Equity markets in Toronto were only marginally ahead Thursday, as a jump in BlackBerry shares was offset by weakness in the financial and energy sectors.
The S&P/TSX composite index was in the green 5.49 points to greet noon at 15,114.74.
The Canadian dollar climbed 0.08 cents at 92.37 cents U.S.
The index reached its highest level in six years on Wednesday and came within striking distance of its all-time high after the U.S. Federal Reserve shed some light on its plans to raise interest rates.
The benchmark has still climbed nearly 11% this year and is still just shy of its record high. But the recent gains have made investors take a closer look at valuations.
BlackBerry shares shot up 12.3% after the company reported a smaller-than-expected quarterly loss as its cost-cutting campaign and other turnaround efforts looked like they were starting to pay off.
A big advance in gold-mining shares, which followed the bullion price higher, also failed to overcome the negative sentiment.
Among gold-mining shares, Goldcorp added 2.8% to $29.10, and Barrick Gold gained 1.1% to $19.08.
Financials declined as Bank of Nova Scotia lost 0.7% to $70.73, and Toronto-Dominion Bank gave back 0.4% to $54.65.
Shares of energy producers gave back 0.3%, with Suncor Energy shedding 0.8% to $45.93.
On the economic front, Statistics Canada told us that those Canadians drawing employment insurance numbered 517,100 in April, up 5,600, or 1.1%, from March.
The agency says the number of beneficiaries has been relatively unchanged for almost a year, following a long-term downward trend that began in the summer of 2009.
ON BAYSTREET
The TSX Venture Exchange gained 6.74 points to 1,015.56
Seven of the 14 Toronto subgroups were lower by midday, with telecoms down 0.6%, health-care sliding 0.4% and real-estate lower by 0.3%.
The half-dozen gainers were led by gold, sprinting ahead 3.9%, materials, up 2.4%, and information technology, ahead 1.6%. Consumer discretionary stocks were flat at noon hour.
ON WALLSTREET
All three U.S. equity indices were modestly lower in Thursday trading.
The Dow Jones Industrials remained negative 25.85 points approaching midday to 16,880.77
The S&P 500 demurred 1.51 points to 1,955.47 from Wednesday’s record, and the NASDAQ composite fell 8.95 points to 4,353.89
The muted trading comes after Fed Chair Janet Yellen signaled that the central bank has no plans to raise interest rates anytime soon. Yellen said the Fed is optimistic about the future of the American economy, but it isn't planning to raise interest rates in 2014.
Meanwhile, shares in American Apparel rose after the company announced overnight that it fired its controversial CEO, though it didn't say why. Its shares, which topped $15.00 U.S. as recently as 2007, now trade for less than $1.00 U.S. Sources told the New York Post that the move could set the stage for American Apparel to be sold.
BlackBerry is back from the dead...again. The ailing smartphone pioneer reported a smaller-than-expected loss, sending its stock up 13%. BlackBerry stock is up 24% so far this month, bouncing back from a rough patch during April and May.
Elsewhere in the smartphone space, Amazon shares edged lower after the online retailer unveiled the Fire Phone, a high-end, 3-D smartphone. It is the first smartphone Amazon has produced on its own.
Facebook suffered an outage that prevented users posting to the social media site "for a brief period of time." The stock fell nearly 1%.
Kroger shares jumped over 5% after the grocery store chain reported strong results and boosted its outlook. The stock hit an all-time high over $50 U.S.
Drug store chain Rite Aid said net income fell in the latest quarter, sending its shares down slightly in early trading.
Markit, which provides information on bonds and derivatives for traders and is considered a rival of sorts to Bloomberg, said late Wednesday that it had raised $1.3 billion U.S. in an initial public offering. The stock, which was priced at $24 U.S. a share, gained more than 10% after it began trading on the NASDAQ.
Prices for 10-year U.S. Treasuries inched forward, lowering yields to 2.60% from Wednesday’s 2.61%. Treasury prices and yields move in opposite directions
Oil prices regained 10 cents to $106.07 U.S. a barrel.
Gold prices improved $26.50 at $1,299.20 U.S. an ounce.
