Canada's main stock index opened lower on Thursday, with shares in energy companies dropping on lower oil prices while positive earnings surprises helped specific financial, telecom and mining stocks.
The S&P/TSX composite index was off 64.21 points to open Thursday at 14,438.78
The Canadian dollar acquired 0.14 cents to 76.01 cents U.S.
Agrium Inc. reported higher second-quarter profits on Wednesday after markets closed. Agrium's net earnings from continuing operations for the second quarter rose to $675 million, or $4.71 per share, from $625 million, or $4.34 per share a year ago.
Agrium shares plummeted $3.13, or 2.3%, to $131.25.
BCE Inc. posted a 25% jump in second-quarter profit as its mobile business grew, offsetting lower ad revenue in its media arm. The company also said it had net income attributable to shareholders of $759 million, or 90 cents a share. That compared with a year earlier profit of $606 million, or 78 cents a share. Revenue rose 2% to $5.33 billion.
BCE shares lost 23 cents to $53.93.
Barrick Gold on Wednesday reported adjusted net earnings of $60 million, or five cents a share, for the quarter, slightly below the six cents a share that analysts were expecting. It also reduced its full-year all-in sustaining cost forecast to between $840 and $880 per ounce, from between $860 to $895 per ounce.
Shares in the world’s biggest gold miner leaped 39 cents, or 4.5%, to $9.06.
Canadian Natural Resources reported a better-than-expected adjusted earnings as the company's production expenses fell. Excluding a charge of $579 million related to Alberta's increased corporate tax rate, the company reported earnings of 16 cents per share in the second quarter. Net loss was $405 million, or 37 cents per share, for the quarter, compared with a profit of $1.07 billion, or 97 cents, a year earlier. Revenue fell about 36% to $3.42 billion.
Resources stock lopped off 30 cents to $32.04.
Sun Life Financial reported a quarterly profit that breezed past analysts estimates, driven by growth in all its businesses and a weaker Canadian dollar. Net income rose to $731 million, or $1.19 per share, from $488 million, or 80 Canadian cents per share, a year earlier. Underlying profit rose to one dollar per share from 81 cents, while analysts had expected 81 cents.
Sun Life shares shone brighter by $1.71, or 4%, to $44.55.
Manulife Financial reported a higher quarterly profit on an adjusted basis on Thursday, boosted by growth in wealth management and life insurance. The company earned $600 million, or 29 cents a share, in the second quarter, compared with $943 million, or 49 cents a share, a year earlier. Core profit rose to 44 cents per share from 36 cents a share.
Manulife shares gained 12 cents to $23.41.
TMX Group, the operator of the Toronto Stock Exchange, reported a lower-than-expected quarterly profit, hurt by a drop in revenue at its issuer services and cash markets trading businesses. Net profit attributable to shareholders of $27.6 million, or 51 cents per share, in the quarter, compared with a loss of $26.4 million, or 49 cents per share, a year earlier. Revenue fell marginally to $178.7 million.
TMX shares faded 89 cents, or 1.8%, to $49.04.
ON BAYSTREET
The TSX Venture was negative by 1.63 points to 583.22.
All but two of the 14 TSX subgroups were lower, with energy stocks off 1.4%, utilities and industrials slouching 1.1% each.
The two gainers were gold, up 1.5%, and materials, inching up but 0.1%.
ON WALLSTREET
U.S. stocks turned lower in early trade on Thursday as investors weighed a continued decline in oil and Disney's stock, ahead of Friday's key employment report.
The Dow Jones industrial average moved lower 73.52 points soon after the opening bell to 17,466.95, as Disney lost 4% and energy-sensitive stocks took a hit from oil's decline.
The S&P 500 subtracted 7.60 points to 2,092.24. All 10 sectors of the S&P 500 traded in the red, with consumer discretionary off 1% as the greatest laggard.
The NASDAQ index spiked 34.40 points to 5,139.95
Disney extended its post-earnings plunge. Year-to-date, the stock is the third-best performer in the Dow.
Viacom fell more than 9.5% to a multi-year low. The firm matched earnings per share estimates but missed on revenu as the company did not release any major movies during the quarter.
21st Century Fox earned an adjusted 39 cents U.S. per share for the second quarter, two cents above estimates, but revenue missed Street forecasts. The media company also announced a $5-billion U.S. stock buyback program.
CBS reported adjusted quarterly profit of 74 cents U.S. per share, two cents above estimates, with revenue essentially in line. CBS benefited from higher subscription fees and increasing revenue from affiliates.
Reports from Con Ed, EOG Resources, Wingstop, Lions Gate, Great Plains Energy, Noodles and Co., TrueCar, Zynga and Monster Beverage are all due after the bell.
On the economic slate, weekly jobless claims came in Thursday at 270,000, slightly below expectations.
U.S. job cuts soared to a nearly four-year high in July as the military announced plans to reduce troop and civilian workforce payrolls, according to outplacement consultancy Challenger, Gray & Christmas.
Employers based in the United States announced 105,696 layoffs last month, the first time monthly reductions exceeded 100,000 since September 2011. A year ago, U.S. companies announced plans to cut 46,887 jobs.
Goldman Sachs economists raised their forecast for non-farm payrolls to 225,000 from 210,000 after the ISM non-manufacturing survey surged to a 10-year high and included a surprisingly strong employment component.
Economists expect a consensus 223,000 non-farm payrolls, and an unchanged unemployment rate of 5.3%, according to Thomson Reuters.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.24% from Wednesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices deducted 54 cents a barrel to $44.61 U.S.
Gold prices added 60 cents to $1,086.20 U.S. an ounce.
