Equities in Canada’s biggest centre were little changed on Thursday as higher copper prices helped support shares of some mining companies, helping offset a decline in the energy sector.
The S&P/TSX composite index faded 9.64 points, to begin Thursday’s trading at 14,729.56.
The Canadian dollar gained back 0.58 cents to 79.06 cents U.S.
Penn West Petroleum reported a much bigger loss and cut its quarterly dividend for the second time in three months, hurt by lower production and a fall in crude prices. Penn West gained 19 cents to $2.12.
A union official says about 1,000 construction workers employed by a contractor at Husky Energy's Sunrise oil sands project were laid off unexpectedly on Wednesday. Husky shares dipped 26 cents, or 1%, to $25.46.
CIBC raised the price target on Kirkland Lake Gold to $5.25 from $4.50. Kirkland Lake fell 11 cents to $5.06.
CIBC raised the price target on Quebecor to $35.00 from $33.00. Quebecor shares took on 58 cents, or 1.7%, to $33.87.
Raymond James cut the target price on Rocky Mountain Dealerships to $10.50 from $12.50. Rocky Mountain eked up four cents to $8.86.
On the economic front, Statistics Canada reported that its new housing price index fell 0.1% in January mostly due to lower negotiated selling prices. The agency says this was the first decrease at the national level since July 2010.
ON BAYSTREET
The TSX Venture Exchange nicked higher 0.88 points to 670.51
Eight of the 14 Toronto subgroups were higher to begin the day, with metals and mining up 1.2%, global base metals gaining 1.1%, and financials richer by 0.8%.
The half-dozen laggards were weighed most by gold, duller by 1.6%, energy, 1% less energetic, and health-care, off 0.8%.
ON WALLSTREET
U.S. stocks traded higher on Thursday, as the U.S. dollar paused its recent rally and economic data came in mixed.
The Dow Jones Industrials hiked 156.34 points to 17,791.73, with American Express leading gains and Intel and Microsoft the only two decliners.
The S&P 500 gained 15.44 points to 2,055.68, with financials leading gains and information technology the only declining sector.
The NASDAQ index picked up 19.62 points to 4,869.56
The U.S. dollar fell about 1% after significant gains for the last few days. The euro edged higher to $1.06 U.S., up from 12-year lows hit on Wednesday.
Intel lowered its first quarter revenue outlook, noting weaker demand for business desktop PCs and that inventory levels are lower than expected.
Dollar General matched estimates with quarterly profit of $1.17 U.S. per share, though revenue was slightly below estimates. The discount retailer also initiated a quarterly dividend of 22 cents U.S. per share.
The retailer announced on Saturday plans to expand into Oregon, Maine and Rhode Island, taking its presence to 43 states.
U.S. business inventories were unchanged in January and further declines in sales pushed the number of months it would take to clear shelves to the highest since July 2009, which suggests a stock draw down in the months ahead.
Retail sales for February fell 0.6%, missing expectations of a slight gain.
Weekly jobless claims fell more than expected to 289,000, below the prior week's 320,000.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.08% from Wednesday’s 2.11%. Treasury prices and yields move in opposite directions.
Oil prices chipped higher three cents to $48.20 U.S.
Gold prices gained $3.90 to $1,154.50 U.S.
