Equities in Canada’s largest centre were off slightly at Thursday’s open, the initial excitement from higher oil prices supporting energy stocks having died down in the first hour.
The S&P/TSX Composite Index scaled back 1.49 points to open Thursday at 12,865.67.
The Canadian dollar dropped 0.12 cents to 73.02 cents U.S.
Bombardier is in talks with more potential buyers including United Airlines after winning a lifeline $3.8-billion order for its struggling CSeries jet from Air Canada. Meanwhile, SocGen cuts rating on Bombardier to sell from hold
Bombardier stock added four cents, or 3.7%, to $1.13.
Barrick Gold Corp , the world's largest gold producer, on Wednesday cut its 2016 total gold production forecast and cost per ounce of the metal amid a continued slump in prices. Moreover, Canaccord Genuity raised target on Barrick to $21.00 from $20.50, with a buy rating.
Barrick gained 15 cents to start the day at $16.41.
On the economic front, Statistics Canada reported that Canadians receiving regular Employment Insurance benefits totaled 539,800 in December, down 0.5% from the previous month.
What`s more, the agency told us that wholesale sales rose 2.0% to $57.2 billion in December. Gains were recorded in four of seven sub-sectors, led by motor vehicle and parts. Excluding this sub-sector, wholesale sales edged up 0.1%. In volume terms, wholesale sales increased 1.8% in December.
ON BAYSTREET
The TSX Venture Exchange faded 0.18 points to 517.86
Seven of the 13 TSX subgroups were higher in the first hour, with information technology climbing 0.7%, telecoms perking 0.5%, and consumer staples up 0.4%.
The half-dozen laggards were weighed most by metals and mining, sinking 5.3%, while industrials and energy each slid 0.4%.
ON WALLSTREET
U.S. stocks traded in a range Thursday, stabilizing after their largest three-day gain since August, as declines in shares of Wal-Mart weighed.
The Dow Jones industrial average picked up 23.84 points to start Thursday at 16,477.67, struggling for gains as Wal-Mart traded more than 5% lower after reporting earnings.
The S&P 500 slid 4.11 points to 1,922.71, with consumer staples leading five sectors lower and utilities the top gainer.
The NASDAQ index eased 13.38 points to 4,520.68.
IBM briefly jumped more than 5% in morning trade as the top contributor to gains in the Dow. Morgan Stanley upgraded the stock to overweight from equal-weight and raised its price target to $140 from $135 U.S.
Separately, IBM Watson Health announced plans to acquire Truven Health Analytics for $2.6 billion U.S.
Wal-Mart beat estimates by three cents with adjusted quarterly profit of $1.49 U.S. per share, but revenue was shy of estimates as the company battled the effects of a stronger dollar. The retail giant also trimmed its full-year revenue forecast based on the U.S. currency's continued strength. The company also raised its annual dividend to $2 a share from $1.96 U.S. a share.
Weekly jobless claims came in at 262,000.
The Philly Fed index came in at minus 2.8 for February. The index has held in negative territory since September.
Leading indicators in January showed a decline of 0.2%, after a downwardly revised December report of a 0.3% drop
Prices for the 10-year Treasury gained ground, lowering yields to 1.80% from Wednesday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices gained 85 cents a barrel to $31.51 U.S.
Gold prices picked up $2.15 to $1,210.65 U.S. an ounce.
