Bay Street Skeptical Of ECB's Bold Move -- Canadian Commentary

(RTTNews) - Canadian stocks were slightly weaker Thursday, unable to sustain early gains amid concerns that European officials have run out of ways to stimulate their economy.

The ECB expanded the monthly purchases under the asset purchase programme by EUR 20 billion to EUR 80 billion starting in April.

Economists were looking for an increase of about EUR 10 billion, but few measures have worked so far.

The S&P/TSX Composite Index dropped 13.76 points, or 0.10 percent, to $13,379.14. It's only the second loss in ten sessions.

Energy stocks trimmed recent gains as crude oil slipped from 3-month highs. April WTI oil settled at $37.84/bbl on Nymex, down 45 cents, or 1.2 percent.

On the other hand, gold stocks surged up 4.3 percent along with rising bullion prices. Gold's safe haven value was boosted as traders felt little relief from the ECB's actions.

Magna International (MG.TO) is opening a new seat-making facility in China. Shares slipped 1 percent.

Sobey's parent Empire Co. (EMP.A) reported a $1.36-billion loss after writing down the value of its Safeway business. Shares plunged 13.9 percent.

First Quantum Minerals Ltd. (FM.TO) will sell its Kevitsa nickel-copper-platinum mine in Finland for $712 million. Shares jumped 13.7 percent.