Canada's main stock index opened lower on Thursday, hurt by losses in the heavyweight financial sector on the back of disappointing earnings from Toronto-Dominion Bank.
The S&P/TSX Composite Index slumped 49.44 points to open Thursday’s session at 16,024.86
The Canadian dollar dropped 0.22 cents at 75.85 cents U.S.
TD share prices dropped $2.14, or 2.8%, to $75.16.
Canadian Imperial Bank of Commerce also reported first-quarter earnings which fell short of market forecasts. CIBC lost $1.61, or 1.9%, to $112.88
Desjardins cut the target price on Laurentian Bank of Canada to $42.00 from $43.00. Laurentian shares lost $1.20, or 2.9%, to $40.34.
Encana's quarterly profit topped analyst estimates as the Canadian oil and gas producer saw a 20% rise in output, and sold crude at a 7% higher rate than last year.
Encana jumped 45 cents, or 5%, to $9.50.
Air Canada increased its long-term targets for profit margins and free cash flow, as the country's largest airline benefits from cost-cutting efforts and an expansion into new destinations.
The Maple Leaf Airline saw its shares take on eight cents to $34.35.
CIBC raised the rating on Cogeco Inc. to outperform from neutral. Cogeco shares gained $1.04, or 1.5%, to $72.92.
RBC raised the rating on Tamarack Valley Energy to outperform from sector perform. Tamarack shares edged up a penny to $2.83.
On the economic calendar, Statistics Canada’s industrial product price index declined 0.3% in January, driven primarily by lower prices for energy and petroleum products.
The agency’s raw materials price index rose 3.8%, mainly due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange regained 6.53 points to 626.88
All but two of the 12 TSX subgroups sputtered in the first hour of trade, as financials skidded 0.9%, materials were worse off 0.6%, and energy was feeling 0.5% less energetic.
The two stalwarts proved to be health-care, 1.8% more robust, while information technology clicked 0.4% higher.
ON WALLSTREET
Stocks were little changed at Thursday's open as stronger-than-expected economic data were offset by talks between President Donald Trump and North Korean leader Kim Jong Un falling through.
The Dow Jones Industrial Average bowed 17.09 points to begin Thursday at 25,968.07
The S&P 500 doffed 6.43 points to 2,785.89
The NASDAQ Composite docked 32.66 points to 7,521.75.
Shares of HP Inc. dropped 15.7% after the company posted quarterly revenue that missed expectations. HP Inc. also reported earnings per share that matched estimates.
The U.S. economy grew at an annualized rate of 2.6% in the fourth quarter 2018, according to figures released Thursday by the Bureau of Economic Analysis (BEA). Economists polled by Dow Jones expected the economy to grow at a pace of 2.2%.
The BEA's release comes after a summit between Trump and Kim ended abruptly after both sides failed to agree on steps toward North
Korea taking down its nuclear armament. Earlier, Trump and Kim — seated together at a conference table — appeared confident about the prospect of improving diplomatic relations.
Investors were closely watching the summit as it could potentially impact trade negotiations between China and the U.S.
On Wednesday, U.S. Trade Representative Robert Lighthizer testified in front of House members that China needed to do more than just buy more U.S. goods for the two countries to strike a permanent trade deal.
Prices for the benchmark 10-year U.S. Treasury slipped, raising yields to 2.71% from Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 18 cents to $56.76 U.S. a barrel.
Gold prices lost $1.30 to $1,319.90 U.S. an ounce.
