Equity markets in Canada were slightly on the negative side midday Thursday, with higher oil prices boosting the energy sector, but gold miners' shares fell with the precious metal on increased expectations that U.S. interest rates will rise this year.
The S&P/TSX Composite slipped 3.92 points to greet noon at 14,606.66
The Canadian dollar moved down 0.16 cents to 75.69 cents U.S.
The most influential movers on the index included Cenovus Energy, up 2.6% to $19.90, and Suncor Energy, which advanced 0.7% to $36.94.
Growing expectations that U.S. interest rates will rise before the end of the year weighed on the price of gold, in turn hurting shares of Canadian gold miners.
Barrick Gold fell 2.6% to $19.90 and Detour Gold lost 2.9% to $23.00
Fairfax Financial Holdings, which has bet on declining stock markets and more deflationary pressures, fell 3.1% to $731.
On the economic slate, Statistics Canada reported that municipalities issued $7.3 billion worth of building permits in August, up 10.4% from July. This marked the second consecutive monthly increase.
The agency went on to say the gain in August was mainly attributable to higher construction intentions in Quebec, Ontario and British Columbia.
ON BAY STREET
The TSX Venture Exchange faded eight points, or 1%, to 770.5
Seven of the 12 TSX subgroups were lower by noon hour, as gold tumbled 2%, materials remained weak 1%, while health-care wilted 0.8%.
The five gainers were led by energy, up 0.7%, while industrials and utilities each gained 0.5%.
ON WALL STREET
U.S. stocks traded mostly lower on Thursday as investors looked ahead to a key employment report.
The Dow Jones Industrials remained in the red 18.93 points to 18,262.10, with Wal-Mart and American Express losing the most.
The S&P 500 poked higher 0.78 points to 2,160.51, with telecoms leading decliners
The NASDAQ Composite regained 5.73 points to 5,310.29
In corporate news, shares of social media firm Twitter plummeted more than 18% after media reports that three major tech firms were unlikely to take it over.
Thursday features but a mini-earnings parade, with Helen of Troy and Ruby Tuesday reporting after the closing bell.
The U.S. Labor Department is scheduled to release its September jobs report Friday, with economists expecting the U.S. economy to have added 170,000 jobs and unemployment holding steady at 4.9%.
The jobs report will come on the back of upbeat U.S. data released Wednesday, including the strongest print on the Institute for Supply Management non-manufacturing index for the year. On Thursday, weekly jobless claims fell to 249,000.
Prices for the 10-year Treasury moved lower, raising yields to 1.73% from Wednesday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices acquired 50 cents to $50.33 U.S. a barrel
Gold prices fell $10.70 to $1,257.90 U.S. an ounce.
