Markets in Toronto seesawed on Thursday as depressed crude oil prices weighed on the resource-linked market.
The S&P/TSX composite index began the session down 69.77 points, to 11,733.34.
The Canadian dollar recouped 0.42 cents to 69.36 cents U.S.
National Bank Financial cut the target price on Bank of Nova Scotia to $60.00 from $67.00 as the company has made significant progress in centralizing management in the Pacific Alliance countries.
Scotiabank gained nine cents to begin the session at $51.96.
Barclays raised the target price on Metro Inc. to $41.00 from $40.00 as the company to remain somewhat insulated from inflation pass-through risk as the Canadian dollar depreciates for the third consecutive year.
Metro shares hiked 76 cents, or 1.9%, to $40.23.
Barclays cut the target price on Paramount Resources to $4.00 from $4.50 as volumes are still trailing expectations.
Paramount shares descended 28 cents, or 8.2%, to $3.15.
AlarmForce Industries reports full-year earnings, expecting 38 cents per share. AlarmForce shares gained 23 cents, or 2.2%, to $10.50.
Canadian Pacific Railway also reports, expecting Q4 earnings of $2.78 cents per share. CP shares stumbled $9.07, or 6%, to $142.10.
On the economic beat, Statistics Canada reported that those drawing regular employment insurance premiums hiked 3,200, or 0.6%, in November to 544,200.
The agency added that, on a year-over-year basis, the total number of EI beneficiaries was up 45,800 or 9.2%, the largest increase since February 2010. About two-thirds of this increase was in Alberta.
ON BAYSTREET
The TSX Venture Exchange lost 1.98 points to 471.76.
All but three of the 13 TSX subgroups were negative to start out, with industrials and gold stocks each off 2.8%, while materials were 2.2% lower.
The two gainers were consumer staples, ahead 1.3%, and consumer discretionaries, eking up 0.07%.
Energy stocks were unchanged in the first hour.
ON WALLSTREET
U.S. stocks traded in a range Thursday, trying to extend Wednesday's late-session recovery, as comments from European Central Bank President Mario Draghi offset some pressure from oil.
The Dow Jones industrial average recovered from a 200-point-plus loss Wednesday to gain 100.95 at the open to register at 15,867.69, with DuPont leading decliners and Home Depot the greatest advancer.
The S&P 500 slid 3.09 points to 1,856.24, with health-care leading eight sectors lower and telecommunications and consumer discretionary the only gainers.
The NASDAQ index gained 28.76 points to open at 4,500.45.
On the data front, weekly jobless claims came in at 293,000, a six-month high. The January Philadelphia Fed index showed minus 3.5.
Draghi expressed the view that downside risks have increased again and the central bank needs to review, possibly reconsider policy stance at the next meeting. Draghi also said the central bank has the power, willingness and determination to act, noting it has plenty of instruments.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.98% from Wednesday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices chipped up a cent a barrel to $28.36 U.S.
Gold prices retreated $4.62 to $1,096.30 U.S. an ounce.
