Equities in Canada’s largest market fell on Thursday as lower oil prices weighed on energy stocks, while financial stocks also retreated as bond yields moved lower and European bank stocks fell.
The S&P/TSX Composite ditched 69.24 points to open Thursday at 14,243.86
The Canadian dollar loosed 0.28 cents to 78.5 cents U.S.
BRP Inc reported a lower-than-expected quarterly profit on Thursday, as the company offered aggressive promotions to stimulate demand for its snowmobiles amid low snowfall.
BRP shares began the day up 80 cents to $20.75.
Baytex Energy Corp has restarted nearly all the heavy crude output it shut last year, encouraged by the months-long rally in oil prices, a source familiar with the matter said on Wednesday.
Baytex shares slipped six cents to $8.37.
BMO Capital raises price target on Dollarama to $105.00 from $96.00 with an outperform rating. Dollarama shares faded 44 cents to $93.95.
CIBC raised the target price on North West Co. to $32.00 from $31.00. North West shares dropped 44 cents to $30.21.
Barclays starts coverage on Waste Connections with an overweight rating, and a $97.00 price target. Waste shares retreated 74 cents to $92.76.
On the economic beat, Statistics Canada reported that its new housing price index moved up 0.3% in April, following a 0.2% increase in March, the largest monthly advance since October and mainly driven by new housing prices in Ontario.
ON BAYSTREET
The TSX Venture Exchange gave back 2.5 points to 713.87
All but two of the 13 TSX subgroups were negative, with metals and mining skidding 2.4%, financials fading 0.7%, and consumer discretionaries off 0.5%.
The two gainers were gold, ahead 0.7%, and health-care, advancing 0.5%.
ON WALLSTREET
Stocks south of the border traded lower Thursday, amid a pullback in oil prices from recent multi-month highs and a decline in global benchmark yields.
The Dow Jones Industrials wilted 62.67 points to 17,942.38 with Caterpillar leading decliners and McDonald's the top advancer.
The S&P 500 lost 9.12 points at 2,110. Financials traded more than 1% lower to lead S&P 500 decliners in morning trade
The NASDAQ retreated 16.9 points to 4,957.74
On the data front, weekly jobless claims fell to a seasonally adjusted 264,000. Wholesale inventories rose 0.6% April.
Prices for the 10-year Treasury rose, lowering yields to 1.67% from Wednesday’s 1.7%. Treasury prices and yields move in opposite directions.
Oil prices dipped 80 cents a barrel to $50.43 U.S.
Gold prices gained $3.70 to $1,266.00 U.S. an ounce.
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