Markets in Toronto took back early gains and read fairly flat on Thursday, amid a ceasefire deal between Ukraine and Russia, and shares of energy producers climbed with the price of oil.
The S&P/TSX composite index dipped 1.29 points to kick off Thursday at 15,150.21
The Canadian dollar exploded higher 0.99 cents to 80.17 cents U.S.
Bombardier named a former United Technologies Corp executive as CEO, and reported a quarterly loss due to a $1.4-billion charge related to its decision to suspend its Learjet 85 business aircraft program. Bombardier shares backed off 44 cents, or 14.5%, to $2.60.
Cenovus Energy reported a quarterly loss that ballooned eight times and said it would cut 15% of its workforce, freeze salary hikes and cut discretionary spending as it adjusts to the slump in global crude prices. Cenovus shares crept up 11 cents to $24.79.
Manulife Financial Corp reported a weaker-than-expected fourth-quarter profit and warned macroeconomic factors such as low interest rates would produce "headwinds" in 2015. Manulife shares faded $1.16, or 5.3%, to $20.68.
Telus Corp, one of Canada's largest telecommunications companies, reported an 8% rise in quarterly profit as rising smartphone adoption and the expansion of LTE network boosted revenue in its wireless business. Telus shares dipped 28 cents to $43.26.
CIBC raised the price target on Air Canada by $1.00 to $17.50. Air Canada shares gained 29 cents, or 2.4%, to $12.25.
Canaccord Genuity cut the target price on Boardwalk REIT to $60.00 from $66.00. Canaccord also cut the target price on Mainstreet Equity Corp. to $42.50 from $45.00. Boardwalk REIT units fell 18 cents to $60.84.
Statistics Canada is out with its new housing price index for December, which posted a fourth consecutive 0.1% increase. Gains in Ontario and Alberta were moderated by a decline in Quebec.
ON BAYSTREET
The TSX Venture Exchange added 3.43 points to 693.72
Eight of the 14 Toronto subgroups were lower to begin the session, as industrials sank 1.3%, health-care was 1% lower, telecoms shed 0.5%.
The half-dozen gainers were spotlighted by metals and mining, charging ahead 3.3%, energy, 1.8% more energetic, and global base metals higher by 1.3%.
ON WALLSTREET
U.S. stocks traded higher on Thursday as investors were encouraged by a cease-fire agreement between Russia and Ukraine, shaking off lack of resolution in Greece and weaker-than-expected U.S. data.
The Dow Jones Industrials recovered 65.16 points to 17,927.30, with Cisco leading gains and American Express the greatest of five blue-chip laggards.
The S&P 500 turned positive 14.15 points to 2,082.68, with information technology leading gains and utilities the only laggard.
The NASDAQ index actually gained 38.38 points to 4,839.56.
The S&P 500 touched a high for 2015, and the NASDAQ opened up at its highest level since March 2000. Apple continued to trade at all-time highs and Cisco rallied nearly 9% on strong earnings.
Futures trimmed some gains as retail sales for January came in weaker than expected, down 0.8% and near December's 0.9% decline.
Retail sales ex-autos declined 0.9%, though when excluding vehicles, gasoline and building materials, sales posted a moderate increase to 0.1% last month after a revised 0.3% drop in December.
Jobless claims were 304,000 last week, more than expected and an increase of 25,000 from last week.
Business inventories increased 0.1% in December, below estimates of a 0.2% increase. Sales decreased 0.9%.
Greece was unable to reach a deal with the European Union to stay in an EU bailout program, the Eurogroup's Jeroen Dijsselbloem said on Wednesday, noting talks will continue on Monday.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 1.98% from Wednesday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices shot higher $2.24 per barrel to $51.08 U.S.
Gold prices added six dollars an ounce to $1,225.60 U.S.
