Canadian stocks finished a tad above breakeven on Thursday as commodities recovered from steep losses, but investors kept a wary eye on developments in Europe.
The S&P/TSX Composite Index gained a mere 1.27 points to end the day at 11,566.07.
The Canadian dollar slid 0.19 to 97.37 cents U.S.
But even as market’s attention shifted away from Europe momentarily, fears about Greece’s exit from the euro-zone are expected to continue burdening investors’ confidence.
An informal European Union leaders meeting in Brussels late Wednesday yielded no definitive outcome but the officials stressed that Greece should remain in the euro-zone.
Valeant Pharmaceuticals International Inc. rallied 3.3% to $49.29, Agnico-Eagle Mines Ltd. added 1.1% to $40.60 and Thomson Reuters Corp. advanced 2% to $29.47.
Telecommunications and technology shares were some of the weakest performers with Research In Motion Ltd. losing 3.3% to $11.00.
In the energy field, Imperial Oil doffed 0.3% to $41.63, while Canadian Natural Resources picked up a penny to $31.46, and Suncor added two cents to $28.55.
Royal Bank of Canada says its second-quarter profit from continuing operations dropped seven per cent to $1.56 billion as it faced a loss from its acquisition of the remaining half of RBC Dexia. Its shares faltered 2.9% to $51.35
TD Bank Group reported double-digit increases to profit in its second-quarter report Thursday, attributed to stronger results from its retail operations in Canada and the United States.
TD had a $1.69-billion profit before adjustments — up 21% from $1.404 billion a year earlier, and its shares perked 0.3% to $78.93
Speaking of things economic, Statistics Canada reported this morning that those of us receiving regular Employment Insurance benefits was little changed in March at 549,400, or pretty much where that number has been since last September.
ON BAYSTREET
The TSX Venture Exchange gained 25.99 points to 1,282.47, while the Nasdaq Canada staggered 5.17 points to 363.82.
Of the 14 Toronto subgroups, eight were higher on the day. Industrials triumphed 1%, while consumer staples moved 0.6% and materials picked up 0.5%.
The six laggards were weighed mostly by information technology, down 1%, while global base metals and financials each shed 0.8%.
ON WALLSTREET
U.S. stocks were mixed Thursday, as investors reacted to a batch of lackluster U.S. economic data and ongoing concerns about Europe's debt crisis and the risk of Greece exiting the euro-zone.
The Dow Jones Industrials ended Thursday up 33.60 points to 12,529.80
The S&P 500 inched forward 1.06 points to 1,319.92. The tech-rich Nasdaq Composite Index shed 10.74 points to 2,839.38.
Shares of Dow component Hewlett-Packard jumped after the company reported profit and sales that beat forecasts and raised its forecast for the full year. The company also announced plans to cut 27,000 jobs worldwide.
Warehouse retailer Costco reported improved earnings that were slightly better than forecasts early Thursday, on revenue that was roughly in line with estimates. Shares of Costco gained on the report.
Shares of luxury retailer Tiffany & Co. tumbled after it reported lower earnings that missed forecasts, despite improved revenue.
Shares of data storage firm NetApp plunged after the company gave fiscal first-quarter earnings guidance well below the consensus estimates. The company did report fiscal fourth-quarter earnings growth, though.
Meanwhile, the Facebook saga continues as the social media company's IPO has sparked more lawsuits and investigations. Shares of the company edged higher Thursday, but are still trading below the IPO price of $38 U.S.
Lead Facebook IPO underwriter Morgan Stanley and other underwriters made money on the trading of Facebook
Meanwhile, worries about Europe's debt crisis and the threat of Greece leaving the euro-zone have unnerved investors on both sides of the Atlantic.
European leaders met Wednesday in an ad hoc summit to address the latest problems with sovereign debt amid growing worries that Greece is moving closer to dropping the euro, and the contagion effects an exit might have on other economies.
The meeting failed to establish any concrete solutions for resolving the sovereign debt crisis or moving forward with Greece.
German Chancellor Angela Merkel said, "We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to."
European stocks rose between 0.6% and 1.5%, rebounding from the prior day's selloff.
On the economic slate, the number of people filing for first-time unemployment benefits dipped 2,000 to 370,000 in the latest week, the U.S. Labor Department said Thursday. The number was in line with economists' forecasts.
Elsewhere, durable goods orders rose only 0.2%, less than economists were expecting. Excluding transportation goods, orders unexpectedly dropped 0.6%, compared to forecasts for a modest gain.
The price on the benchmark 10-year U.S. Treasury demurred, raising the yield to 1.76% from Wednesday’s 1.72%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil was ahead 85 cents to $90.75 U.S.
Gold futures for June delivery rose $9.10 to register at $1,557.50 U.S. an ounce.
