Equities in Toronto were slightly higher as the clock approached noon on Thursday, with natural resource stocks weighing and BlackBerry pulling back after a sharp jump, while rising banks limited the overall fall.
The S&P/TSX Composite Index recovered 10.6 points to greet noon Thursday at 16,170.27
The Canadian dollar popped 0.62 cents to 78.58 cents U.S.
The energy group retreated as the country's producers struggle to get their product to market, with pipeline operator Enbridge down 0.8% to $49.02.
BlackBerry Ltd fell 2.1% to $15.27 a day after surging on the back of its
Cogeco Communications rose 1.4% to $90.53 and Dream Office Real Estate Investment Trust declined 3.3% to $21.74 after TD Securities upgraded Cogeco and downgraded Dream Office.
Cable and telecom company Quebecor rose 1.9% to $23.94 after Desjardins raised it to a buy rating.
Paramount Resources rose 4% to $18.83 after announcing a share buyback plan.
On the economic front, Statistics Canada said November’s consumer price index rose 2.1% on a year-over-year basis in November, following a 1.4% increase in October. On a seasonally-adjusted monthly basis, inflation was up 0.5% in November.
The agency also said that retail trade rose 1.5% to $49.9 billion in October. Higher sales at new car dealers were the main contributor to the gain.
Excluding sales at motor vehicle and parts dealers, retail sales increased 0.8%.
ON BAYSTREET
The TSX Venture Exchange faded 4.77 points to 800.92
Seven of the 12 TSX subgroups were lower midday, with information technology, utility and consumer staple stocks in a dead heat, each down 0.5%.
The five gainers were led by health-care, haler by 1.5%, energy, better 0.6%, and financials, up 0.2%.
ON WALLSTREET
U.S. stocks traded higher on Thursday after some companies said they would spend the savings stemming from lower corporate taxes on higher wages and new construction.
The Dow Jones industrials hiked 109.58 points to 24,836.23
The S&P 500 improved 10.18 points to 2,689.43, with financials prospering 0.9%, and energy rising 1.2%. Energy was also on track to post its biggest one-week gain in more than a year.
The NASDAQ composite index gained 22.14 points to 6,983.10
Equities have risen sharply this year with investors betting on lower corporate taxes. The S&P 500 is up 19.7% in 2017.
Comcast, as well as Boeing, AT&T and Wells Fargo, announced higher pay and bonuses for workers. They also announced other spending measures. Comcast, AT&T and Wells Fargo shares traded higher, while Boeing's stock slipped.
House members voted on Wednesday to pass a bill that would cut the corporate tax rate to 21% from 35%. The Senate had already passed the measure on Tuesday. President Donald Trump is widely expected to sign the bill, giving him and the Republican Party a major legislative victory.
Prices for the benchmark 10-year Treasury note nosed up, lowering yields to 2.49% from Wednesday’s 2.50%. Treasury prices and yields move in opposite directions.
Oil prices forged ahead 10 cents a barrel to $58.19 U.S.
Gold prices recouped 90 cents to $1,270.50 U.S. an ounce.
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