Equities in Canada’s largest market found some momentum midday Thursday, shrugging off some of the suspense of a health-care vote south of the border.
The S&P/TSX Composite Index acquired 88.08 points to greet noon at 15,436.54
The Canadian dollar nicked up 0.02 at 75.02 cents U.S.
Among health-care issues, Canopy Growth strengthened 28 cents, or 2.9%, to $10.00, while Concordia International gained two cents, or 1%, to $2.13.
In the financial sector, Manulife soared 49 cents, or 2.2%, to $23.26, while Royal Bank picked up $1.66, or 1.7%, to $96.87.
Industrials had a proud morning, too, as Bombardier acquired one cent to $2.03, while Air Canada flew 34 cents higher, or 2.7%, to $13.16.
Gold stocks, however, took a beating, primarily Detour Gold, derailed $1.26, or 7.9%, to $14.64, while IAMGOLD decreased 11 cents, or 2.1%, to $5.10.
On matters economic, Statistics Canada reported that those drawing regular employment insurance numbered 567,900 in January, little changed from the previous month.
The agency goes on to say that, in the 12 months to January, the number of EI beneficiaries in Canada was up by 20,300, or 3.7%, largely as a result of increases in Alberta
ON BAYSTREET
The TSX Venture Exchange moved up 2.36 points to 803.28
All but two of the 12 TSX subgroups had trended higher by midday, as health-care rocketed 1.8%, financials zoomed 1.3%, and industrials strengthened 1%.
The two laggards were gold, dulling in price 2.1%, and materials, weaker by 1.4%.
ON WALLSTREET
U.S. stocks rose on Thursday as investors eagerly awaited a key vote in the House regarding a Republican-led health care bill.
The Dow Jones Industrials galloped 67.31 points to 20,728.61, with Goldman Sachs contributing the most gains.
The S&P 500 marched ahead 7.6 points to 2,356.05, with financials rising 1.2% to lead advancers. Financials have been under pressure this week, with banks stocks declining amid falling Treasury yields.
The NASDAQ picked up 12.9 points to 5,834.54
On the corporate front, shares of Ford Motor fell more than 1.5% in early trade after the company's first-quarter guidance came in lower than Wall Street estimates. General Motors' stock followed Ford lower, slipping 0.8%.
The health bill, if signed into law, would effectively repeal and replace Obamacare, thus accomplishing one of President Donald Trump's first legislative goals.
The House vote is crucial for the Trump agenda. Trump has said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction. Republicans need 215 House votes for passage.
In economic news, weekly jobless claims rose by 15,000 to 258,000, above the expected print of 240,000.
New home sales hit a seven-month high last month, rising 6.1% to a seasonally-adjusted annual rate of 592,000, topping expectations.
Meantime, Federal Reserve Chair Janet Yellen spoke at a conference in Washington, D.C., but did not comment on monetary policy.
Prices for the benchmark 10-year Treasury note gave back a bit, raising yields to 2.42% from Wednesday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices docked 32 cents to $47.72 U.S. a barrel
Gold prices dived $6.20 at $1,243.50 U.S. an ounce.
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