Stocks north of the border stepped back by the close Thursday, after a three-day gain, as the nation’s largest lenders declined to offset a gain among raw-materials producers.
The S&P/TSX Composite Index dipped 30.09 points to conclude Thursday at 13,881.20
The Canadian dollar dropped 0.48 cents to 78.55 cents U.S.
Still, the index has rallied more than 20% since hitting a nearly 3-1/2-year low in January.
Royal Bank of Canada moved lower $1.21, or 1.5%, to $77.51, while Bank of Montreal fell 25 cents to $81.75, and Toronto-Dominion Bank dropped 15 cents to $56.25, to lead financial services stocks lower.
Meanwhile, Kinross Gold rocketed 26 cents, or 4.6%, to $5.97, and Barrick Gold climbed 73 cents, or 3.6%, to $20.79, to post among the biggest advances in the S&P/TSX,
Bombardier Inc. dropped two cents, or 1.2%, to $1.72, after TD Securities equity analyst Timothy James lowered his rating for the stock to reduce from hold. The struggling aircraft manufacturer’s negotiations with the Canadian government over aid include seeking assurances on jobs, research spending and its head office, according to the cabinet minister leading the review.
Bombardier rejected the government’s initial offer, according to people familiar with the talks, with the two sides sparring over Bombardier’s corporate governance and dual-class share structure.
On the economic slate, Statistics Canada reported this morning that in February, 548,700 Canadians received regular Employment Insurance benefits, up 4,200, or 0.8%, from January
ON BAYSTREET
The TSX Venture Exchange added 4.13 points to 658.38.
Eight of the 13 TSX subgroups ended the day downward Thursday, with consumer staples and metals and mining each plunging 2.4%, while real-estate dropped 1.6%.
The five gainers were led by health-care, stronger by 4.8%, gold, adding 2.6%, and materials, up 1.6%
ON WALLSTREET
U.S. stocks closed lower Thursday, with telecoms leading declines amid the latest batch of earnings.
The Dow Jones Industrials dropped 113.75 points to end the session at 17,982.52. IBM contributed the most to gains in the Dow, while Travelers Cos. proved the biggest decliner.
The S&P 500 faded 9.75 points to 2,092.65. Telecoms traded more than 2.5% lower as the greatest decliner in the S&P 500, while health-care clung to gains as the only advancer.
The NASDAQ index slid 2.24 points to 4,945.89, as Apple weighed, trading more than 1% lower in bear market territory, or more than 20% below its 52-week intraday high.
Travelers traded nearly 6% lower. The firm reported earnings of $2.30 U.S. a share, down 10% from a year-ago, hurt by hail storms in Texas in March. Storms in Texas are expected to add to losses in the second quarter for Travelers' and other insurers. Total revenue rose 1% from the same period last year.
Verizon traded 4% lower as the worst performer in telecoms. The firm said an ongoing strike by its wireline workers was expected to hurt earnings in the current quarter. The firm posted first-quarter net income that met expectations amid strong table sales.
In U.S. economic news, the Philly Fed Index was minus 1.6 in April. Weekly jobless claims came in at 247,000, the lowest since 1973.
In other economic news, the FHFA Housing Price Index showed a 0.4% rise in February, after a downwardly revised 0.4% rise in January.
Leading indicators in March rose 0.2%
Prices for the 10-year Treasury sagged, raising yields to 1.87% from Wednesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices docked 65 cents a barrel to $43.53 U.S.
Gold prices gained $5.05 to $1,249.30 U.S. an ounce.
Related Stories
