Toronto stocks fell Thursday as the price of oil touched US$53 a barrel in intra-day trading. The S&P/TSX composite index dropped 46.55 points or 0.52% to close at 8,825.38 on volume of 298 million shares.

Investors were also looking ahead to Friday’s key jobs reports from Canada and the United States.

The latest increase to oil prices came as continuing woes in Nigeria and the Gulf of Mexico collided with inexorably rising demand.

A barrel of crude oil settled at US$52.67, up 65¢, on the New York Mercantile Exchange.

Eight of the 10 TSX groups were trading lower with industrial stocks down 1.18%. The industrial group was dragged lower as Bombardier shares fell 19¢ or 6.38% to $2.79 after the firm’s aerospace division announced it is cutting 2,000 jobs — including 1,440 in the Montreal area – because of weak demand for its Canadair Regional Jets.

The rising price of oil ceased to lift the TSX energy group, which fell 0.61%.

Among energy stocks, Ivanhoe Energy jumped 27% as the company reported its best-ever sales from the Dagang oil project in China. Ivanhoe said the Dagang operation had gross sales of US$1.2 million in August, its first month above US$1 million, and production now averages 1,650 barrels per day. Ivanhoe shares were up 81¢ to $3.84.

In earnings news, ATI Technologies shares rose 28¢ or 1.13 % to $21.40 after the firm said its fourth-quarter profit almost tripled to US$61.2 million as revenue soared 50%.

However, shares of CI Fund Management fell 31¢ to $15.47 even though the firm reported an 87% increase in first quarter profit.


The junior S&P/TSX Venture composite index was the only market gauge to end higher. It rose 7.28 points to 1,677.19.

In New York, disappointing retail sales and rising oil prices sent stocks lower. Rising gasoline prices slowed U.S. retail sales in September, usually a robust month for shoppers.

The blue-chip Dow Jones industrial average fell 114.52 points or 1.1% to 10,125.40.

Broader stock indicators were also sharply lower. The S&P 500 was down 11.40 or 1% at 1,130.65, and the tech-heavy Nasdaq composite index lost 22.51 or 1.1% to 1,948.52.