Equities in Canada’s biggest market slipped marginally at the open on Thursday, weighed down by materials stocks as prices for gold and a string of base metals fell while energy and telecom stocks gained.
The S&P/TSX Composite slipped 0.3 points to open Thursday at 15,643.54
The Canadian dollar eased 0.08 cents at 76.43 cents U.S.
Potash Corp of Saskatchewan Inc reported a lower-than-expected quarterly profit, hurt by weak prices, but said it expected potash sales volumes to rise in 2017.
Potash shares dipped 90 cents, or 3.5%, to $25.07.
Rogers Communications, Canada's largest wireless provider by market share, reported a net loss due to a $484-million impairment charge, as it discontinued investment in its Internet Protocol Television product.
Rogers shares climbed $1.96, or 3.7%, to $54.54.
TransCanada Corp has yet to discuss the Keystone XL oil pipeline with shippers and is not certain if all were still in support of it, the company's CEO said on Wednesday in his first public comments since U.S. President Donald Trump revived the project.
TransCanada fell 64 cents, or 1%, to $63.83.
CIBC raised target price on Black Diamond Group to $5.25 from $4.50. Black Diamond shares gained 26 cents, or 4.6%, to $5.87.
NBF cut the rating on Enbridge Income Fund to sector perform from outperform. Enbridge units slipped 32 cents, or 0.9%, to $35.44.
NBF raised the target price on Inter Pipeline to $31.00 from $30.00. Inter shares took on nine cents to $28.93.
On the economic beat, Statistics Canada reported that average weekly earnings of non-farm payroll employees were $961.00 in November, up 0.8% from both the previous month and November 2015.
ON BAYSTREET
The TSX Venture Exchange dropped 1.32 points to 798.20
Seven of the 12 subgroups were higher, led by telecoms, prospering 0.7%, energy, up 0.4%, and industrials, up 0.3%.
The four laggards were weighed most by gold, down 1.7%, materials, fading 1.4%, and health-care, off 0.1%.
Information technology shares were unchanged in the first hour.
ON WALLSTREET
U.S. equities chopped around the flatline Thursday, struggling to build on gains from Wednesday's record-setting session, as telecommunications led decliners.
The Dow Jones Industrials added 50.67 points onto Wednesday’s all-time high to 20,119.18, with Boeing gaining the most and Caterpillar losing the most.
The S&P 500 nicked up 2.11 points from Wednesday`s all-time high, to 2,300.48, with telecommunications falling 1%.
The NASDAQ composite index took on 5.6 points from Wednesday`s all-time high to 5,661.94.
One of the principal catalysts in sending stocks to record levels were a series of executive orders signed by President Donald Trump, including two that facilitate the construction of the Keystone XL and North Dakota Access pipelines.
Also helping lift the market have been quarterly results from companies as earnings season continues. Among the firms reporting Thursday were Ford and Dow component Caterpillar. Ford matched earnings estimates, while topping sales expectations. Caterpillar beat earnings estimates but fell short of revenue expectations.
Alphabet, Intel, Microsoft, Paypal and Starbucks are among firms scheduled to report after the bell.
In economic news, initial jobless claims jumped 22,000 to 259,000, but have remained below 300,000 for 99 weeks straight, their longest stretch since 1970.
The U.S. IHS Markit services Purchasing Managers Index showed the sector expanded at its fastest pace since 2015, hitting 55.1 from 53.9. New home sales data for December are scheduled for release later this morning.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.54% from Wednesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices recouped $1.04 to $53.79 U.S. a barrel
Gold prices slumped $8.30 to $1,189.50 U.S. an ounce.
