Gold and financial stocks led Toronto Stock Exchange lower on Thursday morning as investors digested the federal government’s budget handed down after the markets closed Wednesday. U.S. markets were mostly flat as crude oil futures approached US$52 per barrel.

At midday, the S&P/TSX was off 49.51 or 0.51% at 9626.18 after climbing 25 points Wednesday. The TSX Venture exchange was up 13.56 points or 0.69% to 1964.96. In New York, the Dow Industrials were off 10.49 points or 0.10% after a 63-point gain the day before. The Nasdaq was off 6.06 points or 0.30% at 2025.19, while the S&P 500 slipped 0.82 of a point or 0.07% to 1189.98.

The Canadian dollar was trading at US80.55¢, down 0.25 of a cent. The C$ had officially closed Wednesday at US80.8¢, down by 0.84 of a cent, before the late-afternoon release of the budget in Parliament. The currency fell after Finance Minister Ralph Goodale announced plans to scrap the 30% ceiling on foreign content permitted in RRSPs. The cap was first imposed in 1971 to make sure that most pension money was available for investment in domestic operations.

On the markets, only metals and mining and real estate stocks were up. Technology stocks were off 2.27%, golds, down 1.32% and financials slid 0.78%.

In financial news, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, two of Canada’s four biggest banks, said first-quarter profit rose more than analysts expected on higher revenue from consumer banking. TD was down 37¢ or 0.74% to $49.73, while CIBC slid 70¢ or 0.99% to $69.80. Shares of National Bank of Canada, whose Q1 profits added 7¢ or 0.14% $50.92.

In New York, stocks were little changed on after a brief rise at midmorning on reassuring oil inventory data, while Internet shares weighed on the Nasdaq index.