TORONTO - The Toronto stock market was little changed Thursday even as investors took in some economic reports that made them feel somewhat better about economic prospects.
The S&P/TSX composite index inched 5.4 points lower to 11,391.9 amid higher energy and mining stocks and sliding gold stocks.
The TSX Venture Exchange ticked 0.44 of a point higher to 1,361.92 while the Canadian dollar moved up 0.54 cent to 95.98 cents US.
The TSX energy sector gained 0.53 per cent as the August crude contract on the New York Mercantile Exchange ran ahead $1.40 to US$75.47 a barrel. The American Petroleum Institute reported late Wednesday that U.S. crude inventories plunged 7.3 million barrels last week, much more than the drop of 3.5 million barrels forecast in an analyst survey by Platts, the energy information arm of McGraw-Hill Cos.
Inventories of gasoline and distillates also fell, the API said. The Energy Department’s Energy Information Administration reports its weekly supply data later Thursday.
Suncor Energy (TSX:SU) climbed 19 cents to $32.69 .
The base metals sector was 0.74 per cent higher as the September copper contract on the Nymex lost early traction and was unchanged at US$3.02 a pound. Teck Resources (TSX:TCK.B) gained 31 cents to $33.96.The gold sector was the weakest component, down 1.75 per cent as the August bullion contract in New York lost $5.50 to US$1,193.40 an ounce. Barrick Gold Corp. (TSX:ABX) fell 62 cents to $45.35.
Economic hopes were lifted after the International Monetary Fund raised its 2010 world growth forecast to 4.6 per cent from 4.2 per cent in April and boosted estimates for the United States, China and Canada.
The IMF also warned that the European debt crisis could pose a risk to global growth but said a return to recession was unlikely.
A strong profit forecast by State Street bank in the U.S. on Wednesday encouraged
