Stocks in Toronto fell on Thursday as energy issues sagged with oil prices, offsetting a rise in financials stocks following decent bank earnings.
The S&P/TSX Composite Index remained negative 64.2 points to greet noon 12,656.07
The Canadian dollar gained 0.66 cents to 73.63 cents U.S.
Shares in Canadian Imperial Bank of Commerce jumped 2% to $89.22 after the bank beat on profit and raised its dividend, although, like other lenders that reported this week, CIBC reported rising bad loans in the oil and gas sector.
Its larger rival Toronto-Dominion Bank rose 0.9%to $51.68 as its U.S. presence benefited from a weak Canadian dollar and wholesale banking profit fell.
The financials group gained, while the energy group retreated.
Canadian Natural Resources declined 2% to $26.78, while TransCanada fell 4.1% to $48.72 and Enbridge lost 2% to $42.32.
Kinross Gold declined 6.9% to $4.04 after announcing bought-deal financing.
But other gold miners were higher as bullion benefited from a weaker U.S. dollar. Barrick Gold Corp added 1% to $18.56.
ON BAYSTREET
The TSX Venture Exchange dipped 0.34 points to 533.4
All but two of the 13 TSX subgroups were lower, as metals and mining weakened 2.9%, energy sagged 2%, and information technology, off 1%.
The two gainers were telecoms, up 0.2%, and financials, up 0.1%.
ON WALLSTREET
Equities stateside traded in a narrow range Thursday, following the prior day's massive intraday reversal, as low oil prices continued to weigh.
The Dow Jones industrial average gained 47.98 points to 16,532.97, as a rise in Boeing and United Technologies countered declines in IBM and Chevron.
The S&P 500 tacked on 4.86 points to 1,934.66, while telecommunications and financials led advancers.
The NASDAQ index remained negative 7.25 points to 4,535.36, 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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