Canada’s main stock index slipped on Thursday, after energy stocks fell tracking oil prices, and as miners were pressured by a 9% slide in Kinross Gold after its $1.8-billion buyout bid for Great Bear.
The S&P/TSX Composite tumbled 166.36 points to move into lunch hour at 20,910.99
The Canadian dollar gave back 0.30 cents at 78.73 cents U.S.
Kinross fell 81 cents, or 10.9% and to the bottom of the TSX index at $6.64, after the company said it would buy gold explorer Great Bear Resources, viewing its Dixie project, a potentially long-life mine complex.
Great Bear’s shares jumped $5.52, or 24.1%, to $28.45.
Payments technology company Nuvei Corp. firmed $9.39, or 12.8%, to $82.51, on affirming its full-year outlook. Shares of the company had
plunged 40% on Wednesday when Spruce Point Capital Management issued “strong sell” rating.
ON BAYSTREET
The TSX Venture Exchange lopped off 7.04 points to 917.63.
All but one of the 12 TSX subgroups were lower midday, as energy lapsed 2.4%, gold slid 2.2%, and health-care gave back 1.8%.
The lone gainer was in consumer staples, up 1.1%.
ON WALLSTREET
U.S. stocks dipped on Thursday, after the major averages posted a third straight day of gains and traders took a pause as they awaited economic data on Friday.
The Dow Jones Industrials remained negative 24.48 points to 35,730.27
The S&P 500 index docked 15.49 points to 4,685.72.
The NASDAQ slumbered 136.12 points at 15,650.87. All the major averages were still on track for a winning week, however.
Stocks were set to give back some of their gains in recent days, with the moves higher spurred by the belief that the omicron variant of COVID looks less severe than earlier forms.
Several travel-related stocks, which led the market higher throughout the week, were lower Thursday morning. Shares of Carnival, Royal Caribbean and Norwegian Cruise Line dipped 1%. United Airlines was 2% lower. Travel booking stocks like Expedia and Booking Holdings lost 1%. The Invesco Dynamic Leisure and Entertainment ETF fell slightly. All are still on track to end the week higher, however.
Separately, shares of American Airlines fell 1.8% after the company said it’s reducing its schedule due to the fact that it’s still awaiting Boeing Dreamliner deliveries. Shares of Boeing slid more than 2%.
Rent The Runway shares tumbled by 12% after reporting swelling losses and lower than pre-pandemic subscriber growth for its most recent quarter. Electric vehicle maker Lucid saw shares fall 4% after announcing a $1.75 billion offering of convertible senior notes.
Still, there were some positive morning moves as well. CVS gained 2% after it issued upbeat guidance ahead of its Investor Day. Home retailer RH soared about 10% after it reported blowout earnings and lifted the low end of its revenue outlook.
The moves come a day ahead of important inflation news as the U.S. Labor Department on Friday releases the consumer price index for November. Economists surveyed by Dow Jones expect the year-over-year growth rate to be 6.7%. If that is the case, it will mark the biggest move since June 1982.
On Thursday, the Labor Department reported initial claims for unemployment insurance totaled 184,000, compared to the 211,000 estimated by economists surveyed by Dow Jones.
Prices for 10-year Treasurys gained ground, lowering yields to 1.49% from Wednesday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.01 to $71.35 U.S. a barrel.
Gold prices hurtled lower $7.80 to $1,777.70 U.S. an ounce.