Markets in Toronto showed slightly more strength early Thursday, as gold miners suffered with the precious metal and energy companies benefited as oil prices held at 2016 highs.
The S&P/TSX Composite edged up 11.1 points to open Thursday at 14,621.68
The Canadian dollar moved down 0.17 cents to 75.68 cents U.S.
RBC raised the rating on Air Canada to top pick from outperform. The Maple Leaf airline was cleared for takeoff, gaining 25 cents, or 2.1%, to $12.13.
J.P. Morgan raised the target price on Canadian National Railway to $90.00 from $87.00. CNR shares gained 48 cents to $88.80.
TD Securities initiated coverage on Timbercreek Financial with a buy rating, $9.00 target price. Timbercreek eked ahead five cents to $8.10
On the economic slate, Statistics Canada reported that municipalities issued $7.3 billion worth of building permits in August, up 10.4% from July. This marked the second consecutive monthly increase.
The agency went on to say the gain in August was mainly attributable to higher construction intentions in Quebec, Ontario and British Columbia.
ON BAY STREET
The TSX Venture Exchange faded 3.21 points to 775.29
Seven of the 12 TSX subgroups were lower in the first hour, as gold tumbled 1.5%, consumer staples dipped 0.7%, and materials weakened 0.6%.
The five gainers were led by energy, up 0.7%, industrials, up 0.4%, and information technology, clicking 0.3%.
ON WALL STREET
U.S. stocks traded lower on Thursday as investors looked ahead to a key employment report.
The Dow Jones Industrials gave back some of Wednesday’s gains, dropping 76.53 points to 18,204.50, with Wal-Mart and American Express contributing the most losses.
The S&P 500 slipped 5.05 points to 2,154.68, with health-care leading decliners
The NASDAQ Composite slid 19.85 points to 5,296.17
In corporate news, shares of social media firm Twitter plummeted more than 11% after Recode reported that three major tech firms were unlikely to take it over.
It’s a mini-earnings parade, with Helen of Troy and Ruby Tuesday reporting after Thursday’s closing bell.
The U.S. Labor Department is scheduled to release its September jobs report Friday, with economists expecting the U.S. economy to have added 170,000 jobs and unemployment holding steady at 4.9%.
The jobs report will come on the back of upbeat U.S. data released Wednesday, including the strongest print on the Institute for Supply Management non-manufacturing index for the year. On Thursday, weekly jobless claims fell to 249,000.
Prices for the 10-year Treasury moved lower, raising yields to 1.74% from Wednesday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices acquired 41 cents to $50.24 U.S. a barrel
Gold prices fell $12.40, or 1%, to $1,256.20 U.S. an ounce.
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