Stocks in Canada’s largest centre were little changed on Thursday after comments from the U.S. Federal Reserve helped ease concerns that a rate hike might be imminent.
The S&P/TSX composite index leaned 16.79 points lower to open at 14,945.45
The Canadian dollar dropped 0.87 cents to 78.56 cents U.S.
National Bank Financial cut the target price on RMP Energy Inc. to $6.00 from $6.50. Shares in RMP staggered 82 cents, or 21.5%, to $2.99.
Canaccord Genuity raised the target price on WSP Global Inc to $45.00 from $40.00. WSP shares gained $1.17, or 2.9%, to $41.05.
RBC cut the price target on Yamana Gold to $5.50 from $6.50. Yamana shares dipped four cents to $4.59.
Health-care shares were the brightest stars in the morning’s first hour, as Valeant Pharmaceuticals popped $2.86, or 1.1%, to $258.57.
ON BAYSTREET
The TSX Venture Exchange slipped 1.85 points to 664.51
Eight of the 14 Toronto subgroups were higher in the first hour, led by health-care shares, up 0.7%, real-estate, tracking 0.6% higher, and information technology, better by 0.5%.
The half-dozen laggards were weighed mostly by global base metals, tumbling 1.8%, energy, stumbling 1.3%, and gold, 1% duller.
ON WALLSTREET
U.S. stocks traded lower on Thursday as investors weighed the Federal Reserve statement that indicated a rate hike would come gradually.
The Dow Jones Industrials dipped 57.01 points to 18,019.18, giving back some of their major gains from Wednesday following dovish Fed news, with Chevron the leading laggards and Cisco greatest advancer.
The S&P 500 subtracted 4.34 points to 2,095.16, with energy leading seven sectors lower and health care the greatest advancer.
The NASDAQ index added 12.31 points to 4,995.14
Apple officially began trading as a member of the Dow Jones industrial average, replacing AT&T in the index as Visa's four-for-one stock split took effect.
Lennar posted better-than-expected quarterly profit and revenue, indicating some pickup in the housing market heading into the spring.
The second-largest U.S. homebuilder by the number of homes sold said deliveries rose 20% in the first quarter and average selling price rose to $326,000 from $316,000 U.S.
Vince reported earnings that beat forecasts on revenue that missed. The high-end clothing firm reported fiscal fourth-quarter profit of $10.5 million U.S.
Nike is due to report after the bell.
EBay was downgraded to underweight from neutral by Piper Jaffray's Gene Munster, who cited concern about impact to PayPal from payment options Google Wallet, Apple Pay, Facebook, Samsung and traditional banks. Munster also cut the price target to $49.00 from $55.00 U.S.
Weekly jobless claims rose slightly to 291,000 for the week ended March 14. The national current account deficit sharply widened in the fourth quarter to the largest level since 2012.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 1.94% from Wednesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.32 to $43.34 U.S.
Gold prices gained $12.30 to $1,163.60 U.S.
