Stocks in Toronto opened lower, tracking global markets, with energy and financial stocks heading the declines.
The S&P/TSX composite index faded 59.15 points to open Thursday at 14,964.74
The Canadian dollar plummeted 0.66 cents to 82.36 cents U.S.
Among metals stocks, HudBay Minerals took the worst bruising, losing 46 cents, or 3.9%, to $11.43, while First Quantum Minerals descended 53 cents, or 2.9%, to $17.68.
Energy issues were also hard hit, as Gran Tierra Energy was stung 32 cents, or 6.9%, to $4.34.
On the other hands, telecoms helped pick up the slack, as Manitoba Telecom Services hiked $1.17, or 4.6%, to $26.82.
Also encouraging was growth in consumer discretionary issues, with Linamar Corporation bolting $9.31, or 12.8%, higher to $82.30
On the economic slate, Statistics Canada came out with building permits news this morning, which reported that the total value rose 11.6% from a month earlier to $6.9 billion in March. This was the first increase in three months.
The agency goes on to say higher construction intentions for non-residential buildings in British Columbia and Alberta, and for multi-family dwellings in Ontario and B.C., were responsible for much of the advance.
ON BAYSTREET
The TSX Venture Exchange recovered 1.01 points to 688.01
Seven of the 14 Toronto subgroups subsided, with metals and mining down 2.7%, energy down 2%, and global base metals sliding 1.4%.
The half-dozen gainers were led by telecom stocks, up 1.6%, consumer discretionaries, up 1.3%, and real-estate ahead 0.4%. Utility stocks were flat at the open.
ON WALLSTREET
U.S. equities traded in a narrow range on Thursday after a weak open as investors eyed sovereign bond yields and U.S. economic data.
The Dow Jones Industrials poked ahead 5.88 points to 17,847.86
The S&P 500 index dipped 0.40 points to 2,079.75
The NASDAQ grew 8.45 points to 4,928.09.
Alibaba earned an adjusted 48 cents U.S. per share for its latest quarter, six cents above estimates, and revenue also beat Street forecasts. Alibaba also announced that Chief Operation Officer Daniel Zhang will become CEO as of May 10.
Priceline Group reported quarterly profit of an adjusted $8.12 U.S. per share, above estimates of $7.72 U.S, with revenue also beat consensus. Priceline cited strong growth in bookings for hotel rooms and rental cars, among other factors.
Procter & Gamble's hair care business is drawing interest from a variety of private equity firms, according to the New York Post, and that the business could bring in as much as $5 billion U.S.
Costco reported flat same-store sales for April, compared to estimates of a 0.3% increase.
Investors also eyed several U.S. data points ahead of the bell, including weekly U.S. jobless claims, which came in much weaker than expected.
Initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 265,000 for the week ended May 2, the Labor Department said on Thursday. Claims for the prior week were unrevised at 262,000, which was the lowest reading since April 2000.
One commentator said this number could be a sign that Friday's jobs report for April could come in better than expected. In March, the U.S. added 126,000 jobs versus and expected 245,000.
Prices for 10-year U.S. Treasuries gained ground, dropping yields to 2.21% from Wednesday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices eased $1.24 to $59.69 U.S.
Gold prices slid six dollars to $1,184.30 U.S.
