Stocks in Toronto stopped short of the breakeven mark Thursday, as losses in the energy sector overshadowed gains in tech and utilities.
The S&P/TSX Composite Index fell 6.46 points to end Thursday at 15,621.47
The Canadian dollar regained 0.14 cents to 77.8 cents U.S.
The energy group was the biggest drag on the TSX. Weighing on the energy sector was shares of Canadian Natural Resources Ltd, which fell $1.05, or 2.3%, to $45.43, after Canada's largest independent petroleum producer reported quarterly results.
On the earnings front, Crescent Point Energy Corp fell 94 cents, or 8.5%, to $10.32, after the oil and gas producer reported a first-quarter loss as it sold Canadian crude at a bigger discount.
Telecommunications company BCE Inc's first-quarter profit narrowly missed analysts' estimates. BCE fell in price 72 cents, or 1.3%, to $53.20. Shaw Communications shed 22 cents to close at $25.78.
Among real-estate holdings, units of H&R Real Estate Investment Trust fell eight cents to $20.53, while Crombie REIT ditched four cents to $12.33.
Tech issues pointed the way higher, as Constellation Software climbed $8.98, or nearly 1%, to $939.40.
Utilities showed their strength, too, as Hydro One took on three cents to $20.51, and Fortis Inc. sprinted 55 cents, or 1.3%, to $43.06.
Among gold concerns, Kinross Gold tacked on seven cents, or 1.4%, to $5.14, while Goldcorp gained eight cents to $17.33.
Among the most active Canadian stocks by volume was Bombardier Inc, which reported a rise in its favoured measure of profit and agreed to sell its Toronto aircraft assembly site to a pension fund, sending shares of the plane and train maker up 6.5 cents, or 1.7% to $4.00.
On the economic front, Statistics Canada said our country’s imports rose 6.0% to a record $51.7 billion in March. Exports also increased, up 3.7% to $47.6 billion.
As a result, said the agency, Canada's merchandise trade deficit with the world widened from $2.9 billion in February to a record $4.1 billion in March.
ON BAYSTREET
The TSX Venture Exchange stayed negative 0.86 points to 771.25
Seven of the 12 TSX subgroups were down on the day, with energy scaling back 1.5%, telecoms down 0.8%, and real-estate stocks, off 0.4%.
The five gainers were led by information technology, up 1.6%, utilities, better by 0.8%, and gold, ahead 0.5%
ON WALLSTREET
The Dow Jones industrial average erased a nearly 400-point loss Thursday afternoon as tailwinds from strong earnings helped the index snap a four-day losing streak.
The Dow poked ahead 5.72 points to 23,930.70
The S&P 500 recovered to within 5.94 points of breakeven to 2,629.75. Both indexes also dipped below their 200-day moving averages, but
were back above those levels by the end of the session.
The NASDAQ retreated 12.75 points to 7,088.15, paring losses and buoyed by a rebound in Amazon and Apple shares as well as a 0.6% gain in software giant Microsoft. Enterprise technology company Cisco added 1.3%.
Boeing — which has struggled for gains since reporting earnings last week — carried the Dow higher, with the aircraft manufacturer rallying 2%. Shares of fellow industrial company 3M gained 0.6%.
The afternoon rally came after a sharp fall in equities earlier in the session, as a batch of better-than-expected earnings failed to push the major averages higher while trade and geopolitical worries mounted
Tesla reported better-than-forecast quarterly results Wednesday after the close. However, the stock fell 5.5% after CEO Elon Musk dismissed questions from analysts regarding gross margins and Model 3 production.
Meanwhile, Church & Dwight, Blue Apron and Express Scripts also posted results that beat the Street's forecasts.
U.S. Treasury Secretary Steven Mnuchin is leading a group of Trump administration officials to meet with Chinese Vice Premier Liu He and discuss trade between the two nations.
Shortly before the talks were set to take place in Beijing, the mood between the world's two largest economies worsened amid reports the U.S. administration is considering taking executive action to restrict some Chinese firms' ability to sell telecoms equipment.
Prices for the benchmark 10-year Treasury note strengthened, lowering yields to 2.95% from Wednesday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 57 cents a barrel to $68.50 U.S.
Gold prices regained $6.60 to $1,312.20 U.S. an ounce.
