Equities in Canada’s largest centre stepped back on Thursday, as energy stocks tracked weaker crude prices, while concerns over renewed coronavirus lockdowns in Europe dented optimism around a swifter global economic recovery.
The TSX lost 93.11 points to begin trade Thursday at 18,535.18
The Canadian dollar subtracted 0.08 cents at 79.41 cents U.S.
Enerplus Corporation fell 42 cents, or 6.4%, the most on the TSX, to $6.10, and First Quantum Minerals, down 86 cents, or 3.6%, to $22.74.
BRP jumped 47 cents to $99.49, after the insurance distribution company reported fourth-quarter results above estimates, and Denison Mines, which rose four cents, or 3.1%, to $1.34.
Elsewhere, CIBC raised the target price on Automotive Properties REIT to $12.50 from $11.00. Automotive units fell 61 cents, or 1.5%, to $41.16.
CIBC raises target price on Boyd Group Services to $250.00 from $239.00. Boyd moved lower $3.92, or 1.7%, to $221.88.
CIBC raised the target price on George Weston to $131.00 from $122.00. Weston shares gained 48 cents to $108.17.
Ontario forecast on Wednesday its budget deficit would narrow in the upcoming fiscal year and return to balance in 2029-30 as the economy rebounds from the coronavirus crisis.
ON BAYSTREET
The TSX Venture Exchange tumbled 14.85 points, or 1.6%, to 931.66
All 12 TSX subgroups were down in the first hour, with energy capsizing 2%, materials folding 1.1%, and real-estate weaker by 0.7%.
ON WALLSTREET
The S&P 500 dipped on Thursday, continuing its volatile run in March as the rally to record highs took a pause with investors reassessing the growth picture.
The Dow Jones Industrials withered 252.19 points to 32,167.87
The S&P 500 faltered 25.47 points to 3,863.67.
The NASDAQ Composite dropped 110.74 points to 12,851.15.
The three major averages are all on track to post a losing week, with the S&P 500 and the Dow falling 1% each. The NASDAQ has fallen more than 2% this week.
The market weakness came as Federal Reserve Chairman Jerome Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.
Investors pored over a better-than-expected reading on weekly jobless claims. The U.S. Labor Department said first-time claims for unemployment insurance totaled 684,000 for the week ended March 20, lower than an estimate of 735,000 from economists surveyed by Dow Jones.
Prices for 10-Year Treasurys inched ahead, lowering yields to 1.60% from Wednesday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.39 to $58.79 U.S. a barrel.
Gold prices decreased 90 cents to $1,732.30.
