Markets in Toronto failed to catch the fire of their stateside cousins, and struggled to make it to the breakeven point Thursday, as losses in the health-care region put a damper on things.
The S&P/TSX Composite fell 33.41 points to close Thursday at 16,012.53
The Canadian dollar faded 0.02 at 75.08 cents U.S.
Gold stocks led the way among gaining subgroups, as Alamos Gold acquired 37 cents, or 4%, to $9.55, while Yamana Gold gained 16 cents, or 3.6%, to $4.57.
Among materials, Hudbay Minerals soared 17 cents, or 4%, to $4.40, while SSR Mining popped 66 cents, or 3.2%, to $21.58.
Tech firms did well, too, as CGI Group traveled $1.39, or 1.4%, higher, to $102.09, while Constellation Software gained$11.82, or 1%, to $1,245.00
Health-care, however, took a bath, as Canopy Growth was punished $6.32, or 14.9%, to $36.25, while Aphria lost 63 cents, or 7.4%, to $7.89.
Energy was also on the outs, as Birchcliff Energy let go of 20 cents, or 9.5%, to $1.90, while Frontera Energy shed 68 cents, or 5.1%, to $12.57.
Among industrials, Bombardier sagged 13 cents, or 7.6%, to $1.58, while Exchange Income Corp. fell $2.43, or 6.2%, to $36.82.
On the economic front, the Canadian Real Estate Association said home sales rose 3.5% in July from the previous month, the fifth consecutive month of higher sales. CREA also said actual sales, not seasonally adjusted, rose 12.6% from a year earlier, while the group’s Home Price Index was up 0.2% from July last year.
ON BAYSTREET
The TSX Venture Exchange dropped 8.91 points, or 1.5%, to wind up Thursday at 568.78.
Seven of 12 Toronto subgroups gained ground, with gold up 0.9%, while materials and information technology firms each picked up 0.5%.
The five laggards were weighed most by health-care, dropping 6.4%, energy, in reverse 0.9%, and industrials, off 0.6%.
ON WALLSTREET
Stocks rose on Thursday, making back some of the steep losses in the previous session, as retail giant Walmart’s earnings and strong retail sales figures led investors to believe the U.S. consumer could help the country avoid a recession.
The Dow Jones Industrials finished in the green 99.97 points to 25,579.39, after suffering its worst day of the year Wednesday.
The S&P 500 regained seven points to 2,847.60
The NASDAQ failed to hold onto gains and finished lower 7.32 points to 7,766.62
The Commerce Department said Thursday that retail sales rose solidly in July and beat expectations. Consumers spent more at retail stores and restaurants last month, a sign that fears of a global slowdown that have roiled financial markets haven’t soured consumer optimism.
Walmart reported better-than-expected earnings and raised its outlook for the full year, sending its stock 6.1% higher Thursday. The retailer saw growth in its core domestic business as well as online operations, marking the 20th consecutive quarter of sales gains in the U.S
Cisco shares plunged 8.6% Thursday after it said future earnings would be lighter than expected because of a “significant impact” from the U.S.-China trade war. The tech giant also said China revenue fell 25% last quarter on an annualized basis.
Shares of General Electric dropped 11.3%, the most in 11 years, after Madoff whistleblower Harry Markopolos said he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”
Markets erased earlier losses in the morning after a spokesperson at China’s Ministry of Foreign Affairs said China “hopes the U.S. will meet China halfway and implement the consensus reached by the two leaders during their meeting in Osaka,” fueling optimism for a resolution between the two countries.
Also helping the market on Thursday was a slew of economic data that showed a relatively strong U.S. economy. Retail sales rose solidly in July and beat expectations, which is a sign of consumer optimism. The U.S. productivity also grew a healthy 2.3% rate in the second quarter.
Prices for the benchmark 10-year U.S. Treasury gained sharply, pushing down yields to 1.50% from Wednesday’s 1.58%. Treasury prices and yields move in opposite directions
Oil prices dipped 57 cents to $54.66 U.S. a barrel.
Gold prices recovered $5.50 to $1,533.30 U.S. an ounce.
