Equities in Canada’s largest market dipped on Thursday as lower oil and gold prices weighed on energy and mining stocks, while financials rose.
The S&P/TSX Composite tumbled 87.7 points to begin September at 14,597.15.
The Canadian dollar faded 0.13 cents at 76.26 cents U.S.
Federal Trade Minister Chrystia Freeland reported that Chinese and Canadian firms signed 56 deals worth more than $1.2 billion over the past few months.
North American farmers will pressure regulators to protect their negotiating leverage with fertilizer suppliers if Potash Corp of Saskatchewan and Agrium Inc agree to merge, major farm groups said on Wednesday.
Potash stock reared back 23 cents, or nearly 1%, to $23.53, while Agrium shares gave back $1.60, or 1.3%, to $124.76.
Sunovion Pharmaceuticals, a unit of Japan's Dainippon Sumitomo Pharma Co, said on Wednesday it would buy Canada's Cynapsus Therapeutics for about $624 million.
Cynapsus shares soared $27.55, or 112.5%, to $52.03.
TD Securities raised the target price on Alimentation Couche-Tard to $87.00 from $85.00. Couche-Tard shares gained 20 cents to $67.83.
TD Securities raised the target price on National Bank of Canada to $47.00 from $43.00. National shares gained 40 cents to $46.49
National Bank Financial reinstates coverage on Victoria Gold Corp. with an outperform rating and 75-cent target price. Victoria shares moved higher two cents, or 3.6%, to 57 cents.
On the economic front, the Markit Manufacturing Purchasing Managers’ Index registered 51.1 in August, down from 51.9 in July, to signal a marginal overall improvement in business conditions.
The headline index has now posted above the 50.0 no-change mark for six months running, but the latest reading was the weakest recorded during this period.
ON BAYSTREET
The TSX Venture Exchange fell 4.6 points to 785.75
All but three of the 12 subgroups were negative on the day, with energy issues down 2%, health-care descending 1.8%, and gold sliding 1.2%.
The three gainers were information technology, eking up 0.4%, consumer staples, ahead 0.2%, and consumer discretionary issues, inching up 0.1%.
ON WALLSTREET
Equities south of the border traded slightly higher Thursday, the first trading day of the month, as investors digested a slew of economic data ahead of Friday's key jobs report.
The Dow Jones Industrials eked back 1.99 points to start a new month at 18,398.89, with Home Depot contributing the most to gains.
The S&P 500 dropped 1.5 points to 2,169.05, with consumer discretionary issues leading.
Thursday was the first trading day in September, which has recently been a volatile month historically. The S&P has recorded a move of at least 1%— in either direction — every September since 2006.
August concluded with the S&P slipping 0.1%, snapping a five-month winning streak.
The NASDAQ Composite regained 5.35 points to 5,218.57, with Apple rising slightly.
The August employment report is due for release Friday. Investors will closely read the report, looking for clues about whether the Federal Reserve will raise interest rates in September.
Experts say market expectations for a September rate hike were at 30% Thursday morning
Second-quarter productivity dropped at a 0.6% annualized rate, while weekly jobless claims came in at 263,000, slightly above expectations.
Other data due Thursday include the Institute for Supply Management manufacturing index. The Markit manufacturing Purchasing Managers Index stateside came in at 52.0. A number above 50 reflects expansion.
Prices for the 10-year Treasury lost ground, raising yields to 1.6% from Wednesday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices skidded 46 cents at $44.24 U.S. a barrel
Gold prices restored $3.40 at $1,314.80 U.S. an ounce.
