Markets in Canada’s largest centre declined on Thursday, led by losses in the heavy-weight financial sector on the back of disappointing quarterly earnings from Toronto-Dominion Bank.
The S&P/TSX Composite Index docked 50.71 points to greet noon at 16,023.59
The Canadian dollar dropped 0.11 cents at 75.96 cents U.S.
Canada's second-biggest lender fell $1.28, or 1.7%, to $76.02, after reporting a lower-than-expected rise in earnings, hurt by losses at its wholesale banking business.
CIBC fell $3.25, or 2.8%, to $111.48, after the country's fifth biggest-lender reported a bigger-than-expected decline in quarterly earnings.
In a bright spot, Canopy Growth gained $2.78, or 4.6%, to $62.95, after the company engaged lifestyle guru Martha Stewart as an adviser to help develop a line of new pot-based products for both humans and animals.
Air Canada shed a cent and a half to $34.25, after increasing its long-term targets for profit margins and free cash flow.
The largest percentage gainer on the TSX was AltaGas, which jumped $1.15, or 7%, to $17.60, after its quarterly results beat analysts' estimates.
Tricon Capital Group shed gains and turned red 13 cents, or 1.6%, to $8.15, after digesting fourth-quarter results.
Cascades tumbled 71 cents, or 7.3%, to $9.03, the most on the TSX, while Maple Leaf Foods was down 54 cents, or 1.9%, to $28.04. Both companies reported quarterly profit that missed expectations
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 remained buoyant 3.62 points to 623.97
Seven of the 12 TSX subgroups were still negative by noon hour, as financials dawdled 0.7%, while materials and industrials each headed lower 0.6%.
The five gainers, on the other hand, were led by health-care, vaulting 1.7%, real-estate, 1.1% more solid, and utilities, better by 1%.
ON WALLSTREET
Stocks slipped on Thursday as stronger-than-expected U.S. economic data were offset by talks between President Donald Trump and North Korean leader Kim Jong Un falling through.
The Dow Jones Industrial Average edged lower 28.56 points by noon at 25,956.60
The S&P 500 let go of 2.64 points to 2,789.74
The NASDAQ Composite lost 6.59 points to 7,547.91.
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 2.72% from Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices revived 13 cents to $57.07 U.S. a barrel.
Gold prices lost $4.50 to $1,316.70 U.S. an ounce.
