The Toronto stock market added to a string of losses Thursday with investors cautious ahead of Friday's release of American and Canadian employment data for May.
The S&P/TSX Composite Index faded 34.32 points, to end Thursday at 12,409.33
The Canadian dollar grew 0.80 cents to 97.47 cents U.S.
After Wednesday's 150-point tumble, the resource-heavy TSX is slightly below where it started the year as mining stocks in particular have been pummeled by a slow global economic rebound and lower demand for commodities. And at least one expert thinks the TSX is in for further losses.
Metals and mining stocks declined while July copper stepped back five cents to $3.32 U.S. a pound. First Quantum Minerals fell 18 cents to $18.35.
Financials fell with TD Bank down $1.14 to $81.72.
The telecom sector was down as the group continued to be rattled from aftershocks two days after Industry Minister Christian Paradis said Mobilicity and other new wireless carriers won't be allowed to sell spectrum to big carriers.
The move was a setback for Telus which had asked permission to acquire Mobilicity and its spectrum and its shares gave back 27 cents to $34.89 while BCE Inc. shed 15 cents to $45.42.
Meanwhile, on Wednesday private-equity firms Thomvest Seed Capital Inc. of Toronto and Cartesian Capital of New York have acquired Public Mobile -- one of the small wireless networks that emerged after the 2008 spectrum auction -- and say they're ready to play a role in efforts to create a rival to the Big Three carriers.
The energy sector was off as Imperial Oil gave back 22 cents to $39.35.
The gold sector advanced, as Goldcorp Inc. climbed 22 cents to $30.64.
Industrials proved the leading advancer, as Bombardier Inc. gained five cents to $4.91 as the transportation giant's rail division won a $771-million U.S. order from the Stockholm Public Transport Authority, which has ordered 96 Movia metro vehicles.
In other corporate news, Transcontinental Inc. reversed a large loss last year to earn $27.5 million in the second quarter on stable revenues of $521.3 million.
Adjusting for one-time items, the commercial printer and media company earned $34.8 million, in line with analyst expectations. Its shares slipped five cents to $11.70.
Speaking of things economic, the Ivey Purchasing Managers Index (PMI) by the end of May 2013 stood at 63.1, in comparison with April’s 52.2. May 2012’s reading was 60.5, and for May 2011, 65.5.
ON BAYSTREET
The TSX Venture Exchange gained 3.99 points to close Thursday at 951.43
Nine of the 14 Toronto subgroups were negative on the day, weighed by utilities, off 1.1%, metals and mining, down 0.9%, and financials, sliding 0.8%.
The five gainers were led by industrials, up 0.5%, real-estate, gaining 0.4%, and gold, tacking on 0.3%.
ON WALLSTREET
U.S. stocks bounced back Thursday afternoon as investors gear up for a key report on the job market.
The Dow Jones Industrials recovered 80.03 points to greet the closing bell at 15,040.60
The S&P 500 index climbed 13.34 points to 1,622.24. The tech-rich NASDAQ Composite regained 22.58 points to 3,424.05
Stocks came under pressure as the U.S. dollar weakened against other currencies. The dollar fell 3% versus the Japanese yen before regaining some ground. It fell more than 1.5% versus the euro and the U.K. pound.
Traders said the weakness in the dollar was driven by speculation that Friday's report on the U.S. job market could fall short of expectations. But trading has been choppy overall recently as investors wrestle with concerns about the global economy and an uncertain outlook for Federal Reserve policy.
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 media outlets the rumours were untrue.
Limited Brands, which owns Victoria's Secret and other apparel brands, said same store sales rose 3% in May. That was slightly below forecasts, putting pressure on the stock.
J. M. Smucker Company said earnings jumped 25% during its fiscal fourth quarter, but sales fell 1% on price cuts made last year.
Shares of LightInTheBox rallied in their U.S. stock market debut. The online retailer of "lifestyle products" based in China, raised $79 million U.S. through an initial public offering that priced in the middle of its estimated range.
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 strengthened, lowering yields to 2.08% from Wednesday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices added 82 cents to $94.62 U.S. a barrel.
Gold prices moved forward $12.80 to $1,411.30 U.S. an ounce
