3.5%.
Elsewhere, Statistics Canada reported this morning that The New Housing Price Index rose 0.2% in May, following a 0.1% increase in April.
Moreover, Canada Mortgage and Housing Corporation reported the seasonally-adjusted annualized rate of housing starts rose to 202,818 units in June from a downwardly revised 196,981 units in May. Forecasters had expected 190,000 starts.
ON BAYSTREET
The TSX Venture Exchange lost 0.98 points to 636.71
All but two of the 14 TSX subgroups were negative on the day, as utilities slid 2.2%, while energy and industrials each gave back 1.2%,
Metals and mining was one of the two gainers, picking up 1.9%, while global base metals progressed 1.6%.
ON WALLSTREET
U.S. stocks closed mildly higher on Thursday, giving back more than half of opening gains as investors remained cautious on China and Greece.
The Dow Jones industrial average slid off its triple-digit highs to finish positive by 33.2 points to 17,548.62, with Travelers leading gains and Apple the greatest decliner.
The S&P 500 picked up 4.62 points to 2,051.30, with financials leading seven sectors higher and utilities the greatest laggard.
The NASDAQ index gained 12.64 points to 4,922.40. Apple fell 2% to near its 200-day moving average.
Earnings are also in focus, with PepsiCo and Walgreens Boots Alliance posting results before the bell.
Pepsico reported adjusted quarterly profit of $1.32 U.S. per share, eight cents above estimates, with revenue also beating forecasts.
The firm's profit margins expanded during the quarter, and it raised its full-year forecast although it adds that currency will have a negative impact of 11 percentage points on full-year profit.
Walgreens Boots Alliance earned an adjusted $1.02 U.S. per share for its latest quarter, 15 cents above estimates, though revenue was shy of forecasts. The drug store operator also raised its full-year earnings forecast, and increased its quarterly dividend by 6.7% to 36 cents U.S. per share.
On the economic front, weekly U.S. jobless claims gained slightly to 297,000, the highest level since February.
The Shanghai Composite shot 5.8% higher on Thursday for its best day in six years after China instituted new supportive measures, including restrictions on short selling and loosening of margin lending regulations.
Prices for 10-year U.S. Treasuries faded, raising yields to 2.30% from Wednesday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.20 a barrel to $52.85 U.S.
Gold prices skidded $3.90 at $1,159.60 U.S. an ounce.
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