Equity markets in Canada’s biggest market slipped in early trade on Thursday, weighed down by banks and materials stocks, while a bounce in energy names offset some of the losses.
The S&P/TSX composite index faded 43.2 points to begin Thursday at 13,819.96
The Canadian dollar gained 0.08 cents at 75.85 cents U.S.
Barrick Gold reported adjusted net earnings of $131 million, or 11 cents a share in the third-quarter, compared to $222 million, or 19 cents a share in the same period a year ago. Analysts expected the miner to earn seven cents a share. On a net basis, Barrick swung to a third-quarter loss of $264 million, or 23 cents a share.
Barrick shares gained 71 cents, or 7%, to $10.86.
Bombardier reported a huge quarterly loss tied to impairment charges, and it outlined a plan that will see the Quebec government invest $1 billion in its long-delayed CSeries jet program. It reported a third-quarter loss of $4.6 billion or $2.20 a share. That compared with net income of $74 million or three cents a share, a year earlier. The quarterly loss was tied largely to impairment charges on the CSeries and its Learjet 85 p.
Bombardier shares sank 26 cents, or 16.2%, to $1.35.
Cenovus Energy raised its cost savings target for the year by 43%, hoping to weather a steep plunge in crude prices through operating and administrative cuts and reduced capital spending. It reported a third-quarter operating loss of $28 million, or three cents per share.
That was less than analysts’ average estimate of a loss of four cents per share. It had forecast 2015 capital spending of $1.8- $1.9 billion, almost 40% lower than its 2014 spending levels.
Cenovus shares hiked 92 cents, or 4.8%, to $20.16.
Potash Corp of Saskatchewan cut its full-year earnings forecast and said it expects to sell less potash in the year than expected due to weak demand and prices. It lowered its full-year profit forecast to $1.55- $1.65 per share from $1.75-$1.95. Analysts had estimated $1.74 per share. In the third-quarter, excluding non-cash charges, mainly in phosphate, it earned 37 cents per share.
Revenue fell 6.8% to $1.53 billion. Analysts on average were expecting a profit of $37 per share on revenue of $1.45 billion.
Potash moved lower $1.16, or 4.1%, to $26.99
Suncor Energy on Wednesday reported a third-quarter loss due to unrealized foreign exchange losses and posted lower operating profits as the slump in global crude prices dragged on. It reported a net loss of $376 million, or 26 cents per share. Its operating profit, which excludes one-time items, fell to $410 million, or 28 cents per share, in the third quarter, from $1.306 billion, or 89 cents per share, in the year-ago period.
Suncor picked up $1.01, or 2.7%, to $38.54
On the economic slate, Statistics Canada’s industrial product price index declined 0.3% in September, mainly due to lower prices for energy and petroleum products, while the raw materials price index rose 3% in the same month, led by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange lost 0.61 points to 545.54
All but three of the 13 TSX subgroups were lower to begin the session, as consumer staples were down 1.8%, metals and mining down 1.7%, and materials, off 1.1%.
The three gainers were energy, up 1.7%, while health-care moved up 1.3%, and gold eked up 0.03%.
ON WALLSTREET
U.S. stocks traded mildly lower Thursday, following the prior day's rally, as investors weighed the possibility of a December rate hike and eyed earnings.
The Dow Jones industrial average retreated 55.29 points to 17,724.23, with Intel leading decliners and UnitedHealth the greatest advancer.
The S&P 500 dropped 1.51 points to 2,088.84, with utilities leading seven sectors lower and energy leading advancers.
The NASDAQ index settled 15.62 points to 5,080.07
On the earnings front, Aetna and Time Warner Cable were among the companies that reported before the bell.
Baidu, Starbucks, Electronic Arts, LinkedIn, Western Union, Boston Beer, First Solar, Outerwall and SolarCity are among companies due to report after the bell.
In other corporate news, Allergan confirmed that it has been approached by Pfizer and is in talks regarding a potential deal. Shares of both firms were briefly halted. Shares of Allergan reopened about 8% higher, while Pfizer traded mildly higher.
The Federal Reserve issued a post-meeting statement Wednesday that was more hawkish than many expected. In the statement, the central bank downplayed September's concerns about impact from global growth and specifically noted it will be looking for progress in employment and labor when considering whether to raise rates at its December meeting.
In economic news, third-quarter GDP showed an annual rate of 1.5%, slightly missing expectations and below the second-quarter's 3.9%. Weekly jobless claims totaled 260,000.
Pending home sales in September fell 2.3% to its second-lowest reading of 2015.
Prices for 10-year U.S. Treasuries were sharply lower, raising yields to 2.16% from Wednesday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 34 cents a barrel to $46.28 U.S.
Gold prices slid $3.72 to $1,152.38 U.S. an ounce.
