Stocks in Canada’s largest centre pointed slightly downward by Thursday’s close, as issues in the health-care and utility sectors took some knocks.
The S&P/TSX Composite Index came off its lows of the day, but still declined 14.34 points to 16,014.99
The Canadian dollar strengthened 0.52 cents to 78.09 cents U.S.
Techs had a strong day, as Kinaxis jumped $7.37, or 11.7%, to $70.65 after posting a quarterly profit that came ahead of forecasts.
Constellation Software leaped $11.89, or 1.6%, to $737.23.
Among consumer staples, Restaurant Brands soared 98 cents, or 1.2%, to $84.17, while grocer Metro climbed 44 cents, or 1.1%, to $41.10.
In the industrial sector, Bombardier roared ahead 17 cents, or 6.1%, to $2.95, while Air Canada surged 30 cents, or 1.2%, to $24.40.
Health-care stocks ailed Thursday, after several strong days of gains, with Valeant Pharmaceuticals peeling off $1.20, or 7.8%, to $14.14, while Canopy Growth dropped 32 cents, or 1.9%, to $16.17.
Utilities also took it on the chin, as Algonquin Power & Utilities doffed 45 cents, or 3.2%, to $13.30, while Enbridge shed $2.33, or 4.7%, to $47.07.
Among gold stocks, Goldcorp gave back 19 cents, or 1.1%, to $16.74, while Barrick Gold sloughed off 24 cents, or 1.3%, to $18.08.
Bank of Canada Governor Stephen Poloz said on Wednesday that while monetary policy decisions will have an effect on the Canadian dollar, oil prices will have the biggest long-term impact on the currency.
ON BAYSTREET
The TSX Venture Exchange added 3.91 points to 793.25
Seven of the 12 TSX subgroups moved lower by the end of the session, as health-care sank 1.2%, while utilities lost 1%, and gold descended 0.5%
The five gainers were led by industrials and consumer staples, each up 0.8%, while industrials improved 0.4%.
ON WALLSTREET
U.S. equities closed mostly higher on Thursday after a wild session as investors examined the details of the tax-reform plan proposed by Republicans.
The Dow Jones industrial average hiked 81.25 points to a new record high of 23,516.26. Shares of Boeing were the best performers on the 30-stock index.
The S&P 500 nicked higher 0.49 points to 2,579.85, as financials rose 0.9%. Shares of Allstate were among the best-performing stocks in the financials sector, rising 3.8%.
Shares of T. Rowe Price, meanwhile, jumped to finish 2.2% higher as asset managers reacted positively to the 401(k) news.
The NASDAQ faded 1.59 points to 6,714.94, as tech investors were left disappointed with the 12% rate on repatriated cash. A lot of big tech companies have scores of cash outside of the U.S.
The plan would permanently lower the corporate tax rate to 20%, sources told the media. It would also keep retirement savings plans like the popular 401(k) intact. Also, it lowers the tax rate on repatriated cash to 12%.
Among home builders, shares of Toll Brothers fell 6.1% while M.D.C. Holdings pulled back 12%.
Congress is expected to release details about a tax reform bill later on Thursday. President Donald Trump touted this as "the biggest tax event in the history of our country" on Tuesday.
Investors also waited to see who will be the next Fed chair. Trump is expected to make his announcement later on Thursday, with most expecting the president to tap Fed Governor Jerome Powell for the position.
Wall Street also kept an eye on earnings after tech giant Facebook posted better-than-expected quarterly results. Facebook reported adjusted earnings per share of $1.59, well above the expected $1.28.
Companies set to report after Thursday’s close include Apple, Starbucks and CBS.
Overall, earnings have mostly outperformed expectations this season, adding to the stock market's already strong gains for the year. As of Thursday morning, nearly 74% of the companies that have reported have surpassed earnings expectations
Prices for the benchmark 10-year Treasury note were up, lowering yields to 2.35% from Wednesday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices regained 46 cents a barrel to $54.76 U.S.
Gold prices eased lower 50 cents an ounce to $1,276.80 U.S.
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