Markets in Toronto stumbled at the outset Thursday, and again, crude prices proved the main culprit.
The S&P/TSX composite index was down 92.84 points to open Thursday at 15,119.81
The Canadian dollar fell 0.48 cents to 79.81 cents U.S.
Barrick Gold said on Wednesday it will sell its Porgera mine in Papua New Guinea and its Cowal mine in Australia to help reduce net debt by at least $3 billion by year-end, giving investors a long-awaited glimpse into its strategy. Barrick began the day higher by 70 cents a share, or 4.6%, to $15.91.
Protracted contract talks between Canadian National Railway and the union that represents 4,800 of its mechanical, clerical and intermodal staff are at an impasse, and the union says it is considering a strike vote. CN shares moved forward 23 cents to $88.33.
Bofa Merrill cut the rating on Restaurant Brands to neutral from buy. The company that owns Tim Hortons sprang to life 84 cents, or 1.7%, to $51.59.
Raymond James raised the rating on Trinidad Drilling to outperform from market perform. Trinidad shares dipped 12 cents, or 2.6%, to $4.46.
PI Financial cut the rating on Timmins Gold to neutral from buy. Timmins Gold fell two cents, or 1.7%, to $1.13.
Economically speaking, Statistics Canada reported that those of us receiving regular employment insurance in December totaled 495,300, up 0.7% from the month before. Compared with December 2013, the number of beneficiaries fell 24,500 or 4.7%.
ON BAYSTREET
The TSX Venture Exchange faltered 4.08 points to 693.90
Eight of the 14 Toronto subgroups were higher in the first hour of trading, led by utilities, hurtling 1%, consumer staples, better by 0.9%, and health-care, jumping 0.8%.
The half-dozen laggards were weighed mostly by energy, sliding 2.2%, financials, down 1.1%, and industrials, off 0.6%.
ON WALLSTREET
U.S. stocks traded lower on Thursday, pressured by concerns about a large oil supply glut and Germany's rejection of a Greece loan extension plan.
The Dow Jones Industrials skidded 54.12 points to 17,975.73, weighed by Wal-mart, Chevron and Caterpillar. Boeing led eight blue chips higher and Wal-mart proved the greatest decliner.
The S&P 500 slipped 1.98 points to 2,097.70.
The NASDAQ index gained 14.65 points to 4,921.01, as Apple continued to trade at highs.
Wal-mart reported earnings in line with estimates and revenue that missed expectations. The retailer will give half a million employees pay raises.
Intuit, Nordstrom and Newmont Mining are all due to report earnings after the bell.
Weekly jobless claims came in less than expected at 283,000. The latest Philly Fed index showed the lowest reading since February last year.
Oil prices took a hit in early trading Thursday, after U.S. crude stocks rose by 14.3 million barrels last week, data from industry group the American Petroleum Institute (API) showed.
If the U.S. Energy Information Administration (EIA) data, due at 11:00 a.m. ET, confirm the large build, the figure would be the biggest weekly addition in barrels since such data became available in 1982, according to Reuters.
Prices for 10-year U.S. Treasuries eased, lifting yields to 2.08% from Wednesday’s 2.07%. Treasury prices and yields move in opposite directions.
Oil prices slumped $2.54 per barrel to $49.60 U.S.
Gold prices improved $9.40 an ounce to $1,209.60 U.S.
