The Toronto stock market was little changed Thursday as weak trade data from China raised fresh questions about the pace of growth in the world's second-largest economy.
The S&P/TSX composite index greeted noon Thursday by dropping 45.50 points to 14,390.08
The Canadian dollar surrendered 0.27 cents at 91.62 cents U.S.
Bank stocks declined with National Bank down 39 cents to $45.34.
Falling rail stocks helped push the industrial sector down with Canadian Pacific Railway down $2.26 to $159.81.
The gold sector advanced as Goldcorp Inc. is upping its offer for Montreal-based Osisko Mining Corp., which has been opposing the takeover proposal.
Goldcorp says Osisko shareholders would receive $2.92 cash, up from $2.26, and 0.17 of a Goldcorp common share, up from 0.146 of a share, in the new proposal.
Goldcorp says its revised offer values Osisko at $3.6 billion or $7.65 per Osisko share. Goldcorp declined 43 cents to $27.41 while Osisko climbed 14 cents to $7.69.
The energy sector was up while the sluggish Chinese data helped push the April crude contract down.
Copper was unchanged at $3.04 U.S. a pound, but the metal has already fallen 11% this year amid lower expectations for Chinese economic growth.
In earnings news, Shaw Communications Inc. posted quarterly net income of $222 million or 46 cents a share, compared with net income of $182 million and EPS of 38 cents in the same quarter of 2013.
Revenues were $1.27 billion, up 2% from $1.25 billion last year and its shares edged up 17 cents to $26.61.
In the economic docket, Statistics Canada reported its new housing index rose 0.2% in February, following a 0.3% increase in January.
The Bank of Canada is unlikely to raise interest rates until the third quarter of 2015, possibly later than the U.S. Fed, and will stick to a staunchly neutral stance in its policy statement next week, according to a Reuters poll of analysts.
Internationally, Chinese trade data raised worries that the world's second-biggest economy will have trouble meeting its official target of 7.5% growth this year. It also pushed some analysts to lower already reduced expectations for growth.
ON BAYSTREET
The TSX Venture Exchange remained positive 0.54 points to 1,003.91
Eight of the 14 Toronto subgroups were down by noon, with health-care stocks sliding 3.7%, information technology stocks down 1.5% and industrials stepping back 0.9%.
The five gainers were co-led by energy and the metals and mining sector, each up 0.5%, while real-estate gained 0.3%, and telecoms were flat.
ON WALLSTREET
All three major U.S. indexes were decidedly down as the clock approached noon ET Thursday.
The Dow Jones Industrial Average tottered 88.02 points to 16,349.16. The S&P 500 lost 20.38 points to 1,851.80, while the NASDAQ fell 86.62 points to 4,097.28
Tech stocks have been in focus the past few days as investors weigh whether momentum stocks have lost their luster. This morning Google, Yahoo and Tesla all opened over 1% lower.
The other big news of the morning is eBay. The stock is lower after an announcement that the company and activist investor Carl Icahn have reached a deal to end a contentious proxy battle.
Icahn will withdraw his proposal to spin off eBay's PayPal unit and relent on his request for two board seats.
For its part, eBay has agreed to appoint David Dorman as an independent director. Dorman is currently chairman of CVS Caremark.
Retailers are in the midst of reporting their earnings. Rite Aid shares are surging after the drugstore chain reported better than expected fourth quarter results.
It was also a pretty picture for home decor retailer Pier 1 shares are higher after announcing earnings that surprised on the high end of Wall Street expectations.
In contrast, shares in retailer Bed Bath & Beyond are tumbling after the company warned that it expects first quarter earnings to miss expectations.
And the biggest IPO to hit Wall Street so far this year started trading this morning. Ally Financial, the old GM finance arm that was bailed out by the government, priced last night at $25 U.S. a share -- the low end of expectations. It started trading shortly after the bell and has been below its start price ever since.
Prices for 10-year U.S. Treasuries gained ground Thursday, lowering yields to 2.64% from Wednesday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices gave back 29 cents to $103.31 U.S. a barrel.
Gold prices picked up $15.20 to $1,321.10 U.S. an ounce.
