The Toronto Stock Exchange lost ground for the first time in three days Wednesday as disappointing data on private-sector employment in the United States overshadowed some strong numbers on economic growth in Canada.
The S&P/TSX composite index was down 6.48 points, or 0.05%, to 12,037.73. Financials led the decline, while gains in materials and energy limited the degree of loss on the benchmark, which was up as much as 0.3% in early trading.
Among the individual stocks costing the TSX composite some points, First Quantum Minerals Ltd. was down 2.83% to $83.57, and Potash Corp. of Saskatchewan Inc. declined 1.01% to $121.28. BlackBerry maker Research In Motion Ltd. was down 1.32% to $75.25, and its U.S.-listed shares fell further in after-hours trading following the release of its fourth-quarter earnings.
The TSX Venture composite index was up 6.17 points, or 0.39%, to 1,576.55.
The main commodity prices were headed in the right direction for Bay Street investors on Wednesday. On the New York Mercantile Exchange, crude oil was up US$1.39 to US$83.76 a barrel, while gold gained US$8.80 to US$1,114.50 an ounce.
The Canadian dollar was up 36 basis points to US98.44¢.
Statistics Canada said gross domestic product grew 0.6% in January, up from a downwardly revised 0.5% gain in December, which was what economists expected. January marked the biggest monthly percentage jump in Canadian GDP since December 2006.
Statistics Canada also said there was little change in the number of non-farm payroll employees in January, though hours worked were up 0.3%.
However, the employment picture out of the U.S. was more negative, as ADP Employer Services said the private sector shed 23,000 jobs this month. Economists expected a gain of 40,000. On Friday, the U.S. federal government will release official jobs data for March. Stock markets will be closed that day for Good Friday.
"Normally, (the ADP report) has a small impact on trading as it is widely viewed as an indication of where U.S. non-farm payrolls may end up," Colin Cieszynski, a market analyst with CMC Markets Canada, said in a research note.
Cieszynski said Wednesday's data on private-sector job losses in the U.S. "suggests that Friday's non-farm payroll report (for the U.S.) may also come in negative."
On U.S. markets, the Dow Jones industrial average was down 50.79 points, or 0.47%, to 10,856.63 on Wednesday. The Nasdaq composite index was off by 12.73 points, or 0.53%, to 2,397.96.
