Canada’s biggest stock market began Thursday on the downside, largely the result of heavy losses by tech and base metals stocks.
The S&P/TSX index slumped 33.52 points to begin Thursday at 12,501.39
The Canadian dollar gained 0.33 cents at 98.92 cents U.S.
Tech stocks took a tumble soon after the opening bell, with BlackBerry off 85 cents, or 5.7%, to $14.08.
Also suffering were base metals, with First Quantum sliding 1.7% to $18.90.
Meanwhile, Hudson’s Bay Company posted fourth-quarter earnings that were down compared with a year ago as its Lord & Taylor operations in the United States felt the impact of hurricane Sandy. HBC’s net earnings from continuing operations were $93.6 million or 81 cents per share for the 14 weeks ended Feb 28, down $5.6 million from a year ago.
Hudson’s Bay shares tailed off 38 cents, to 2.6%, to $14.37.
On the economic slate, Statistics Canada reported this morning that its new housing price index jumped 0.2% in February, following a 0.1% increase in January, and similar increases over the second half of 2012.
ON BAYSTREET
The TSX Venture Exchange was off 0.05 points to 1,045.69
All but three of the 14 Toronto subgroups were lower, weighed mostly by information technology issues, down 1.5%, global base metals, faltering 1.3%, and the metals and mining area, sinking 1.1%.
The three gainers were gold, up 0.5%, materials, ahead 0.1%, and real-estate, inching ahead 0.02%.
ON WALLSTREET
U.S. stocks opened little changed Thursday, a day after the Dow and S&P 500 closed at new record highs.
The Dow Jones Industrials Average added 29.80 points to Wednesday’s all-time record close of 14,832.
The S&P 500 index gained 1.42 points to 1,589.15. The tech-heavy NASDAQ Composite moved up 0.67 points to 3,297.92
Tech stocks weighed on markets, with shares of PC companies extending the prior day's selloff following news that PC sales fell 14% worldwide last quarter.
Shares of Microsoft, Intel and Hewlett-Packard fell between 3% and 6%.
Sales at Costco rose 4%, missing forecasts, while Gap reported same-store sales that rose a better-than-expected 3% in the latest month.
Shares of Yum Brands were slightly higher after falling in pre-market trading. The restaurant operator revealed that its same-store sales in China dropped in March amid an ongoing food safety scandal.
Despite the company's recall of 1.7 million vehicles because of airbag defects, Toyota shares rose. Honda shares also gained, even after the automaker said it was recalling 1.1 million vehicles with airbag problems. Shares of airbag supplier Takata Corp closed down 9% in Tokyo.
Meanwhile, corporate results continue to roll in.
Bed Bath & Beyond reported earnings in line with estimates, but better-than-expected revenue helped push the retailer's shares higher.
Drugstore chain Rite Aid swung to a profit in the latest quarter, trouncing forecasts and sending shares up 11% in early trading.
Pier 1 Imports Inc reported earnings in line with forecasts but issued lower guidance. The stock was down more than 3% in early trading.
The first of the big banks, JPMorgan and Wells Fargo, will report their results ahead of the opening bell Friday.
On the economic front, investors largely shrugged off a better-than-expected weekly report on initial jobless claims.
Retailers were also reporting a mixed bag of February same-store sales -- a key metric used to gauge consumer spending.
Prices on the 10-year U.S. Treasury grew, thus lowering yields to 1.79% from Wednesday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices sank 64 cents to $94.00 U.S. a barrel.
Gold prices inched up $2.70 to $1,561.40 U.S. an ounce.
