Equities in Canada’s largest centre moved upward Thursday, after two dismal days, even as heightened tensions in the Middle East made their presence felt on oil markets.
The S&P/TSX composite index regained 42.79 points to open Thursday at 14,972.16, following a collapse of more than 150 points Wednesday.
The Canadian dollar picked up 0.33 cents to 80.25 cents U.S.
A senior executive at BCE Inc's Bell Media unit apologized on Wednesday for interfering in editorial coverage after Canada biggest communications company was harshly rebuked by the country's broadcast regulator. BCE shares dipped a nickel to $53.45.
Federal Transport Minister Lisa Raitt said three Canadian National Railway derailments in the same area in three weeks are a significant problem which cannot be explained away. CIBC, meanwhile, upped the target on CN to $91.00 from $87.00. CN shares retreated 43 cents in the early going to $83.52.
CIBC also hiked the target price on rival Canadian Pacific to $255.00 from $242.00. CP shares dropped $1.93 to $228.07.
Canaccord raised the target price on Dollarama to $76.00 from $70.00. Dollarama shares hiked $1.11, or 1.6%, to $69.21.
Warplanes from Saudi Arabia and Arab allies struck Shi'ite Muslim rebels fighting to oust Yemen's president on Thursday, a gamble by the world's top oil exporter to check Iranian influence in its backyard without direct military backing from Washington.
On the economic calendar, the number of Canadians receiving regular employment insurance benefits numbered 496,600 in January – roughly the same as the month before, according to figures released this morning by Statistics Canada
The agency also says, compared with January 2014, the number of beneficiaries decreased by 14,200 or 2.8%.
ON BAYSTREET
The TSX Venture Exchange poked ahead 0.42 points to 677.66
Eight of the 14 Toronto subgroups were lower, weighed most by information technology, down 0.6%, industrials, sliding 0.4%, and consumer staples, hesitating 0.2%.
The half-dozen gainers were led by metals and mining, recovering 2.3%, while energy and gold each asserted themselves 2%.
ON WALLSTREET
U.S. stocks traded lower on Thursday as equities extended a three-day selloff and investors weighed geopolitical events.
The Dow Jones Industrials dipped 81.72 points to 17,636.82, with Cisco leading most blue chips lower and Exxon Mobil leading advancers.
The S&P 500 dropped 4.61 points to 2,055.14, with consumer discretionary leading seven sectors lower and energy the greatest advancer.
The NASDAQ index shed 19.65 points to 4,856.87.
Oil prices gained as tensions intensified in the Middle East after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
Lululemon beat estimates by five cents with quarterly profit of 78 cents U.S. per share, with revenue essentially in line and same-store sales increasing by five percent. However, Lululemon's forecast for the current quarter is short of Street estimates.
Winnebago missed estimates by eight cents U.S. with quarterly profit of 30 cents U.S. per share with revenue also well below forecasts.
The recreational vehicle maker said it was hurt by labour-related constraints and higher operating expenses, although it also said it was seeing its profit margins improve and expects positive cash flow during the second half of the year.
Apple and its Beats music service are working on a subscription streaming services that won't have a free tier, according to a story in the New York Times. Separately, Apple is planning an iPhone trade-in program in China, according to Bloomberg.
U.S. jobless claims fell to a five-week low, pointing to a healthy and expanding labour market.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally-adjusted 282,000 for the week ended March 21, the U.S. Labor Department said on Thursday. That was the lowest level since mid-February.
The U.S. services sector expanded in March at its fastest pace since September, an industry report showed on Thursday.
Financial data firm Markit said its preliminary, or "flash,'' reading of its Purchasing Managers Index for the service sector rose to 58.6 in March from a final reading of 57.1 in February.
Prices for 10-year U.S. Treasuries fell sharply, raising yields to 1.98% from Wednesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices moved ahead $1.40 to $50.61 U.S.
Gold prices climbed $8.30 to $1,205.30 U.S.
