The Toronto stock market was slightly lower Thursday, supported by rising mining stocks after strong Chinese economic data helped push copper prices deeper into record territory while energy and gold stocks pressured the main index.
The S&P/TSX composite index greeted the closing bell 14.76 points to the bad side, at 13,431.41
The Canadian dollar was up 0.10 of a cent to $1.00016 (U.S.).
The TSX base metals sector gained ground as the March copper contract rose six cents to $4.37 U.S. a pound.
The HSBC China Manufacturing Purchasing Managers Index dipped to a three-month low of 54.4 in December from November’s 55.3 on a 100-point scale where numbers above 50 show activity expanding.
Strong demand from emerging economies such as China’s has pushed copper prices up more than 30% during 2010.
Teck Resources gained 99 cents to $60.90 while Western Coal Corp. advanced 17 cents to $12.38.
The energy sector was slightly lower as oil prices fell after a report showed a much smaller drop in inventories than analysts had expected, which suggests that a recovery in demand may have slowed.
Cenovus Energy moved down 28 cents to $32.95.
The TSX global gold sector faded, and Goldcorp Inc. declined 29 cents to $45.34 and Barrick Gold Corp. lost 52 cents to $52.61.
Luna Gold Corp. said Wednesday that its Aurizona gold operation in Brazil was robbed of 1,500 ounces of gold. The company said it has insurance and was in the process of filing a claim. Its stock was ahead a penny at 79 cents.
Research In Motion Ltd. is disputing a report in The Economic Times of India that it has offered to install a "network data analysisZ" system at its location in India to resolve a dispute with the government. India views encrypted communications over RIM’s BlackBerry system as a potential security threat. Even so, RIM shares dipped a penny to $58.14.
ON BAYSTREET
The TSX Venture Exchange grew 18.12 points to 2,261.69, while the Nasdaq Canada index eked ahead 0.27 points to 751.23.
In Toronto, losing stocks bested gainers nine to five on the day. Gold stocks skidded 0.7%, while information technology issues faded 0.4% and real-estate stocks fell 0.2%.
The five gainers were paced by metals and mining stocks, which gained 0.5%, while global base metals picked up 0.4% and utilities nipped up 0.1%.
ON WALLSTREET
In New York, stocks teetered near breakeven in light trading Thursday, after many traders closed out their year-end positions during stock market highs the day before.
The Dow Jones Industrials faltered 15.67 points to close at 11,569.70
The S&P 500 retreated 1.90 points to 1,257.88. The Nasdaq Composite Index moved down 3.95 points to 2,662.98
Trading was thin, as the Northeast continues to cope with the lingering effects of a massive snowstorm and many traders left for the holidays. On both the New York Stock Exchange and the tech-heavy Nasdaq, winning stocks beat losers, but by slim margins.
On Wednesday, stocks crept to another two-year high in quiet trading.
Stocks have climbed 6% in December, and are on track to post double-digit percentage gains for the year. For 2010 overall, the Dow is up about 11%, the S&P 500 is up nearly 13%, and the tech-heavy Nasdaq is up almost 18%.
Shares of Anadarko Petroleum Corp. spiked 6.2% Thursday after the Daily Mail, citing unnamed sources, suggested that mining giant BHP Billiton is gearing up to make a cash bid valued at $90 U.S. per share for the oil and natural gas producer. Shares of BHP edged up 0.3% Thursday.
Economically speaking, Thursday's reports mark the last bit of economic data for the year.
Before the bell, the Labor Department said initial unemployment claims fell to 388,000 in the week ended Dec. 25. That marked the lowest level since July 2008 and was much better than the 416,000 claims economists had expected.
The National Association of Realtors reported that pending home sales rose 3.5% in November, far better than the 3% decrease economists were expecting. Pending home sales are a forward-looking indicator for the housing market, reflecting contracts and not closings.
Also, the Chicago PMI rose to 68.6, showing manufacturing activity picked up more than expected in December in the Midwest region. Economists had forecast the index to edge down to 61.5 in November, from 62.5 the previous month. Any number above 50 indicates expansion in the sector.
The price on the benchmark 10-year U.S. Treasury fell, lifting the yield to 3.37% from Wednesday’s 3.34%. Treasury prices and yields move in opposite directions.
Oil for February delivery slid $1.62 to $89.50 U.S. a barrel
Gold futures for February delivery fell $7.60 to settle at $1,405.90 U.S. an ounce.
