TORONTO: Canada’s main stock index see-sawed marginally lower on Thursday, pulling back from Wednesday’s record highs and tracking weaker US equity markets, as investors digested a batch of quarterly corporate results.
Enbridge Inc was by far the biggest drag on the index, accounting for some 20 points on the downside, after shares fell 3.1 percent to C$47.85 on news its quarterly profit missed estimates.
Imperial Oil slumped 4.2 percent to C$39.71 following several ratings cuts from analysts.
Oil prices were steady, with US crude unchanged at $54.31 a barrel and Brent crude losing 0.1 percent to $60.43.
At 10:55 a.m. ET (1455 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 6.36 points, or 0.04 percent, to 16,022.97.
In the previous session, the index touched an intraday record of 16,105.88 and locked-in a record close.
Of the index’s 10 main groups, three were in negative territory.
US stocks fell in early trading as investors digested a summary of a much-awaited Republican tax overhaul.
Gildan Activewear Inc was down 3.6 percent to C$36.35 after reporting third-quarter results that fell short of expectations.
Sleep Country Canada Holdings tumbled 15.0 percent to C$32.80 after the mattress company reported a quarterly profit that missed estimates and analysts cut their ratings and price targets.
The overall consumer discretionary group took a 0.6 percent hit.
BCE Inc was the most influential gainer on the index, advancing 1.7 percent to C$60.51 after posting a better-than-expected quarterly profit. Telecom stocks overall advanced 0.4 percent.
The financials group gained 0.1 percent.
Kinaxis Inc jumped 10.5 percent to C$69.91 after posting a quarterly profit that came ahead of forecasts, while the broader technology sector gained 0.9 percent.
The materials group, which includes miners and other resource firms, added 0.4 percent. First Quantum Minerals Ltd was up 5.2 percent at C$15.27.
Declining issues outnumbered advancing ones on the TSX by 127 to 112, for a 1.13-to-1 ratio on the downside.
Source: Brecorder.com
