Markets in Toronto cut their earlier gains Thursday, but still finished emphatically in the green, as losses in mining shares significantly increased with the continuous drop in gold and copper prices and with soft earnings results from Potash Corp and Goldcorp.
The S&P/TSX composite index gained 80.96 points to end Thursday at 14,382.76, after a jump Wednesday of more than 220 points.
The Canadian dollar slid 0.41 cents to 76.84 cents U.S.
Potash shares added 39 cents, or 1.1%, to $35.17, while Goldcorp shares backtracked 23 cents, or 1.4%, to $16.46.
The energy field led gainers, as Suncor Energy leapt $2.19, or 6.3%. to $36.81, while RMP Energy was stronger by 11 cents, or 6.2%, to $1.90.
Information technology stocks moved upward, too, as Open Text spread its wings $10.86 higher, or 22.3%, to $59.59, while Wi-Lan gained 17 cents, or 6.9%, to $2.64.
Among telecoms, Manitoba Telecom Services pushed higher 89 cents, or 3.1%, to $29.68.
Metals and mining stocks weighed the market down the most, as First Quantum Minerals collapsed $1.18, or 10.4%, to $10.12, and Sheritt International slid 16 cents, or 10.2%, to $1.41.
Gold stocks shrank, as Oceana Gold fell 55 cents, or 19.4%, to $2.28, and Yamana Gold subtracted 20 cents, or 7.8%, to $2.38.
Romarco Minerals was the most actively traded stock, gaining 12.5 cents, or 31.7%, to 52 cents, on 35.4 million shares.
ON BAYSTREET
The TSX Venture Exchange gained 3.54 points to 588.30
Eight of the 14 TSX subgroups were positive, as energy soared 2.9%, information technology popped 2.2% and telecoms were better by 1.3%.
The half-dozen laggards were weighed most by metals and mining, sliding 5%, gold down 2.7%, and global base metals off 2.1%.
ON WALLSTREET
U.S. stocks closed narrowly mixed on Thursday as investors digested more earnings and second-quarter GDP, a day after the Federal Reserve left interest rates unchanged.
The Dow Jones industrial average was down 5.41 points to close at 17,745.98, with Procter & Gamble leading decliners and Microsoft the greatest advancer.
The S&P 500 eked up 0.06 points to 2,108.63, with energy leading four sectors lower and utilities the greatest advancer
The NASDAQ index gained 17.05 points to 5,128.79
Western Digital jumped nearly 10% as one of the greatest advancers in the NASDAQ. The firm reported adjusted quarterly profit that topped estimates but the hard drive maker's revenue was below forecasts.
On the other hand, Facebook fell about 2% to weigh on the NASDAQ as investors were disappointed by an 82% surge in expenses. The social media giant did report earnings after the close Wednesday that beat on both the top and bottom line.
Other firms reporting earnings before the bell were Cigna and AB InBev.
Companies posting results after the close includeAmgen,LinkedIn and Expedia.
Insurance company Cigna posted mixed quarterly results. Brewer AB InBev missed on both the top and bottom line due to poor weather and weak economic conditions.
In economic news, the Commerce Department said U.S. gross domestic product expanded at an annual rate of 2.3%, slightly below economists' estimates.
The department revised its first-quarter GDP reading to a 0.6% increase from a 0.2% contraction.
U.S. weekly jobless claims increased by 12,000 week-over-week, but came in below expectations at 267,000, the U.S. Labor Department said.
On Wednesday, the central bank kept rates unchanged and gave no hint of liftoff coming in the next meeting. The decision on the rates was unanimous. Policymakers said the economy is expanding moderately and made no mention of recent volatility around Greece or China.
Prices for 10-year U.S. Treasuries were slightly higher, lowering yields to 2.26% from Wednesday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices surrendered 28 cents a barrel to $48.51 U.S.
Gold prices fell $5.70 to $1,087.60 U.S. an ounce.
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