Canadian stocks fell slightly after three consecutive increases based largely on a slow but steady rise in oil prices.
The S&P/TSX Composite Index finished the day down 4.54 points at 14,049.20
The Canadian dollar was still positive 0.32 cents to 77.13 cents U.S.
Toronto-Dominion Bank advanced eight cents to $57.46, and Royal Bank of Canada rose 75 cents, or just shy of 1%, to $80.00, after the nation’s two largest lenders posted rising profit ahead of analysts’ expectations.
Canadian Imperial Bank of Commerce slipped $1.06, or 1%, to $102.03, despite raising its dividend on higher profit. Wealth-management earnings at the lender fell 12% after CIBC said in December it was selling its stake in American Century Investments.
A gauge of the nation’s largest lenders is trading near its highest levels in more than a year. Bank of Montreal on Wednesday posted second-quarter profit short of analysts’ estimates, while Bank of Nova Scotia is scheduled to post its earnings on May 31.
Among telecoms, among the strongest sectors, BCE advanced 19 cents to $60.73.
In the consumer staples field, Metro climbed 42 cents, or nearly 1%, to $44.58, while rival Loblaw moved higher 52 cents to $71.40.
Health-care stocks tended to weigh the sector down, as Valeant Pharmaceuticals dipped 14 cents to $34.89, while Concordia Healthcare dropped 82 cents, or 2%, to $40.32.
Economically speaking, Statistics Canada reported this morning that average weekly earnings of non-farm payroll employees were $960 in March, up 0.5% from the previous month. Compared with the same month the year before, average weekly earnings increased 0.7%.
ON BAYSTREET
The TSX Venture Exchange gained 2.85 points to 679.93.
Eight of the 13 TSX subgroups were positive on the day, as telecoms and consumer staples each accumulated 0.6%, while utilities gained 0.4%.
The five laggards were weighed most by health-care, down 0.7%, gold, off 0.3%, and materials, sliding 0.2%.
ON WALLSTREET
U.S. stocks closed narrowly mixed Thursday, with investors looking ahead to comments from Federal Reserve Chair Janet Yellen.
The Dow Jones Industrials faded 23.22 points to finish Thursday at 17,828.29, as Goldman Sachs had the greatest negative impact.
The S&P 500 slid 0.75 points to 2,089.79, with materials leading decliners.
The NASDAQ Composite recovered 6.88 points to 4,901.77, boosted by a near 1% gain in Apple, as well as strong gains in Dollar Tree.
Yellen is expected to comment and answer questions Friday afternoon as she pick up an award from Harvard University.
Durable goods orders jumped 3.4% last month, according to the U.S. Commerce Department. However, non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 0.8% for a third-straight month after an upwardly revised 0.1% drop the prior month.
Initial jobless claims fell to a seasonally-adjusted 268,000 for the week ended May 21.
Pending home sales rose 5.1% in April from the previous month to hit their highest level in a decade.
Prices for the 10-year Treasury gained, lowering yields to 1.83% from Wednesday’s 1.87%. Treasury prices and yields move in opposite directions.
Oil prices lost 24 cents a barrel to $49.32 U.S.
Gold prices were down $4.48 to $1,219.93 U.S. an ounce.
