Stocks in Toronto turned negative shortly after the open, as weakness among a number of resource stocks including energy and mining offset gains.
The S&P/TSX composite index ducked back 11.72 points to open Thursday at 14,877.32
The Canadian dollar remained positive 0.48 cents to 81.55 cents U.S.
BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a three-fold jump in quarterly profit, helped by higher revenue from its seasonal products.
The company, which also makes Rotax engines, said its net income rose to $83.1 million, in the first quarter ended April 30, from $28 million a year earlier. BRP shares galloped $1.19, or 4.4%, to begin the day’s trading at $28.22.
Cenovus Energy said it had resumed normal operations at its Foster Creek oil sands site in Alberta after a forest fire led to a precautionary shutdown on May 23.
Canada's independent oil producer had evacuated about 1,800 workers and shut down production at the site, which it operates as part of a joint venture with ConocoPhillips. The project averages production of about 135,000 barrels per day. Cenovus shares dropped 33 cents, or 1.6%, to $20.23.
Barclays raised the price target on Dollarama Inc to $73.00 from $71.00 compelling growth story and management’s ability to handle the FX headwind. The discount store chain’s shares slid eight cents to $72.72.
RBC raised the price target on Enerplus Corp to $19.00 from $18.00 citing the company’s decision to raise its 2015 capital spending program. Enerplus tacked on 99 cents, or 8.3%, to $12.87.
Barclays cut the price target on Hudson's Bay Co to $26.00 from $30.00 after the company reported better-than-expected top-line results offset by margin declines. Bay shares gave back 26 cents, or 1.1%, to $23.24.
On the economic calendar, Statistics Canada reported that its new housing price index rose 0.1% in April, following no change in March.
ON BAYSTREET
The TSX Venture Exchange was positive 0.74 points to 683.04
The 14 TSX subgroups were evenly divided between gainers and losers, as information technology climbed 0.7%, health-care was better by 0.6%, and real-estate improved 0.4%.
The seven laggards were weighed most by metals and mining, plunging 1.8%, telecoms, down 0.9%, and global base metals, off 0.7%.
ON WALLSTREET
U.S. stocks advanced on Thursday as a good retail sales report and optimism on Greece encouraged investors
The Dow Jones Industrials added to yesterday’s 230-plus point by climbing 90.22 points to 18,090.62
The S&P 500 index grew 8.05 points to 2,113.25,
The NASDAQ moved higher 21.94 points to 5,098.63
On the corporate front, Nike gained on news the athletic apparel and footwear maker signed an eight-year NBA sponsorship contract, starting in 2017. Terms were not disclosed.
Rupert Murdoch, the 84-year old CEO and controlling shareholder of Twenty First Century Fox, is preparing to step down as CEO of the media giant and hand that title to his son James, according to numerous sources close to the Murdoch family.
Facebook holds its annual meeting later in the day, while earnings are expected from Bojangles, ExOne, Korn/Ferry and Restoration Hardware.
The European Commission has opened a formal probe into Amazon.com's e-book business, focusing on agreements between Amazon and publishers. Regulators are focusing on clauses that require them to offer Amazon terms that are at least as good as those offered to competitors.
Retail sales for May showed an increase of 1.2%, with the ex-autos figure up 1%. April retail sales were revised upward to 0.2% from flat.
Economists polled by Reuters forecast retail sales rose 1.1% month-on-month and 0.7% excluding autos.
Weekly jobless claims totaled 279,000, slightly above expectations. April business inventories showed an increase of 0.4%, the largest gain in nearly a year. Retail inventories excluding autos, which go into the calculation of GDP, rose a solid 0.6% in April.
Greece's Prime Minister Alexis Tsipras held late-night talks with German and French leaders and agreed to step up talks with international creditors in order to avert a debt default. However, a deal remains elusive.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.45% from Wednesday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices moved back 74 cents a barrel to $60.69 U.S.
Gold prices retracted $8.80 at $1,178.10 U.S. an ounce.
