Equities in Toronto rose on Thursday, boosted by the financial sector after Canadian Imperial Bank of Commerce reported better-than-expected results, while shares of Magna International also benefited from quarterly earnings.
The S&P/TSX Composite Index gained 29.16 points to kick off Thursday’s session at 15,553.17
The Canadian dollar dropped 0.12 cents to 78.63 cents U.S.
CIBC reported first-quarter earnings ahead of market expectations, with strong performance from all its business units. The bank’s shares took on 76 cents to $117.23
Magna reported a better-than-expected fourth-quarter profit, driven by higher sales in Europe and the launch of new cars for BMW and Jaguar.
Magna shares triumphed $1.23, or 1.8%, to $70.84.
Loblaw Cos on Wednesday said its quarterly profit fell as the company recorded $230 million in charges. Loblaw shares tumbled 91 cents, or 1.4%, to $64.40.
RBC cut the target price on High Liner Foods to $13.00 from $16.00. High Liner shares staggered 65 cents, or 5.3%, to $11.74.
Desjardins raised the target price on Kirkland Lake Gold to $26.00 from $25.00. Kirkland Lake shares hiked 52 cents, or 2.7%, to $20.03.
Canaccord Genuity cut the target price Spartan Energy to $7.50 from $8.25. Spartan shares inched up four cents to $5.86.
CIBC raised the target price on Spin Master to $58.00 from $52.00. The shares , which trade under the symbol “TOY”, crept up three cents to $56.00.
On the economic beat, Statistics Canada announced retail sales decreased 0.8% in December to $49.6 billion, after three straight monthly hikes.
Despite this decline, the agency adds, retail sales were up 1.5% in the fourth quarter and up 6.7% for the year.
The TSX Venture Exchange eked ahead 0.71 points to 828.78
Seven of the 12 TSX subgroups were positive to begin the day, with materials up 0.8%, information technology soaring 0.6%, and gold better by 0.5%.
The five laggards were weighed most by utilities and consumer staples, sagging 0.4% each, and real-estate, sinking 0.2%.
U.S. stocks traded higher on Thursday, trying to snap a two-day losing streak, as interest rates slipped from multiyear highs seen in the previous session.
The Dow Jones Industrials perked 143.15 points to lead off Thursday’s trading at 24,940.43, with United Technologies as the best-performing stock in the index.
The S&P 500 restocked 11.2 points to 2,712.53, with energy and telecommunications rising more than 1%.
The NASDAQ recovered 26.66 points to 7,244.89
In corporate news, Chesapeake Energy shares jumped more than 13% after the company reported better-than-expected quarterly earnings. The stock was also the best performer in the S&P 500.
Meanwhile, Roku's stock shed 21% after the streaming company issued weaker-than-expected revenue guidance for the current quarter.
Prices for the benchmark 10-year Treasury note were lower, raising yields to 2.91% from Wednesday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 32 cents a barrel to $62.00 U.S.
Gold prices slipped $1.10 to $1,331.00 U.S. an ounce.