Stocks in Toronto showed some volatility Thursday, before finishing the session on the downside, mostly the fault of resource and real-estate issues.
The TSX Composite Index remained negative 33.05 points to wrap up Thursday at 23,968.50.
The Canadian dollar shed 0.26 cents to 73.77 cents U.S.
In corporate news, investment management firm Colliers International Group announced its engineering unit, Englobe, has acquired Goodkey, Weedmark & Associates, a building engineering consulting firm. Colliers dropped $4.96, or 2.4%, to $201.83.
Elsewhere, in real-estate, Crombie REIT units ducked 52 cents, or 3.3%, to $15.34.
Gold stocks took a beating, with Novagold tagged 72 cents, or 12.7%, to $4.93, while Equinox Gold fell 41 cents, or 4.9%, to $7.91. In materials, Lundin Mining stumbled 51 cents, or 3.5%, to $13.96, while First Quantum Minerals faded 60 cents, or 3.1%, to $18.54.
Energy stocks tried to right the ship, Parex Resources faced upward 71 cents, or 5.9%, to $12.81, while MEG Energy tacked on $1.20, or 4.5%, to $27.62.
Health-care issues were positive, as Bausch Health Companies gained 23 cents, or 2.1%, to $11.24, while Tilray collected three cents, or 1.3%, to $2.31.
In the consumer staples sector, North West Company prospered $1.20, or 2.3%, to $52.63, while Empire Company gained 70 cents, or 1.7%, to $41.30.
Investor sentiment was also weighed by data that showed business activity in Canada’s services economy hit a six-month low in September as firms shed jobs and new business dropped to a near four-year low.
ON BAYSTREET
The TSX Venture Exchange slid 0.25 points to 589.92.
All but three of the 12 TSX subgroups slumped, with real-estate losing 1.7%, gold faltering 1.5%, and materials, off 1.3%.
The three gainers were energy, up 2.5%, health-care, climbing 0.6%, and consumer staples, inching up 0.1%.
ON WALLSTREET
The S&P 500 fell on Thursday as concerns over Middle East tensions continued worrying investors in the run up to September’s payrolls report.
The Dow Jones Industrial Average fell 184.93 points to end Thursday at 42,011.59.
The much broader index let go of 9.58 points to 5,699.96
The NASDAQ Composite inched back 6.65 points to 17,918.48.
In corporate news, denim maker Levi Strauss plunged 8.4% after delivering mixed results for the fiscal third quarter. The company also announced that it’s considering a sale of its Dockers business, which is dragging down the overall business.
October trading is off to a rocky start as escalating tensions in the Middle East dampen investors’ enthusiasm. After stocks tumbled on Tuesday with Iran launching a missile attack on Israel, investors are now preparing for further uncertainty as Israel starts a ground operation into Lebanon.
The growing fears have also driven oil prices higher. U.S. crude futures rose more than 2%, bringing its week-to-date advance to more than 5%. Energy stocks have rallied in tandem, with the S&P 500 sector up about 4% on the week.
But the outperformance of tech and energy names aided the broader market in Thursday’s session, pushing the S&P 500 into the green at points. A gauge of the service sector showing its strongest reading in more than a year and a half also boosted confidence.
Despite that, the three major indexes are tracking for losses this week. That marks a turn after a strong three quarters, with Bespoke Investment Group finding 2024 had the biggest gain over the first nine months of a year since 1997.
Weekly jobless claims came in slightly higher than economists polled by Dow Jones forecasted, according to data released Thursday. That offers hints into the health of the labour market as traders gear up for September’s closely watched payrolls report due on Friday morning.
Prices for the 10-year Treasury sagged, making yields pop to 3.85% from Wednesday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices hiked $3.94 at $74.04 U.S. a barrel.
Gold prices hiked $8.70 to $2,678.40 U.S. an ounce