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TSX Stuck on Launch Pad, Amid Lower Energy Prices
Equities in Canada’s largest marketplace opened flat on Thursday, as energy shares fell on decline in oil prices.
The S&P/TSX Composite Index poked ahead 8.47 points to begin Thursday at 15,377.90
The Canadian dollar edged up 0.13 cents to 76.37 cents U.S.
Bombardier said on Thursday it would sell two of its units for $900 million and cut about 5,000 jobs, as the Canadian plane and train maker reins in costs and focuses on its core transportation and business jet units.
Bombardier sagged 34 cents, or 10.7%, to $2.85.
Canadian Tire reported a 16.5% rise in quarterly profit on Thursday, helped by higher sales at its retail segment and the inclusion of newly acquired Helly Hansen's operations to its earnings.
Canadian Tire gained $12.77, or 8.5%, to $162.62.
Telus’ third-quarter profit rose 10%, as it signed up more subscribers to its wireless services. Telus shares gathered 23 cents to $45.24.
RBC raised the price target on CGI to $95.00 from $92.00. CGI spiked $1.03, or 1.3%, to $82.50.
RBC cut the price target on CCL Industries to $62.00 from $70.00. CCL stock dropped 19 cents to $53.31.
CIBC cut the target price on Loblaw Companies to $69.00 from $82.00. Loblaw shares shrank 57 cents, or 1%, to $56.24
CIBC cut the target price on NFI Group to $61.00 from $62.00. NFI shares picked up 20 cents to $39.29.
RBC cut the target price on Spin Master to $64.00 from $66.00. Spin Master shares lost 78 cents, or 1.7%, to $45.62.
The Fed is not expected to raise rates at its two-day session that ends on Thursday, a meeting that follows a renewal of volatility in stock prices, tightening credit markets, and a spreading expectation that the U.S. economy will slow next year.
In the economic docket, Canada Mortgage and Housing Corporation announced that the trend in housing starts was 206,171 units in October, compared to 207,809 units the month before.
ON BAYSTREET
The TSX Venture Exchange chucked 3.04 points to start Thursday’s session at 668.96
Seven of the 12 subgroups were positive, as consumer discretionary stocks towered 1.9%, information technology clicked 0.6% higher, and financials prospered 0.2%.
The four laggards were weighed mostly by health-care, down 2%, while energy and industrials skidded 0.5% each.
Gold issues were unchanged in the first hour.
ON WALLSTREET
Stocks opened lower on Thursday following big gains in the previous session as investors focused on the latest monetary policy decision from the Federal Reserve.
The Dow Jones Industrials sank 29.41 points to 26,150.89, as Procter & Gamble shares underperformed.
The S&P 500 sagged 8.95 points to 2,804.94, led lower by the consumer discretionary sector.
The NASDAQ dipped 35.49 points to 7,535.27, as Qualcomm shares fell sharply.
Qualcomm shares fell more than 7.5% after the company issued weaker-than-expected revenue guidance for fiscal first quarter 2019. The company cited lower Apple legacy shipments and lower demand out of China.
The Fed is expected to keep rates unchanged, but investors will look for clues about the central bank's futures moves on monetary policy. The Fed has hiked rates three times this year and is forecast to raise them once more before year-end.
Thursday's moves come after the major stock indexes posted sharp gains following the U.S. midterm election. The S&P 500 and Dow both rose more than 2% on Wednesday, notching their biggest post-midterm elections gains since 1982.
Prices for the benchmark for the 10-year U.S. Treasury made slight gains, lowering yields to 3.22% from Wednesday’s 3.23%. Treasury prices and yields move in opposite directions.
Oil prices lost 31 cents to $61.36 U.S. a barrel.
Gold prices subtracted $3.60 an ounce to $1,225.10 U.S.
