Equities in Toronto hesitated slightly in early trade on Thursday, despite rallies in shares of energy companies as the price of oil pushed higher
The S&P/TSX Composite doffed 11.32 points to open Thursday at 14,219.74
The Canadian dollar popped 0.4 cents to 77.56 cents U.S.
Bombardier is reportedly under less pressure to ink new orders for its CSeries jet at a major European air show next week after receiving orders from Delta Air Lines and Air Canada. Those two deals for a combined 120 narrowbody planes enabled Bombardier to surpass its own target of 300 CSERIES orders by the time the new jet enters service this month.
Bombardier shares took on three cents, or 1.6%, to $1.97.
Dominion Diamond’s CEO says the company is keeping an eye out for acquisitions in Canada where some prospects are "very encouraging” Dominion also said that Chief Financial Officer Ron Cameron would step down on July 15 and Vice President Group Controller Cara Allaway would take over as interim CFO.
Dominion shares toppled 23 cents, or 1.9%, to $11.67.
Paramount Resources has agreed to sell some of its Deep Basin oil and gas properties in Alberta to Seven Generations Energy for about $1.9 billion. The divestiture is the latest example of struggling oil and gas producers selling off assets in a bid to survive the global crude price rout, which has lasted since mid-June.
Paramount shares triumphed $1.47, or 13.4%, to $12.41, while Seven Generations shares grew $1.92, or 7.7%, to $27.02.
Paradigm Capital revised the rating on Thompson Creek Metals Company to tender from hold stating that growing concerns surrounding the overleveraged balance sheet overshadow the improvements at the Mt. Milligan Mine.
Thompson Creek shares slid one cent to 72 cents.
Raymond James cut the target price on Western Forest Products to $2.50 from $2.75 to reflect lower the negative pressure of a stronger U.S. dollar on companies’ earnings.
Western Forest shares lost a cent to $2.03.
Postmedia Network Canada reports earnings today, expecting a full-year loss of three cents per share. Postmedia shares were static at two cents.
Sandvine expects Q2 earnings of three cents per share. Sandvine shares ballooned 24 cents, or 9.2%, to $2.85.
On the economic agenda, Statistics Canada reports that building permits registered $6.8 billion in May, down 1.9% from the previous month. Lower construction intentions for commercial buildings in Quebec and Ontario and single-family homes in Ontario contributed most to the decrease.
Also, Western University reported its IVEY Purchasing Managers Index came in at 51.7 for June, compared to 49.4 in May, and 55.9 for June 2015.
The survey of purchasing managers monitors whether purchases increased, dwindled, or stayed the same during the month. Any reading over 50 suggests expansion.
ON BAYSTREET
The TSX Venture Exchange moved downward 4.89 points to 752.76
Seven of the 13 subgroups were higher to start the day, with health-care haler by 1.4%, metals and mining better by 0.9%, while energy progressed 0.6%.
The half-dozen laggards were weighed most by gold, dulling in price 2.8%, while materials skidded 1.7%, and telecoms docked 0.2%.
ON WALLSTREET
U.S. stocks traded higher Thursday amid higher oil prices and ahead of Friday's highly-anticipated jobs report.
The Dow Jones Industrials gained 78 points to 17,918.62, with Goldman Sachs leading advancers and Verizon the greatest decliner.
The S&P 500 took on 7.16 points to 2,106.89, topping the psychologically-key 2,100 level in morning trade with materials leading advancers. Energy and financials were also among the top gainers.
The NASDAQ Composite Index improved 24.91 points to 4,884.07
On the earnings front, PepsiCo reported better-than-expected earnings. Barracuda Networks and Helen of Troy are among companies set to report after the bell.
Economically speaking, private sector jobs rose by 172,000 in June, versus consensus expectations of 159,000, according to a report Thursday from ADP and Moody's. Initial jobless claims came in at 254,000 for the week of July 2.
The non-farm payrolls report due Friday is the key data for the week.
Prices for the 10-year Treasury sagged, raising yields to 1.41% from Wednesday’s 1.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 51 cents a barrel to $47.94 U.S.
Gold prices moved lower $10.60 to $1,356.50 U.S. an ounce.
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