The Toronto stock market was modestly lower Thursday amid mixed commodity prices following a triple-digit drop the previous session.
The S&P TSX index eked lower by 4.66 points to begin the session at 12,739.45
The Canadian dollar was up 0.15 cents at 97.42 cents U.S.
The TSX is only up 2.5% year to date, after tumbling 1% on Wednesday in a broad-based selloff on doubts about how long the current rally can last before retracing some of those big gains.
The gold sector advanced, as Iamgold Corp. added eight cents to $6.94.
Telecoms were also positive as Telus Corp. gained 50 cents to $68.91.
The energy sector rose and Canadian Natural Resources hiked 40 cents to $32.39.
The base metals sector was off as May copper gained a cent to $3.54 U.S. a pound.
On the corporate front, Pierre Karl Peladeau is stepping aside as president and chief executive of Quebecor Inc. and Quebecor Media Inc., but will remain with the companies and oversee corporate strategy.
The new president and CEO of the Quebec-based media giant will be Robert Depatie, who has been president and CEO of Quebecor’s Videotron cable and telecom service since 2003.
Quebecor shares fell $1.42 to $44.65 as the company also announced that its net income plunged to $9.2 million or 15 cents per share in the latest quarter, a decline from $85.4 million or $1.34 per share from a year earlier — mostly due to non-cash items required under standard accounting.
Integrated vacation tour operator Transat A.T. Inc. posted a quarterly net loss of $15.1 million or 39 cents per share on a diluted basis. That almost halved its net loss of $29.5 million a year ago. Revenue slid 2.8% to $805.7 million.
Meanwhile, the company reported an adjusted after-tax loss of $21.6 million or 56 cents per share in the quarter and its shares slipped seven cents to $6.18.
Aurizon Mines Ltd., attempting to fend off a hostile takeover, says its net quarterly profit was $9.4 million or six cents a share, which met expectations. However, it was less than half the 13 cents per share reported a year earlier.
Aurizon’s quarterly revenue was $56.2 million and its shares climbed two cents to $4.43.
On the economic docket, Statistics Canada reported this morning that its new housing price index for January hiked 0.1% in January, after a 0.2% increase the month before.
ON BAYSTREET
The TSX Venture Exchange deducted 2.36 points to 1,113.
All but four of the 14 Toronto subgroups were lower in the early going, weighed mostly by utilities, down 0.6%, global base metals, down 0.5%, and metals and mining, off 0.4%.
The four gainers were led by energy and telecoms, each up 0.6%. and information technology, gaining 0.5%.
ON WALLSTREET
U.S. stocks opened higher Thursday, with the Dow scaling new peaks, following a better-than-expected report on jobless claims.
The Dow Jones Industrials moved higher by 52.74 points from Wednesday’s all-time high, to 14,508.
The gains mark the Dow's 10th straight upward day -- matching its winning streak in 1996, the year of former U.S. Federal Reserve Chairman Alan Greenspan's "irrational exuberance" speech.
The S&P 500 index gained four points to 1,558.52. The tech-heavy NASDAQ Composite moved up 8.99 points to 3,254.10.
On the corporate front, Men's Wearhouse soared 10% Thursday, a day after reporting earnings, a $200-million U.S. share buyback and new guidance.
Cosi and Krispy Kreme will report fourth-quarter results after the bell.
Shares of Blackberry pulled back Thursday, a day after rallying on the announcement that the company received one million orders for its Blackberry 10 device from an unnamed partner.
E*Trade shares fell after a major shareholder said it planned to sell its entire stake in the company.
Economically speaking, initial jobless claims fell to 332,000 last week, coming in below economists’ forecasts for 350,000.
Prices on the 10-year U.S. Treasury were unchanged, ditto yields from Wednesday’s 2.05%.
Oil prices added 32 cents to $92.84 U.S. a barrel.
Gold prices slid $4.30 to $1,584.10 U.S. an ounce.
