Stocks in Canada’s biggest market closed lower to end a shortened week, as banking stocks retreated amid increasing chatter from U.S. central bankers about hiking interest rates, while a recovery in crude oil prices helped energy stocks gain.
The S&P/TSX Composite Index came off its lows of the afternoon, forging to within 21.37 points of breakeven to close Thursday at 13,358.11
The Canadian dollar was negative 0.2 cents to 75.52 cents U.S.
Equity markets throughout North America are closed tomorrow for Good Friday.
Health-care issues were particularly hard hit, as Valeant Pharmaceuticals lost $2.95, or 6.7%, to $41.21, while Concordia Healthcare plummeted $5.34, or 13.2%, to $34.99.
Financials suffered with National Bank down $1.44, or 3.4%, to $41.56, while Royal Bank of Canada dropped 97 cents, or 1.3%, to $73.97.
Gold proved the leading gainer, with Barrick Gold spiking 42 cents, or 2.4%, to $17.96, while Agnico Eagle Mines climbed 97 cents, or 2.1%, to $47.82.
Among energy concerns, Baytex Energy collected 11 cents, or 2.2%, to $5.05, while EnCana Corporation triumphed 19 cents, or 2.5%, to $7.85
On the economic slate, Statistics Canada reported that Canadians receiving employment insurance benefits totaled 543,100 in January, virtually unchanged from the previous month.
ON BAYSTREET
The TSX Venture Exchange regained 3.88 points to 580.02
Eight of the 13 TSX subgroups were positive on the day, gold going 1.7% higher, while information technology and energy stocks each gained 0.8%.
The five laggards were weighed mostly by health-care, down 3.1%, financials, sliding 1.1%, and utilities, off 0.8%
ON WALLSTREET
U.S. stocks ended off session lows Thursday, the final trading day of the holiday-shortened week, as oil prices recovered from session lows and the U.S. dollar gave back some gains
The Dow Jones Industrials regained 13.14 points to 17,515.73, after spending much of the day in the red. IBM proved the biggest gainer, while Goldman Sachs and UnitedHealth were the greatest decliners.
Among Dow transport issues, American Airlines and United Continental led decliners.
The S&P 500 shed 1.36 points to 2,035.15. Energy tried to extend gains, while financials remained the greatest S&P 500 decliner.
The NASDAQ index struggled to gain 4.64 points to 4,773.5. Amazon gained ground and Apple traded about 0.5% lower.
The major averages still posted a weekly decline of about 0.5%, ending five straight weeks of gains.
In economic news, weekly jobless claims came in at 265,000. February durable goods orders declined 2.8%
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, decreased 1.8% after advancing by a downwardly-revised 3.1% in January.
The Markit flash U.S. services PMI was 51.0 in March, up from 49.7 in February.
Prices for the 10-year Treasury sank, raising yields to 1.9% from Wednesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices dropped 18 cents a barrel to $39.61 U.S.
Gold prices surrendered $2.83 to $1,217.28 U.S. an ounce.
