The Toronto stock market tailed off a mite at Thursday’s open, amid renewed concern about Europe and softer U.S. economic data
The S&P/TSX Composite Index dipped 1.10 points to start the session at 12,109.96
The Canadian dollar gained 0.04 cents, to 101.72 cents U.S.
Canadian stocks to watch this morning include Canadian paper maker Domtar Corp, whose profit fell 54%, hurt by weak pulp prices and high costs.
Trucker Mullen Group Ltd. posted a nearly 20% jump in first-quarter profit, helped in part by improved performance of its oilfield services unit.
Goldcorp Inc reported a slim increase in its operating profit on Wednesday, as its most prolific mine was hit by operational problems that reduced output and offset most of the gains from a surge in bullion prices.
Auto parts specialist Exco Technologies Ltd. said its quarterly profit rose 33% on higher demand from American and Asian customers.
Lundin Mining Corp. said its quarterly profit fell 18% on lower metal prices and higher operating costs.
MEG Energy Corp. reported an 18% rise in first-quarter profit on lower costs and higher price realizations.
On a light day for economic numbers, Statistics Canada reported this morning that average weekly earnings of non-farm payroll employees registered at $886.45 in February, up 0.2% from January, a jump of 1.8% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 11.52 points to 1,382.64, while the Nasdaq Canada index advanced 4.51 points to 414.13
Eight of the 14 Toronto subgroups were in the red to start the session. Materials sagged 0.7%, telecoms were off 0.5%, and health-care stocks eased 0.4%.
The half-dozen gainers were led by information technology, chugging ahead 1.4%, energy, stronger by 0.8%, and utilities, inching up 0.1%.
ON WALLSTREET
In New York, stocks were under pressure at the opening bell Thursday following the latest report on weekly jobless claims and a disappointing auction of Italian debt.
The Dow Jones Industrials added 48.36 points to 13,139.08
The S&P 500 grew 0.73 points to 1,391.42, while the tech-rich Nasdaq added 8.12 points to 3,037.75.
Investors were underwhelmed by a glimpse at the health of the job market, which showed that the number of Americans filing for unemployment dipped slightly but missed expectations.
In Europe, stocks fell after the Italian government auctioned €8.5 billion worth of six-month notes at a yield of 1.77%. That's higher than last month's auction, signaling weaker demand since yields and prices move in opposite direction.
Shares of Exxon Mobil fell after the company reported a decline in profit.
Exxon Mobil reported earnings of $2 per share, below expectations of $2.09 U.S. The nation's number-one oil company generated $9.45 billion U.S. in profits the quarter, compared to $10.65 billion U.S. a year earlier. In anticipation of its profits, the oil industry went on the offensive, saying that one in 10 U.S. jobs created in 2011 came from Big Oil.
Shares of H&R Block plunged a day after the tax preparer said that it would cut 350 full-time jobs nationwide and close 200 "underperforming" offices. The move should save H&R Block between $85 million to $100 million U.S. annually by the end of fiscal year 2013.
Pepsi's stock edged higher after the company reported earnings of 69 cents U.S. per share and net revenue of more than $12.4 billion U.S., beating expectations.
UPS is expected to post earnings of $1.02 per share on $13.2 billion U.S. in revenue.
Amazon and Starbucks will release their earnings after the bell. Analysts predict Amazon will post earnings of seven cents U.S. a share, an 84% drop from a year earlier, on revenue of $12.9 billion U.S. Meanwhile, Starbucks is expected to report earnings of 39 cents per share on revenue of $3.1 billion U.S.
Economically, the number of people filing for first-time unemployment benefits dipped 1,000 to 388,000 in the most recent week, according to the U.S. Labor Department's weekly initial claims report.
The jobless claims number fell to four-year lows a few months ago, but has been climbing recently. Economists had expected the report to show that 365,000 people filed for their first week of jobless claims last week, down from 386,000 the week before.
On tap for later Thursday is the monthly report on pending home sales, which are expected to have risen 0.5% in March, according to analysts.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering the yield to 1.95% from Wednesday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil for May delivery picked up 15 cents to $104.27 U.S. a barrel.
Gold futures for June delivery rose $8.40 to $1,650.70 U.S. an ounce.
