Equity markets in Toronto retreated on Thursday as some of its biggest bank shares fell despite reporting profit growth, while railway and pipeline stocks also weakened, offsetting overall gains for resource stocks.
The S&P/TSX composite index settled back 23.44 points to greet noon at 13,440.38
The Canadian dollar faded 0.29 cents to 74.66 cents U.S.
Toronto-Dominion Bank fell 0.9% to $54.57 and Canadian Imperial Bank of Commerce dropped 1.2% to $99.58 after reporting fourth-quarter results.
TD on Thursday reported higher quarterly profit with growth in its domestic retail and capital markets divisions offsetting concerns about the impact of depressed oil prices.
Also on Thursday, CIBC posted a fourth-quarter profit that beat market expectations, helped by growth in its retail banking and capital markets segments, and raised its quarterly dividend.
Canadian National Railway dipped 0.7% to $77.85, while Canadian Pacific Railway was down 1.3% at $188.41.
The materials group rose, led by gold stocks after additional easing measures from the European Central Bank helped the price of gold bounce from near six-year lows.
Goldcorp rose 2.5% to $16.19, while Barrick Gold was up 2.4% at $10.14.
The energy group firmed, led by a 1.6% gain for Cenovus Energy Inc to $19.98.
Enbridge Inc, Canada's largest pipeline company, fell 0.8% to $46.86, after raising its quarterly dividend and announcing a five-year strategic plan.
TransCanada Corp, fell 0.5% to $42.48 after it said it raised its stake in the Bruce nuclear power plant in Ontario to 48.5%.
ON BAYSTREET
The TSX Venture Exchange remained positive 0.3 points to 514.83.
Seven of the 13 TSX subgroups were lower, as health-care stocks plunged 2%, industrials were down 0.8%, and telecoms were off 0.5%.
The half-dozen gainers were led by gold, up 2.3%, the metals and mining group, up 1.7%, and materials, advancing 1.4%.
ON WALLSTREET
U.S. stocks traded mostly lower Thursday after a positive open as investors eyed data, oil prices and speeches from central bank policymakers.
The Dow Jones industrial average was negative by 92.73 points to pause for lunch at 17,636.95, with Wal-Mart leading advancers and Travelers Cos. the greatest decliner.
The S&P 500 slumped 7.33 points to 2,072.18, with energy leading decliners, despite oil trading higher.
The NASDAQ index dropped 14.19 points to 5,109.03
In economic news, initial jobless claims rose to 269,000. ISM non-manufacturing came in at 55.9 versus October's 59.1 read, Dow Jones reported. U.S. factory orders rose 1.5% in October, beating expectations of 1.3%.
Key for the week is November's non-farm payrolls report, due Friday before the opening bell. The data is the final jobs report out before the Fed's December meeting.
U.S. Federal Reserve Chair Janet Yellen remained confident in the U.S. economic outlook in a testimony before Congress on Thursday.
She was expected to reiterate why the Fed believes it could raise interest rates for the first time in nine years as soon as this month.
European Central Bank President Mario Draghi said the European Central Bank would extend to at least March 2017 its massive 60-billion-euro- ($63.5-billion U.S.) a-month bond-buying scheme. Hopes of an increase in amount of purchases were disappointed.
Prices for the 10-year Treasury wilted, spiking yields to 2.31% from Wednesday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices hiked 79 cents a barrel to $40.73 U.S.
Gold prices improved $4.85 to $1,056.55 U.S. an ounce.
