Markets in Toronto stepped backward early Thursday following U.S. jobless claims data giving hints on the health of the world's largest economy and the future of the U.S. Federal Reserve's monetary easing policy.
The S&P/TSX Composite Index faded 28.85 points, to begin trading Thursday at 12,414.80
The Canadian dollar backtracked 0.04 cents to 96.63 cents U.S.
Major Drilling Group reported a 93% year-on-year drop in fourth-quarter earnings on Wednesday as hard-hit mining companies canceled or delayed their exploration plans. Major Drilling shares demurred 15 cents to $7.03
Medical isotope supplier Nordion Inc. reported lower quarterly profit on Wednesday, weighed down by higher costs at two of its segments. Nordion shares lost 13 cents to $7.86.
Raymond James resumed coverage of Alamos Gold Inc. with an outperform rating, says the company presents a relatively low-risk investment proposition for investors looking for exposure to the mid-cap gold producer group. Shares in Alamos gathered 10 cents to $14.80.
Speaking of things economic, the Ivey PMI release was due out for May this morning.
ON BAYSTREET
The TSX Venture Exchange recaptured 2.99 points to 950.43
All but three of the 14 Toronto subgroups were lower at the outset, as telecoms and financials each backed off 0.6%, while metals and mining dropped 0.5%.
The three gainers were industrials, up 0.3%, energy, inching up 0.1%, and information technology ticking but 0.01% higher.
ON WALLSTREET
U.S. stocks edged higher at the opening bell Thursday as investors weighed the latest data on the job market amid ongoing uncertainty about Federal Reserve policy.
The Dow Jones Industrials regained 27.04 points to 14,987.60
The S&P 500 index regained 1.37 points to 1,610.27. The tech-rich NASDAQ Composite gained 7.12 points to 3,408.60
Shares of SodaStream rose on speculation that PepsiCo may be trying to buy the soda maker. But the stock pared earlier gains after PepsiCo CEO Indra Nooyi told CNBC the rumours were untrue.
On the economic ledger, the U.S. government said initial claims for unemployment benefits totaled 346,000 in the week ended June 1, down 11,000 from the previous week.
Friday brings the government's closely watched monthly jobs report. Analysts say this report could be particularly important given the questions about how long the Fed will continue its bond-buying program.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.12% from Wednesday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices added 65 cents to $94.39 U.S. a barrel.
Gold prices nosed forward 90 cents to $1,399.40 U.S. an ounce
