Equities in Canada’s largest centre survived a volatile day Thursday, coming out on the positive side, on the strength of resource stocks.
The TSX Composite gained 11.66 points to wrap up Thursday at 21,885.38.
The Canadian dollar recovered 0.25 cents at 73.23 cents U.S.
Gold led the sectors making headway Thursday, with New Gold acquiring 12 cents, or 5.1%, to $2.48, while OceanaGold hiked a dime, or 3.3%, to $3.13.
In materials, Teck Resources climbed $5.42, or 8.7%, to $67.65, while MAG Silver popped $1.15, or 7%, to $17.70.
In energy, Secure Energy rumbled 49 cents, or 4.4%, to $11.56, while Advantage Oil jumped 36 cents, or 3.5%, to $10.73.
Sylogist led the tech sector downward, losing 36 cents, or 3.9%, to $8.88, while BlackBerry ditched 15 cents, or 3.8%, to $3.80.
Real-estate stocks also plunged, with StorageVault giving back 31 cents, or 6.1%, to $4.76, while FirstService gave up $4.91, or 2.3%, to $207.30.
In health-care, Tilray lost 11 cents, or 4.4%, to $2.41, while Chartwell Retirement Residence units parted with three cents to $12.46.
Statistics Canada reported the number of employees receiving pay and benefits from their employer decreased by 17,700 (-0.1%) in February, following an increase of 35,700 (+0.2%) in January. On a year-over-year basis, payroll employment was up by 154,700 (+0.9%) in February.
ON BAYSTREET
The TSX Venture Exchange recovered 3.68 points to end the session at 578.33.
Eight of the 12 TSX subgroups were lower midday, with information technology down 1.8%, health-care pointed downward 0.9%, and real-estate off 0.8%
The three gainers were gold, prospering 4%, materials, stronger by 2.2%, and energy, edging up 0.7%.
ON WALLSTREET
Stocks tumbled Thursday after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation.
The Dow Jones Industrials dropped 375.19 points, or 1%, at Thursday’s close to 38,085.73, weighed down by steep declines in Caterpillar and IBM
The S&P 500 index flopped 23.21 points to 5,048.42.
The NASDAQ Composite fell 100.99 points to 15,611.76.
Meta plunged 10.5% after the social media giant issued light revenue guidance for the second quarter. That would be the stock’s biggest one-day decline since October 2022. International Business Machines also fell 8.3% after missing consensus estimates for first-quarter revenue.
Meta’s report raises concern ahead of other big tech releases. Microsoft and Alphabet are slated to post earnings after the close Thursday.
U.S. gross domestic product expanded 1.6% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones forecast GDP growth would come in at 2.4%.
Following the GDP print, traders moved down expectations for an easing of Federal Reserve monetary policy. Traders now forecast just one interest rate cut this year.
The lackluster GDP added further pressure to an already-tense market contending with concerns over a pullback in growth among technology earnings.
Prices for the 10-year Treasury slumped yields to 4.70% from Wednesday’s 4.64%. Treasury prices and yields move in opposite directions.
Oil prices climbed 95 cents to $83.76 U.S. a barrel.
Gold prices revived $5.90 to $2,344.30 U.S. an ounce.
