The Toronto stock market was negative around noon Thursday, as commodity prices retreated amid some disappointing figures on the global economy.
The S&P/TSX composite index approached noon down 39.71 points at 12,396.45
The Canadian dollar fell 0.30 cents to 102.30 cents U.S.
In corporate developments, the outcome of a shareholder vote on a proposed Chinese takeover of Nexen Inc. is expected on Thursday. It is widely expected that investors will approve the $15.1-billion offer from China National Offshore Oil Company. Nexen shares were up 11 cents to $24.78.
Goldcorp is considering teaming up with Mexico's Fresnillo to develop a new precious metals venture in the central Mexican state of Zacatecas. Goldcorp shares backpedaled 1.2% to $45.17
Other Canadian stocks to watch this morning included Yellow Media Inc. The company said the Quebec Supreme Court suspended all its debt-related obligations starting from Sept. 30, as it readies to consider the company's recapitalization plan next month. Yellow stock fell half a cent, or 7.7%, to six cents.
Copper futures slid 6.5 cents to $3.75 U.S. a pound. Teck Resources dipped 2.5% to $30.55.
Speaking of things economic, Statistics Canada told us this morning that there weren’t any more of us on the pogey in July than in June. A total of 508,000 people received regular Employment Insurance benefits that month, virtually unchanged from the previous month. Compared with July 2011, the number of beneficiaries fell by 34,900 or 6.4%.
The agency also said that the number of beneficiaries increased in Alberta and Ontario, while it fell in Prince Edward Island and Quebec.
ON BAYSTREET
The TSX Venture Exchange subtracted 7.84 points to 1,335.68
In all, 10 of the 14 Toronto subgroups were lower by noon. Industrials sank 2.2%, while metals and mining lost 2% and global base metals dipped 1.8%.
The four gainers were led by health-care, telecom and energy issues, each ahead 0.3%.
ON WALLSTREET
U.S. stocks logged modest declines Thursday, as disappointing reports in Asia and Europe showed further signs of slowing global growth.
The Dow Jones Industrial average descended 12.24 points by noon Thursday to 13,565.70
The S&P 500 index lost 3.18 points, to 1,457.87, and the tech-heavy Nasdaq Composite Index shaved off 12.69 points to 3,169.93
ConAgra Foods shares shot up nearly 7% after the food processing company reported better-than-expected earnings.
Investment bank Jefferies also reported better-than-expected earnings before Thursday's open, but shares of the firm fell nearly 7%.
Several companies, including CarMax, Rite Aid and Bed Bath & Beyond, reported earnings below expectations, sending their shares lower.
Shares of railroad operator Norfolk Southern declined after the company lowered its third-quarter guidance late Wednesday. Fellow rail transport firms CSX, Union Pacific and Kansas City Southern also fell on the news.
Online real estate site Trulia raised $102 million U.S. through an initial public offering that priced at $17 U.S. a share - above its estimated rand. Shares, which began trading on the New York Stock Exchange Thursday, rose 38% from the IPO price.
On the economic slate, U.S. investors began Thursday with data on first-time unemployment benefit claims, which came in at 382,000 for the week that ended Sept. 15. Although the U.S. Labor Department figure is down 3,000 from the previous week, it's still not low enough to ease worries about continued high unemployment.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.76% from 1.78% late Wednesday. Treasury prices and yields move in opposite directions
Oil prices regained 20 cents a barrel to $92.18 U.S.
Gold futures for December delivery fell $6.30 to $1,764.90 U.S. an ounce.
