Markets in Toronto struggled early Thursday to make it through breakeven, as initial enthusiasm over Wednesday’s Federal Reserve announcement was tempered by malaise over new macroeconomic figures.
The S&P/TSX composite index moved higher by only 14.46 points to kick off the session at 13,414.43
The Canadian dollar moved forward 0.19 cents at 75.35 cents U.S.
Bombardier Inc said the credit union which manages Quebec's public pension plans, would buy a 30% stake in its rail unit for $1.5 billion.
Bombardier shares gathered eight cents, or 6.3%, to $1.36.
Canadian Pacific Railway further reinforced its proposed $28.4-billion acquisition of U.S. railroad operator Norfolk Southern, saying it would help the combined company to save at least $1.8 billion annually.
CP shares retreated $1.20 to $193.74.
Barclays raised the target price on Loblaw Companies to $76.00 from $75.00. Shares in the grocer thumped lower $1.84, or 2.6%, to $68.49.
Canaccord Genuity cut the rating on Orezone Gold to hold from "speculative buy". Orezone shares were static at 23 cents
Citigroup initiated coverage on Valeant Pharmaceuticals International with an overweight rating. The drug maker’s shares rocketed $6.11, or 6.3%, to $103.03.
On things economic, Statistics Canada reported this morning that those Canadians on regular employment insurance benefits hiked 1.1% in September to 543,800. On a year-over-year basis, the number of EI beneficiaries rose by 41,600 or 8.3%.
The agency also stated that wholesale sales subsided 0.1% to $55.2 billion in September. The agencies attributes the drop to declines in the motor vehicle and parts and the building material and supplies sub-sectors, only partially offset by higher sales in machinery, equipment and supplies, food, beverage and tobacco.
ON BAYSTREET
The TSX Venture Exchange dipped 0.65 points to 520.13.
All but one of the 13 TSX subgroups moved higher, with gold hiking 4%, metals and mining gaining 3.2%, and materials, up 2.8%.
Only energy faded, and 0.3% at that.
ON WALLSTREET
Markets stateside tried valiantly to add to healthy Wednesday gains, as investors sought further indications of support for a December rate hike from data and Fed speakers.
The Dow Jones industrial average inched higher 10.89 points to begin Thursday at 17,748.05, UnitedHealth and Caterpillar the chief stocks bringing the big board down. IBM and United Technologies proved the biggest gainers.
The S&P 500 added 1.93 points to 2,085.51. Health-care and energy were the greatest laggards in the S&P 500.
The NASDAQ index gained 11.58 points to 5,086.78, as Apple tried to hold onto its gains.
UnitedHealth retreated 3.5% in morning trade after the health insurer cut its forecast for the year.
Traders also viewed Thursday’s initial public offerings of Square and Match.
Square, an electronic payment firm, jumped more than 30% to near $11.90 U.S. a share in the early minutes of its opening trade, after pricing below the expected range at $9.00 U.S. a share.
Tinder parent Match priced at the low end of the expected range at $12.00 U.S. per share.
Among companies reporting earnings, Best Buy topped estimates by six cents with adjusted profit of 41 cents U.S. per share, but its revenue was merely in line and its same store sales increase of 0.8% was only half of what analysts were expecting.
Economically speaking, initial jobless U.S. claims came in at 271,000, down 5,000 from the week before. The Philadelphia Fed Manufacturing survey's diffusion index for current activity came in for November at 1.9, its first positive reading in three months.
U.S. October leading indicators rose 0.6%, slightly more than expected.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.25%, from Wednesday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices declined 46 cents a barrel to $40.29 U.S.
Gold prices gained $11.72 to $1,082.45 U.S. an ounce.
