Equities in Toronto opened lower on Thursday, as gold miners, propelled by weaker gold prices, saw sharp declines and pulled the overall market lower.
The S&P/TSX composite index went south 104.23 points to begin the month’s last session at 15,243.11
The Canadian dollar gave back 0.37 cents to 82.86 cents U.S.
Gold stock prices took the worst punishment in the early going, as Goldcorp sustained a drop of $1.25 a share, or 5.2%, to $22.96, and Pretium Resources faded 42 cents, or 5.7%, to $6.90.
Utilities were also scarred, as shares in ATCO Ltd. subsided 64 cents, or 1.4%, to $45.65, and Just Energy Group slid eight cents, or 1.2%, to $6.46.
Health-care issues tried to balance things out, as Valeant Pharmaceuticals gained $12.04, or 4.7%, to $268.34.
On the economic front, Statistics Canada’s said Gross Domestic Product for February was unchanged after a 0.2% decline in January. The agency said the increase in the output of service industries, primarily in retail trade, was offset by an overall decline in goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange inched back 0.2 points to 697.17
All but two of the 14 Toronto subgroups were down, as gold dulled in price 3.1%, materials weakened 1.9%, and utilities fell 0.8%.
The two gainers were health-care, stronger by 1.7%, and metals and mining improved 1%
ON WALLSTREET
U.S. stocks traded lower on Thursday amid earnings as investors eyed the U.S. dollar and higher Treasury yields.
The Dow Jones Industrials tumbled 90.11 points to 17,945.42. Apple led blue-chip declines, trading down more than 1.5%.
The S&P 500 index slid 10.29 points to 2,096.56. Information technology was among the greatest laggards in the S&P 500.
The NASDAQ index shed 27.84 points to 4,995.50.
Major earnings on Thursday included Exxon Mobil, Colgate-Palmolive, ConocoPhillips, CME Group, Viacom, Imax and Beazer Homes before market open.
Exxon Mobil posted first-quarter earnings that declined sharply from a year ago but handily beat expectations on both the top and bottom lines.
AIG, Visa, LinkedIn, Western Union and Dreamworks Animation are due after the bell.
Weekly jobless claims came in at 262,000, a 15-year low. U.S. personal income was flat in March, and consumer spending up just 0.3% when adjusted for inflation.
April's Chicago Purchasing Managers' Index survey came in at 52.3, topping expectations.
Prices for 10-year U.S. Treasuries drifted lower, lifting yields to 2.09% from Wednesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices eked up three cents to $58.61 U.S.
Gold prices tumbled $26.00 to $1,184.00 U.S.
