Canada’s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company’s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings.
The energy sector erases early gains and was down 0.3 per cent as oil prices fluctuated.
Barrick was the biggest lift on the index, jumping 5.9 per cent to $26.76, the day after the miner announced stronger-than-anticipated profit and a debt reduction plan.
Goldcorp Inc. also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat expectations. Its stock was up 4.1 per cent at $22.72.
The gold subindex climbed 1.6 per cent.
At 11:29 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 13.89 points, or 0.09 per cent, to 15,831.06. Of the index’s 10 main groups, just three were in positive territory.
The stock index touched a record high at 15,863.28, making for the fifth session in a row that equities have notched a new record.
But a drop in shares of Sun Life Financial Inc. kept overall market gains in check after the insurer reported a drop in quarterly underlying profit. Sun Life was down 3.7 per cent at $50.69.
Bombardier fell 3.1 per cent to $2.50 after it posted lower-than-expected revenue on weak demand in its rail and business aircraft divisions.
Bombardier has struggled in recent years as it brings its new CSeries jet program to the market. The Canadian government agreed last week to provide aid to the company.
U.S. stocks dipped late on Thursday morning due to losses in banks and health stocks, reversing course after earlier inching up enough to notch record intraday highs for the sixth straight session.
The six-day streak was sparked a week back by President Donald Trump’s vow of a ‘phenomenal’ tax announcement, and fueled by optimism that his plans for corporate deregulation will expand the economy.
However, worries have started to surface that Trump so far has provided no substantial details on his plans.
“Some of these policies are game changers to certain sectors and the market is being somewhat rational in terms of taking a bit of a breather before we have more facts as opposed to plans or intention,” said Tracy Maeter, global investment specialist at J.P. Morgan Private Bank in Philadelphia.
“I would expect that we are going to be in this mode in terms of taking two steps forward and one step back.”
The S&P 500 financial sector fell 0.64 percent, dropping after five straight days of gains. Healthcare also recorded losses for the first time in six days.
The Dow Jones Industrial Average was down 26.44 points, or 0.13 per cent, at 20,585.42 and the Nasdaq Composite was down 12.50 points, or 0.21 per cent, at 5,806.94.
The S&P 500 was down 6.49 points, or 0.27 per cent, at 2,342.76. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.
Seven of the 11 major S&P sectors were lower. The utilities and real estate sectors rose for the first time in three days.
The technology index rose 0.39 per cent on Cisco’s 3.5-per-cent jump to $33.96, making it the top stock on the three main indexes.
Kraft Heinz was the top drag on the S&P, falling 4.9 per cent to $86.59 after company reported a 3.1-per-cent drop in quarterly U.S. sales.
NetEase jumped 12.1 per cent to $293.60 following the Chinese online game developer’s revenue beat.
Molina Healthcare tumbled 17.6 per cent to $49.32 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.Report Typo/Error
- Bombardier Inc$2.40-0.12(-4.76%)
- Barrick Gold Corp$25.59-0.20(-0.78%)
- Goldcorp Inc$21.70-0.34(-1.54%)
- Crude Oil Front Month Futures$54.02-0.43(-0.79%)
- Gold Front Month Futures$1,255.90+5.80(+0.46%)
- S&P/TSX Composite15,533.47-247.73(-1.57%)
- Dow Jones Industrials20,821.76+11.44(+0.05%)
- S&P 500 INDEX2,367.34+3.53(+0.15%)
- NASDAQ NMS COMPOSITE INDEX5,845.31+9.80(+0.17%)
- Kraft Heinz Co$93.08+0.14(+0.15%)
- NetEase Inc$299.93+0.94(+0.31%)
- Molina Healthcare Inc$48.83-0.96(-1.93%)
- Cisco Systems Inc$34.32+0.28(+0.82%)
- Updated February 23 7:01 PM CDT. Delayed by at least 15 minutes.