Canada's main stock index fell on Thursday, led by financial and material shares, as the European Central Bank's latest monetary policy announcement kept investors on the sidelines.
The S&P/TSX Composite Index skidded 29.31 points to greet noon ET Thursday at 16,062.76
The Canadian dollar inched forward 0.12 cents at 74.5 cents U.S.
Spin Master Corp fell $3.17, or 7.5%, the most on the TSX, to $39.36, after the toy maker reported fourth-quarter results, followed by a drop of 18 cents, or 2.4%, to $7.32, in Peyto Exploration & Development Corp.
The largest percentage gainer on the TSX was Element Fleet Management, which jumped 74 cents, or 10.1%, to $8.08, after reporting quarterly results.
Nuvista Energy Ltd followed suit with a 15-cent gain, or 3.4%, to $4.53.
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 4.82 points to 614.74
Seven of the 12 TSX subgroups were higher at noon, with gold shining 0.9% brighter, communications clicking 0.7% higher, and utilities were up 0.6%.
The five laggards were health-care, down 1.7%, consumer discretionary issues, down 1.4%, and financials, off 0.5%.
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 was off its lows of the morning, but still negative 204.6 points to 25,468.86, as shares of 3M and United Technologies lagged.
The S&P 500 dipped 17.55 points to 2,753.90, led by declines in the industrials and materials sectors.
The NASDAQ Composite sank 42.79 points to 7,463.13. 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 45 cents to $56.67 U.S. a barrel.
Gold prices dipped $2.40 to $1,285.20 U.S. an ounce.
