The Toronto stock market was little changed Thursday in a volatile session that saw resource sectors sell off amid falling oil prices, while miners felt the pressure of copper prices plumbing six-year lows.
The S&P/TSX composite index recovered from a 210-point drop actually to gain 33.08 points and close Thursday’s trading at 14,635.96
The Canadian dollar demurred 0.48 cents to 79.32 cents U.S., in the wake of Wednesday's announcement from the Federal Reserve, which left markets with the impression that the U.S. central bank will start hiking rates around the middle of this year.
The base metals sector on the TSX fell as March copper fell three cents to $2.44 a pound. First Quantum Minerals plummeted 74 cents, or 6.2%, to $11.20.
Gold plunged as Barrick Gold lost 26 cents, or 1.7%, to $15.53, and Agnico Eagle Mines down seven cents to $41.13
Most sectors outside the resource groups were positive, particularly consumer staples – Alimentation Couche-Tard springing higher by $1.89, or 4%, to $49.33, and techs were led upwards by Sierra Wireless, gathering $1.92, or 4.2%, to $48.01.
Meanwhile, PotashCorp posted quarterly income of $407 million or 49 cents per share, beating estimates of 47 cents. Revenue was $1.9 billion, compared with $1.5 billion a year ago and its shares added 3.5 cents to $45.40.
Rogers Communications Inc. posted adjusted net income of $355 million or 69 cents a share, beating expectations of 64 cents. Its revenue was up 4% at $3.37 billion. It also hiked its annual dividend by 5% and its shares rose 31 cents to $44.86.
ON BAYSTREET
The TSX Venture Exchange moved to within 0.19 points of breakeven to 667.11
All but four of the 14 Toronto subgroups were higher on the day, as information technology clicked 2.2%, consumer staples improved 1.8%, and telecoms gained 1%.
The four laggards were weighed mostly by metals and mining, dipping 1.8%, gold, dipping 1.2%, and energy, down 1.1%.
ON WALLSTREET
U.S. stocks gained Thursday, bouncing back from a two-day rout, after the price of U.S. crude reversed higher, easing concerns for investors looking for oil prices to steady, and Federal Reserve Chair Janet Yellen's reported comments offset rate worries.
The Dow Jones Industrials vaulted 222.81 points, or 1.3%, to 17,414.18, with Boeing and McDonald's leading blue-chip gains.
The S&P 500 picked up 19.09 points to 2,021.25, with materials leading gains and energy the sole laggard among its 10 major sectors.
The NASDAQ index regrouped 45.42 points to 4,683.41.
Investors also mulled earnings from corporations including Ford Motor and data that had a less-than-expected number of Americans filing for unemployment benefits.
Alibaba Group Holding fell after the Chinese e-commerce company reported quarterly revenue short of expectations.
McDonald's gained after the fast-food chain said its chief executive officer would be replaced by its chief brand officer March 1.
Qualcomm dropped after the chip manufacturer cut its fiscal 2015 outlook and Ford Motor climbed after the car manufacturer's quarterly earnings surpassed estimates.
Experts said Yellen's comments to lawmakers on Capitol Hill Thursday cushioned what some interpreted as a hawkish tone to a Fed release Wednesday afternoon.
Thursday, the U.S. Labor Department reported jobless claims dropped by 43,000 to 265,000 last week, fewer than forecast and the lowest number in nearly 15 years.
Stocks offered muted reaction to another report that had pending-home sales dropping 3.7% in December.
Prices for 10-year U.S. Treasuries sagged, raising yields to 1.75% from Wednesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices recovered 13 cents per barrel to $44.58 U.S.
Gold prices took a header of $32.10 an ounce to $1,253.80 U.S.
