Canada's main stock index was little changed on Thursday as comments from the European Central Bank were offset by a decline for SNC-Lavalin Group after the engineering and construction company cut its profit outlook.
The S&P/TSX composite index had acquired 12.16 points to greet noon at 14,560.42
The Canadian dollar dipped 0.34 cents to 87.47 cents U.S.
SNC trimmed its full-year earnings forecast and said it was cutting its workforce by 9%. Its shares dropped 8.3% to $42.35.
The energy sector was down as Suncor Energy shed 1.1% to $38.08, and Encana lost 2% to $20.59.
The gold-mining sector rebounded, after a decline in the previous session. Barrick Gold advanced 4.6% to $13.07, and Goldcorp jumped 4% to $21.14.
Investors were encouraged as the European Central Bank indicated a willingness to unveil more stimulus measures if needed.
On the economic front, Statistics Canada reported this morning that municipalities issued building permits worth $7.5 billion in September, up 12.7% from August, following a 27.3% decrease the previous month.
The agency attributes the September spike to higher construction intentions for both non-residential and residential buildings in Ontario.
Elsewhere, Western University said its purchasing managers’ index fell to 51.2 last month from a reading of 58.6 in September. Analysts had expected the index to decline to 57.0 in October.
The survey asks purchasing managers whether their buys increased, decreased or stayed the same during the month. A figure above 50.0 indicates industry expansion, below indicates contraction.
ON BAYSTREET
The TSX Venture Exchange regained 0.22 points to 747.33.
Nine of the 14 Toronto subgroups had recovered lost ground by noon ET, as gold shone 5.1% brighter, materials improved 2.3%, and information technology clicked 1% higher.
The five laggards were weighed mostly by metals and mining, down 1.2%, telecoms, down 0.5%, and real-estate, sliding 0.5%.
ON WALLSTREET
U.S. stocks rose slightly in a volatile session on Thursday, with investors cheered that Europe would step in with more stimulus if needed, though continued weakness in energy shares and some lackluster results kept a lid on gains.
The Dow Jones Industrials regained 29.96 points to 17,514.49
The S&P 500 recouped 0.79 points to 2,024.36. The NASDAQ index fell 2.89 points to 4,617.83
Crude prices have been pressured of late and are down about 30% from a recent closing high. Occidental Petroleum lost 1%to $85.60 U.S. while Halliburton was off 1% to $51.82 U.S.
Qualcomm pressured the tech sector, slumping 11% to $68.52 U.S. a day after it said an antitrust investigation and problems collecting royalties could harm its business in China next year. It also disclosed new regulatory investigations in the United States and Europe and reported results.
Orbitz Worldwide fell 6.5% to $7.93 U.S. following its results.
Genworth Financial plummeted 36% to $9.00 U.S. in heavy trading, its biggest one-day drop since November 2008 during the financial crisis. The selloff came a day after it unexpectedly swung to a massive loss in its latest quarter.
Whole Foods Market Inc jumped 10% to $44.30 U.S. after its results beat expectations on Wednesday, boosted by gains in market share and new product launches. The stock was on track for its biggest one-day advance since May 2013.
Better-than-expected jobless claims data as well as productivity report aided sentiment.
In economic news, the number of Americans applying for new jobless benefits lingered below 300,000 for the eighth straight week amid the lowest level of layoffs in years. U.S. productivity in the third quarter grew at a 2% annual pace, preliminary data show, marking the fourth sizable increase in the past five quarters.
ECB President Mario Draghi reiterated that ECB policy makers are unanimously committed to using unconventional measures if needed to maintain price stability. In other words, the ECB could use outright QE, if deemed necessary.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.37% from Wednesday’s 2.35%.
Oil prices dropped $1.02 to $77.66 U.S. a barrel.
Gold prices slipped 70 cents to $1,145.00 U.S. an ounce.
