Stocks in Toronto lost some of their spring at the outset Thursday, a day after the U.S. central bank gave a less dovish outlook than many in the market had anticipated, raising concerns that government stimulus may be scaled back earlier than forecast
The S&P/TSX composite index dipped 41.44 points to begin Thursday at 13,413.89
The Canadian dollar regained 0.33 cents to 95.78 cents U.S.
Suncor Energy said on Wednesday it was moving ahead with its Fort Hills oil sands project in Northern Alberta, with first production expected as soon as the fourth quarter of 2017. Suncor shares took on 23 cents to $38.22
Valeant Pharmaceuticals International posted a quarterly net loss that it attributed in part to restructuring and impairment charges, and Canada's biggest publicly traded drugmaker cut its full-year revenue outlook. Valeant shares plummeted $5.45, or 4.8%, to $108.90.
Barrick Gold Corp said it will suspend construction at its Pascua-Lama mine, a surprise reversal on a project that has cost billions after years of delays and cost overruns. Barrick shares lost 79 cents, or 3.7%, in the first hour to $20.76.
Bombardier Inc reported a 15% fall in net profit, and said both aircraft orders and deliveries fell in the third quarter. Bombardier shares 37 cents, or more than 7%, to $4.91.
On the economic beat, Statistics Canada reported that the economy rose 0.3% in August, after increasing 0.6% in July and dipping 0.5% in June. Market call was for growth of 0.1%. An increase in oil and gas extraction and widespread gains in service industries were the main contributors to the August growth.
ON BAYSTREET
The TSX Venture Exchange fell 6.62 points to 957.55
ON WALLSTREET
Stocks were flat Thursday morning, one day after the U.S. Federal Reserve said that it will do exactly what the market wanted. The Fed will keep buying $85 billion U.S. a month in bonds.
The Dow Jones Industrials stumbled 56.25 points to open the session 15,562.50
The S&P 500 index slid 3.62 points to 1,759.69. The NASDAQ dropped 18.51 points to 3,912.11.
Facebook stock spiked 15% after hours when it announced that earnings and revenues easily beat forecasts thanks to strong mobile growth. But investors became spooked when the company said during its conference call that the number of teen users who were visiting the social networking site on a daily basis had fallen.
Facebook's stock fell in early morning trading.
Exxon Mobil reported a sharp drop in profits but the oil company's shares still rallied Thursday.
Estee Lauder's shares rose after the makeup company reported an uptick in third-quarter sales.
AB InBev, the brewer of Anheuser Busch, reported Wednesday that sales and profit jumped in the third quarter.
Prices for the 10-year U.S. Treasury dipped, raising yields to 2.54% from Wednesday’s 2.53%. Treasury prices and yields move in opposite directions.
Oil prices acquired a dime to $96.87 U.S. a barrel.
Gold prices fell $19.60 to $1,329.70 U.S. an ounce.
