Markets in Canada’s largest centre moved downward Thursday, weighed by weaker earnings performance by at least two of the country’s major banks
The S&P/TSX Composite Index docked 75.29 points to close Thursday at 15,999.01
The Canadian dollar dropped 0.1 cents at 75.97 cents U.S.
T-D Bank, Canada's second-biggest lender fell $1.74, or 2.3%, to $75.56, after reporting a lower-than-expected rise in earnings, hurt by losses at its wholesale banking business.
CIBC fell $3.06, or 2.7%, to $111.67, after the country's fifth biggest-lender reported a bigger-than-expected decline in quarterly earnings.
Among materials stocks, First Quantum Minerals ducked 36 cents, or 2.3%, to $15.10, while Frontier Lithium backpedaled a cent and a half, or 4.1%, to 35 cents.
Air Canada shed $1.14, or 3.3%, to $33.13, after increasing its long-term targets for profit margins and free cash flow.
Stella-Jones retreated 44 cents, or 1.1%, to $41.19.
In a bright spot, Canopy Growth gained $2.25, or 3.7%, to $62.42, after the company engaged lifestyle guru Martha Stewart as an adviser to help develop a line of new pot-based products for both humans and animals.
Elsewhere in health-care, Aurora Cannabis gained a solid, if not spectacular, four cents, to $9.92.
In real-estate, Colliers International Group gained 12 cents to $89.93. Brookfield Asset Management added 41 cents to $59.52.
In utilities, Hydro One gained 24 cents, or 1.2%, to $20.61, while Fortis tacked on 38 cents to $47.52
On the economic calendar, Statistics Canada’s industrial product price index declined 0.3% in January, driven primarily by lower prices for energy and petroleum products.
The agency’s raw materials price index rose 3.8%, mainly due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange remained positive 3.19 points to 623.54
The 12 TSX subgroups were evenly divided by day’s end, as health-care was stronger 1.2%, real-estate was built 1% higher, and utilities picked up 0.8%
The half-dozen laggards were weighed most by financials and materials, each down 0.8%, and industrials, fading 0.7%.
ON WALLSTREET
Stocks slipped on Thursday as stronger-than-expected economic data were offset by fruitless talks between President Donald Trump and North Korean leader Kim Jong Un.
The Dow Jones Industrial Average waned 69.16 points by the end of the session at 25,916, as UnitedHealth shaved more than 50 points off the blue-chip index.
The S&P 500 dipped 7.89 points to 2,784.49
The NASDAQ Composite lost 21.98 points to 7,532.53. Facebook, Apple and Netflix all fell more than 0.5%.
Shares of HP Inc. dropped 17.2% after the company posted quarterly revenue that missed expectations. HP Inc. also reported earnings per share that matched estimates.
The U.S. economy grew at an annualized rate of 2.6% in the fourth quarter 2018, according to figures released Thursday by the Bureau of Economic Analysis (BEA). Economists polled by Dow Jones expected the economy to grow at a pace of 2.2%.
The BEA's release comes after a summit between Trump and Kim ended abruptly after both sides failed to agree on steps toward North Korea taking down its nuclear armament. Earlier, Trump and Kim — seated together at a conference table — appeared confident about the prospect of improving diplomatic relations.
Investors were closely watching the summit as it could potentially impact trade negotiations between China and the U.S.
On Wednesday, U.S. Trade Representative Robert Lighthizer testified in front of House members that China needed to do more than just buy more U.S. goods for the two countries to strike a permanent trade deal.
Stocks are off to a hot start for 2019 as worries over U.S.-China trade relations and fears of tighter monetary policy have decreased. The Dow and S&P 500 are both up more than 11% this year while the NASDAQ is up more than 13.5%.
Prices for the benchmark 10-year U.S. Treasury slipped, raising yields to 2.72% from Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices revived 27 cents to $57.21 U.S. a barrel.
Gold prices lost $6.50 to $1,314.70 U.S. an ounce.
Related Stories
