Equity markets in Toronto opened lower as Toronto-Dominion Bank dropped after the lender's quarterly results disappointed the market and offset a surge in Enbridge Inc after the pipeline company announced restructuring plans and a dividend increase.
The S&P/TSX composite index fell 133.33 points to open Thursday at 14,620.73, wiping out virtually all of Wednesday’s gains.
The Canadian dollar moved down 0.10 cents to 87.87 cents U.S.
Canada's second-largest lender said its net income rose to $1.75 billion, or 91 cents per share, in the fourth quarter ended Oct. 31, from $1.62 billion, or 84 cents a share, a year earlier. TD shares fell $1.41, or 2.5%, to $55.50, while Enbridge shares rocketed $6.14, or 11.3%, to $60.57.
Only gold found its way to the green, as Barrick Gold took on a penny to $14.03, while Alacer Gold jumped 11 cents, or 4.7%, to $2.44.
The energy section again took a bruising in early Thursday trading, primarily Canadian Oil Sands, slumping $2.13 a share, or 16.2% to $11.00, while Suncor slid nearly 2% to $36.62.
On the economic front, Western University’s Ivey Purchasing Managers Index by the end of October 2014 stood at 51.2, compared to 58.6 for September 2014, and 62.8 for October 2013.
The survey solicits purchasing managers across the country asking whether their purchases during the month were more, less or the same as the month before. A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange gave back 5.54 points to 716.09
All but one of the 14 Toronto subgroups were lower in the first hour of trading, as energy stocks plummeted 3.1%, while industrials and financials each suffered 1.1%.
Only gold stood out, gaining 0.4%.
ON WALLSTREET
U.S. stocks mostly fell on Thursday, with benchmarks retreating from records, after European Central Bank President Mario Draghi said the central bank would wait until early next year to consider whether further moves to stimulate the economy are needed.
The Dow Jones Industrials forfeited 63.38 points to open Thursday at 17,849.24, with Chevron leading blue-chip declines that extended to 22 of 30 components.
The S&P 500 subtracted 6.94 points to 2,067.39. The NASDAQ index gained 0.17 points to 4,774.64
Fewer Americans filing for unemployment benefits last week, with jobless claims falling by 17,000 to 297,000, the U.S. Labor Department said.
On Friday, the government releases the November payrolls report.
Draghi's comments threw cold water on hopes the ECB would begin a program of sovereign-debt purchases called quantitative easing. The central bank held interest rates at a record low and began buying asset-backed securities and covered bonds at past meetings.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.27% from Wednesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped 44 cents to $66.94 U.S.
Gold prices acquired 70 cents at $1,209.40 U.S.
