Equity markets in the country’s biggest centre dipped slightly on Thursday as lower crude oil prices weighed on energy stocks, while financial stocks firmed after the release of quarterly earnings by two major banks.
The S&P/TSX Composite Index stumbled out of the gate 33.36 points to 12,706.91.
The Canadian dollar gained 0.45 cents to 73.43 cents U.S.
Canadian Imperial Bank of Commerce posted a first-quarter profit that topped market expectations, helped by growth in its retail and business banking division.
CIBC took on $1.31, or 1.5%, to $88.76.
Toronto Dominion Bank reported a rise in first-quarter profit as growth at its U.S. retail banking business helped offset weakness in capital markets.
TD shares gained 37 cents to $51.60.
Goldman Sachs reinstated coverage of Bombardier with a neutral rating, and $1.26 price target. Bombardier shares fell back three cents, or 2.5%, to $1.15.
Canaccord Genuity raised its target on Hudbay Minerals to $5.00 from $4.00, with a buy rating. Hudbay shares were unchanged at $3.55.
Barclays cut its target on Loblaw Companies to $75.00 from $76.00, with an overweight rating. Loblaw shares tailed off 67 cents, or 1%, to $66.87.
ON BAYSTREET
The TSX Venture Exchange dipped 0.31 points to 533.43
Eight of the 13 TSX subgroups were lower, with energy skidding 1.3%, while information technology and utilities each slumping 0.8%.
The five gainers were led by gold, up 0.4%, while materials and telecoms each moved up 0.3%.
ON WALLSTREET
U.S. stocks traded in a range Thursday, after a better-than-expected durable goods report, as oil held mostly lower.
The Dow Jones industrial average faded 18.25 points to 16,466.74, with Nike leading advancers and Apple the greatest decliner.
The S&P 500 eked up 2.06 points to 1,931.86, as energy weighed on the index, while telecommunications and utilities led advancers.
The NASDAQ index moved lower 19.93 points to 4,522.67, as declines in Apple and other major tech stocks weighed.
On the economic beat, January orders for durable goods jumped 4.9%, topping expectations with the largest increase since March and reversing December's revised 4.6% plunge. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 3.9% after tumbling by a revised 3.7% in December
Prices for the 10-year Treasury gained slightly, lowering yields to 1.75% from Wednesday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices dropped 24 cents a barrel to $31.91 U.S.
Gold prices remained positive $8.78 to $1,237.24 U.S. an ounce.
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