Markets in Toronto opened slightly lower on Thursday, as shares in financial and material companies weighed, but a rise in oil prices supported energy stocks.
The S&P/TSX Composite Index gave back 30.4 points to open Thursday at 16,061.67
The Canadian dollar inched forward 0.06 cents at 74.45 cents U.S.
Canadian Natural Resources reported a surprise quarterly loss because of lower crude prices, but said Canadian crude differentials have narrowed since Alberta imposed output curbs last year.
Natural Resources added four cents to $35.87 a share.
Crescent Point Energy reported a bigger net loss in the fourth quarter, hurt by an impairment charge of $3.69 billion. Crescent Point dipped three cents to $4.05.
China confirmed that it has suspended the clearance of canola imports from Canadian agribusiness Richardson International and said customs will step up inspections of Canadian canola until further notice.
Canaccord Genuity raised the target price on Aecon Group to $25.00 from $24.00. Aecon shares slid 17 cents to $19.41.
RBC raised the price target on Alaris Royalty to $25.00 from $24.00. Alaris shares fell 91 cents, or 4.3%, to $20.49.
CIBC raised the target price on Transalta Renewables to $13.00 from $12.00. Shares in Transalta eked up two cents to $12.74.
On the economic calendar, Statistics Canada reported Canadian municipalities issued $8.4 billion worth of building permits in January, down 5.5% from the record high in December.
The agency says lower construction intentions for commercial buildings were responsible for the national decline.
ON BAYSTREET
The TSX Venture Exchange dropped 1.97 points to 617.59
Seven of the 12 TSX subgroups were lower in the first hour, consumer discretionaries weighing the most, off 1.3%, while health-care ailed 0.9%, and materials were weaker by 0.6%.
The five gaining subgroups were led by utilities, better by 0.5%, communications, pushing 0.3% higher, and real-estate, taking on but 0.2%.
ON WALLSTREET
Stocks fell on Thursday after the European Central Bank slashed its economic growth forecast for 2019 and announced a new round of stimulus to help banks in the region, stoking worries over the global economy.
The Dow Jones Industrial Average jettisoned 242.35 points to 25,431.11, as shares of Goldman Sachs and DowDuPont lagged.
The S&P 500 lost 23.06 points to 2,748.39, led by declines in the financials and materials sectors.
The NASDAQ Composite sank 72.02 points to 7,433.90. The indexes were headed for their fourth consecutive loss.
Both the NASDAQ and S&P 500 also broke below their 200-day moving averages, levels that are closely watched by traders.
ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December.
Prices for the benchmark 10-year U.S. Treasury grew sharply, dropping yields to 2.65% from Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices picked up 14 cents to $56.36 U.S. a barrel.
Gold prices dipped $2.50 to $1,285.10 U.S. an ounce.
