The Toronto stock market shed early gains and moved lower Thursday as violence in Libya persuaded investors to take some profits from a market surge that has gone on pretty much without a break since the end of August.
The S&P/TSX composite index closed a volatile Thursday down 88.88 points to 13,867.31
The Canadian dollar picked up 0.67 cents to 101.7 cents U.S.
The energy sector had climbed about 2.25 per cent in the last two sessions. But on Thursday, Suncor Energy moved $2.08 lower to $44.00 and Imperial Oil slipped 83 cents to $49.72.
The TSX found support from the financial sector in the wake of solid earnings reports from CIBC and National Bank.
The sector rose one per cent as CIBC reported net income of $799 million or $1.92 per share for the first quarter. That compared with net income of $652 million for the same period last year and earnings per share $1.58. The average analyst estimate had been for a profit of $1.77 per share, according to Thomson Reuters and CIBC stock rose $2.73 to $82.43.
National Bank shares gained $1.82 to $73.60 as it reported that first-quarter profits reached a record $312 million, or $1.80 per share, an increase from $215 million, or $1.22 a share, a year earlier. Revenues were $1.15 billion, up from $1.08 billion and analysts said the reports bode well for the rest of the sector.
Elsewhere on the TSX, the gold sector fell even as bullion moved up for an eighth session as buyers look for a safe haven. Barrick Gold Corp. lost $1.57 to $50.23 while Goldcorp Inc. faded $1.19 to $44.45.
The base metals sector lost early momentum and moved down even as copper prices advanced following a string of losses with the March contract in New York five cents higher at $4.33 U.S. a pound. First Quantum lost $3.35 to $112.90 while Quadra FNX Mining Ltd. fell 13 cents to $12.99.
Elsewhere, Loblaw Co. says profits slipped 8.5% to $151 million in the fourth quarter or 54 cents per share, seven cents short of analyst estimates. Sales fell 2.1% to $7.2 billion and its shares were down 22 cents at $38.87.
Auto parts giant Magna International Inc. said Wednesday after the close that it earned net income of $216 million U.S. compared with a loss of $139 million in the comparable 2009 quarter.
The company also said it would increase its quarterly dividend to 25 cents U.S. per share, up from 18 cents.
Still, Magna’s profit amounted to 88 cents per share against analyst estimates of $1.02 U.S. and its stock fell $5.34 to $49.63.
On the economic front, Statistics Canada reported this morning average weekly earnings of non-farm payroll employees rose 4.5% between December 2009 and December 2010, to $872.12. December marked the fifth consecutive month during which year-over-year growth was above 4.0%.
ON BAYSTREET
The TSX Venture Exchange dropped 38.36 points to 2,328.68, while the Nasdaq Canada index advanced 4.76 points to 809.82.
In Toronto, nine of the 14 subgroups lost ground, weighed by gold, off 3.7%, materials, down 2.2%, and energy stocks, backpedaling 1.9%.
Health-care stocks added 2%, while financials were 1.4% stronger, and information technology issues were 1% to the good.
ON WALLSTREET
In New York, stocks rebounded from afternoon lows and finished with small losses as oil prices retreated from two-year highs above $100 a barrel.
The Dow Jones industrial average was 37.28 points to the bad by the finish, at 12,068.50.
The S&P 500 was 1.30 points in the red to 1,306.10.
The tech-rich Nasdaq Composite Index moved 14.91 points into positive country at 2,737.90, thanks in part to a 9% jump in shares of Priceline.com. The online travel-booking service reported a 73% jump in fourth quarter profit after the market close on Wednesday.
Shares of Sears Holdings dropped 6% after the company reported a 13% drop in profit and as sales declined at its namesake retail stores. The stock was among the biggest decliners on the S&P 500 and the Nasdaq. Sears also named Lou D'Ambrosio as CEO and president, succeeding Bruce Johnson, who had been interim CEO for three years.
General Motors Co. shares slumped 5% after the automaker reported an annual profit of $4.7 billion in 2010, its first annual profit since 2004.
Shares of Target increased 3.5% after the discount retailer reported that its quarterly earnings jumped more than 10%.
American International Group will report after the closing bell, and is expected to post a massive loss.
Economically speaking, weekly initial jobless claims came in lower than expected.
The Census Department's report on durable goods orders matched expectations. The government reported that orders rose 2.7% in January, up from a revised 2.5% in December.
The Commerce Department reported that new home sales declined more-than-expected in January to an annual rate of 284,000.
The price on the benchmark 10-year U.S. Treasury picked up territory, lowering the yield to 3.44% from Wednesday’s 3.49%. Treasury prices and yields move in opposite directions,
Oil for February delivery stepped back $1.86 to $95.95 U.S. a barrel.
Gold prices took a breather from their record run, and fell back $12.82 an ounce to $1,400.48 U.S.
