Bay Street stocks moved slightly lower in early trading on Thursday. Strength in the technology sector was outweighed by a drop for gold stocks.
The S&P/TSX Composite Index has slipped 10.47 points or 0.11% to 9,235.93. The index has seen minimal movement in recent days since closing at a three-month high on Monday.
Gold stocks have dropped 3.5% and materials stocks are down 2.2%. June-dated gold has declined $14.40 to $879.10 per ounce on the Comex. Seabridge (SEA.TO) has dropped 6.15%, Yamana (YRI.TO) has slipped 5.1%, Agnico-Eagle Mines (AEM.TO) is down 5.1% and Eldorado (ELD.TO) has slipped 4.9%.
Technology stocks are up 1.45%. Blackberry-maker Research in Motion (RIM.TO) is showing a 3.2% gain.
In corporate news, AbitibiBowater (ABH.TO) has lost 1.6% as the company announced it will file for bankruptcy protection in the U.S. and Canada.
Tembec (TMB.TO) has rallied 1.475%. The company said its subsidiary, Tembec USA LLC, sold its idled coated paper mill located in St. Francisville, Louisiana to West Feliciana Acquisition, LLC. The mill was indefinitely idled in July 2007.
Cangene Corp. (CNJ.TO) has slipped 1.1% after the company said that the Chemical Biological Medical Systems Project Management Office of the United States Department of Defense has signed an agreement to purchase Cangene's Vaccinia Immune Globulin Intravenous (Human).
Novadaq Technologies (NDQ.TO) has added 3.4% after the company said it has received a $1 million payment from Intuitive Surgical (ISRG) for achieving the first pre-defined milestone outlined in the terms of their License and Development Agreement signed in January 2009.
Across the border, JPMorgan Chase & Co. (JPM) reported first-quarter net income of $2.14 billion, compared to net income of $2.37 billion in the first quarter of 2008. Earnings per share were $0.40, compared to $0.67 in the first quarter of 2008.
On the economic front, Canadian manufacturing sales increased 2.2% to $42.9 billion, the first increase since July 2008, according to Statistics Canada. Motor vehicle and motor vehicle parts industries in Ontario were behind most of the gains in February, following widespread slowdowns and shutdowns in January. Excluding motor vehicles and parts and accessories, manufacturing sales edged down 0.2%, the seventh monthly decline in a row.
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