North American markets turned mostly negative after open as Europe's central bank took no concrete action to address the debt crisis in the region.
The S&P/TSX Composite index stumbled 82.91 points to approach noon at 11,535.62
The Canadian dollar dipped 0.02 cents to 99.44 cents U.S.
In corporate developments, Enbridge Inc. says its second-quarter profit shrank by 96% to $11 million, as a decline in the fair value of its derivatives portfolio offset gains in the company's operational profit. Enbridge shares plunged 41 cents to $40.10
Gildan Activewear Inc. says its third-quarter profit fell to $78.6 million U.S., almost $10 million below the same time last year, as it absorbed restructuring and other costs related to an acquisition in May. Gildan shares retreated 38 cents to $27.85
Elsewhere, Valeant Pharmaceuticals International reported a second-quarter net loss on Thursday as costs rose, but adjusted cash earnings rose and the company raised its forecast for full-year cash results. Share trading in Valeant was brisk, raising the price by $1.03 to $48.19.
Ritchie Bros Auctioneers Inc, which auctions industrial equipment, posted a 17% rise in profit on strong equipment pricing and demand and the company raised its quarterly dividend by 9%. Ritchie shares dumped $1.46, or 7.1% to $19.08
ON BAYSTREET
The TSX Venture Exchange swooned 8.99 points to 1,180.64. The Nasdaq Canada index slid 3.14 points to 331.98.
In Toronto, only the metals and mining group gained, hiking 0.8%.
Every other subgroup among the 14 declined, weighed mostly by energy stocks, down 1.8%, information technology, off 1.3%, and global base metals, sliding 0.8%.
ON WALLSTREET
U.S. stocks were under pressure Thursday after investors were disappointed by European Central Bank President Mario Draghi's failure to announce concrete plans to help solve Europe's debt crisis.
The Dow Jones industrial average shed 143.87 points, or 1.1%, to 12,827.20
The S&P 500 tripped 15.50 points to 1,359.64. The Nasdaq skidded 18.98 points to 2,901.23
Knight Capital Group's stock plunged 50% after the company said it would report a $440-million U.S. pre-tax loss due to a "technology issue" at the trading firm Wednesday that led to a series of bizarre moves in the market.
Shares of Abercrombie & Fitch tumbled after the teen retailer slashed its forecast for the year, citing weakness in Europe.
First Solar's stock rallied after the company posted an 82% jump in second-quarter profit.
Shares of Sony were down sharply after the company posted a wider loss compared to last year and cut its outlook for the year.
Shares of online review site Yelp advanced after the company reported quarterly results that showed solid revenue growth and a smaller-than-expected net loss.
General Motors shares were down slightly even after the auto delivered quarterly earnings of $1.5 billion U.S., topping forecasts, despite "headwinds" in Europe.
After the Federal Reserve refrained from taking new action to jumpstart the economy, investor hopes were high that Draghi would announce some form of new action after he pledged last week that the E.C.B. would do "whatever it takes" to preserve the euro.
But Draghi's comments echoed previous remarks, and didn't present any material changes in policy action.
On the economic slate, the number of Americans filing initial unemployment claims rose 8,000 to 365,000 in the latest week, according to the U.S. Labor Department, in line with economists' expectations.
Planned jobs cuts fell 45% in July to a 15-month low, according to outplacement firm Challenger, Gray & Christmas.
Factory orders fell 0.5% in June, according to the Census Bureau. Economists were expecting order to rise 0.6% during the month.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yields down to 1.46% from 1.54% late Wednesday. Treasury prices and yields move in opposite directions.
Oil for September delivery fell $1.23 to $87.68 U.S. a barrel.
Gold futures for August delivery fell $9.70 to $1,594 U.S. an ounce.
