Canadian stocks finished virtually unchanged Thursday, after fluctuating for much of the trading session, as gold producers rallied while Bombardier Inc. climbed after securing a $5.6-billion order for one of its airplanes.
The S&P/TSX Composite Index slumbered, but managed to finish Thursday within 1.23 points of breakeven to 13,886.43
The Canadian dollar gained 0.33 cents to 79.7 cents U.S.
Barrick Gold jumped 98 cents, or 4.7%, to $21.96, and Goldcorp rallied $1.16, or 5.1%, to $23.76, as gold producers headed for a two-year high. Gold prices got a surprise lift after the Bank of Japan opted against boosting stimulus, weakening the dollar. Gold for immediate delivery climbed as much as 1.1% in London.
Raw-materials producers jumped, as Constellation Software sank $29.90, or 5.8%, to a two-month low of $483.36, after posting first-quarter adjusted earnings of $2.95 a share, short of consensus estimates of $4.45.
Bombardier climbed three cents, or 1.5%, to $2.04, extending a July high, after landing a $5.6-billion deal based on list prices to sell at least 75 of its C Series jets to Delta Air Lines Inc. with an option to buy 50 more. Bombardier also reported a wider-than-estimated quarterly loss, while revenue was also short of analysts’ forecasts.
Potash Corp. of Saskatchewan Inc. slipped 92 cents, or 4%, to $22.17, after cutting its full-year profit forecast as fertilizer prices declined and China delayed signing key supply contracts. The forecast for potash production at the world’s second-largest producer of the fertilizer was also reduced. First-quarter sales and profit also slumped.
Suncor Energy Inc. rose 60 cents, or 1.7%, to $36.85, to help lift the benchmark’s energy producers after boosting its 2016 output target. The company reported a wider-than-estimated quarterly loss.
Among health-care concerns, Concordia Healthcare took a hit of $1.65, or 4.1%, to $38.41.
Tech issues were bruised as well, particularly, BlackBerry, which slid 19 cents, or 2.1%, to $8.99.
On the economic slate, Statistics Canada reported that average weekly earnings were $954.00 in February, up 0.3% from the previous month and up 0.4%, from 12 months earlier.
ON BAYSTREET
The TSX Venture Exchange sprang ahead 7.18 points to 665.14
Seven of the 13 TSX subgroups closed lower Thursday, with health-care and information technology each settling 1.7%, and consumer discretionary issues down 0.7%
The half-dozen gainers were led by gold, up 3.6%, materials ahead 2.1%, and utilities, gaining 0.8%
ON WALLSTREET
Selling accelerated among U.S. stocks at the close Thursday, as fresh declines in Apple weighed on the major averages.
The Dow Jones Industrials plummeted 210.79 points, or 1.2%, on the day Thursday to 17,830.76, with Apple leading all member stocks lower.
The S&P 500 sank 21.08 points, or 1%, to 2,074.07, with information technology leading nine sectors lower and consumer staples the only gainer.
The NASDAQ Composite Index went south 57.85 points, or 1.2%, to 4,805.29
Apple traded more than 3% lower in afternoon trade, following a more than 6% plunge Wednesday on disappointing earnings. Thursday came word that heavyweight investor Carl Icahn had divested himself of his once-hefty stake in the iPhone maker.
Facebook, on the other hand, traded about 8% higher after briefly rising rose more than 10.5% to hit a fresh all-time high in intraday trade.
Facebook reported quarterly earnings well above expectations on both the top and bottom line, helped by a sharp increase in mobile advertising revenue. The social media giant also proposed a new share structure.
Shares of Amazon.com clung to slight gains after earlier rising about 2% in afternoon trade ahead of its earnings due after the close.
In U.S. economic news, the first quarter U.S. GDP advance read was 0.5%, or the slowest pace since the first quarter of 2014.
Consumer spending increased at a 1.9% rate, the slowest since the first quarter of 2015 and down from the fourth quarter's 2.4% rate.
U.S. weekly jobless claims were 257,000.
The Bank of Japan maintained the pace of its asset purchase program and kept steady its 0.1% negative rate it applies to some deposits. The central bank also cut its inflation forecasts and again pushed back the timing for hitting its 2% price target by six months.
Prices for the 10-year Treasury regained lost ground, lowering yields to 1.82% from Wednesday’s 1.86%. Treasury prices and yields move in opposite directions
Oil prices added 36 cents a barrel to $45.69 U.S.
Gold prices gained $23.47 to $1,269.30 U.S. an ounce.
