Stocks in Canada’s biggest centre finished flat on Thursday as oil settled at the highest level in more than six months as the market weighed concern of a reduction in global crude supply with Canadian producers planning to resume oil-sands output.
The S&P/TSX Composite Index was below Wednesday’s close by a mere 0.41 points to 13,787.80
The Canadian dollar gained 0.09 cents to 77.9 cents U.S.
Suncor Energy dropped 36 cents, or %, to $34.11, and Encana fell 20 cents, or 2.2%, to $8.77, as energy producers rose.
Crescent Point Energy jumped a dollar, or 4.9%, for a third day of gains, to $21.36. The company reported a first-quarter loss narrower than analysts had forecast.
Barrick Gold lost 44 cents, or 1.8%, to $23.27, while First Quantum Minerals retreated 49 cents, or 5.3%, to $8.74 to lead base-metals producers lower.
Gold fell on Thursday as a strengthening dollar prompted some buyers to cash in gains after its biggest daily rise this month, briefly paring losses after downbeat U.S. jobs data.
Goldcorp tumbled 93 cents, or 3.9%, to $23.15, after agreeing to buy Kaminak Gold in a share-swap deal worth $520 million. The purchase price values Kaminak at a 40% premium to its 20-day average, and will involve Goldcorp issuing about 21.6 million shares.
On things economic, Statistics Canada reported that its new housing price index rose 0.2% in March, following an identical increase in February.
The index has increased for 12 consecutive months, largely driven by higher new housing prices in Ontario and British Columbia.
ON BAYSTREET
The TSX Venture Exchange remained positive 4.11 points to 673.59
Eight of the 13 TSX subgroups were negative by the session’s end, with gold and metals and mining each surrendering 2.3%, while materials dipped 1.8%.
The five gainers were led by consumer discretionary stocks, up 0.6%, financials, picking up 0.5%, and energy, inching 0.3% higher
ON WALLSTREET
U.S. stocks closed mostly lower Thursday, weighed by declines in health care and technology stocks, as traders eyed oil prices and awaited the retail sales report due Friday.
The Dow Jones Industrials fought its way out of the dungeon to gain 9.38 points to 17,720.50. Apple fell 2.4% to hit a fresh low of $90.38 U.S., and contributed the most to declines in the Dow. That’s the lowest the stock has been since June 2014.
Boeing, Nike, Exxon Mobil and Chevron were among those with the greatest positive impact on the index.
The S&P 500 climbed to within 0.56 points of breakeven to 2,063.90. Telecoms led S&P 500 advancers as the index tried for gains in afternoon trade, while health care and tech lagged.
The NASDAQ Composite remained negative 23.35 points to 4,737.34.
In economic news, weekly jobless claims rose to 294,000. Import prices rose 0.3% in April, while export prices rose 0.5%.
Prices for the 10-year Treasury slid, raising yields to 1.75% from Wednesday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices turned negative 37 cents a barrel to $45.86 U.S.
Gold prices slumped $7.77 to $1,269.44 U.S. an ounce.
