Stocks in Toronto opened slightly higher on Thursday, led by energy stocks that jumped more than 3% on the back of surging crude prices.
The S&P/TSX composite index inched up 2.03 points to open Thursday at 13,308.99
The Canadian dollar gained 0.48 cents at 75.61 cents U.S.
Bombardier is exploring the sale of a stake in any of its business areas, not just its rail unit, to ensure it can finish development of its delayed CSeries jet. The Montreal-based company has hired investment bankers to look at a variety of financing options, the sources said, including selling aerospace or rail assets in full or in part, forming joint ventures or bringing in private equity investors.
Bombardier shares faded two cents, or 1.2%, to $1.65.
Barrick Gold has not had talks over a sale of its 50% stake in Australia's Super Pit gold mine to its partner Newmont Mining Corp., Barrick adviser and ex-president Jim Gowans said on Thursday. Barrick has been busy auctioning off assets over the past year, including all its Australian mines except the Super Pit stake, to help cut debt. It aims to reduce debt by at least $3 billion this year.
Barrick eked up three cents to $8.52.
Canadian regulators approved the hydrotest results of Enbridge’s Line 9 crude oil pipeline on Wednesday, clearing the way for the delayed 300,000 barrel-per-day route to the east of the country to start operating.
The newly reversed Line 9 will ship mainly light inland crude from Sarnia, Ontario, to Montreal. It previously flowed in the opposite direction, taking imported crude to Ontario.
Enbridge gained 67 cents, or 1.4%, to $50.22.
Penn West Petroleum said it would sell its non-operated 9.5% stake in Weyburn unit, a conventional oilfield in Southeast Saskatchewan, for $205 million. The company also cut its 2015 production forecast to 84,000–88,000 barrels of oil per day (boe/d) from 86,000– 90,000 boe/d.
Penn West shares tallied six cents, or 10%, to 66 cents.
Canaccord Genuity raised the target price on SNC-Lavalin Group Inc to $52.00 from $51.00 saying that the company’s Ambatovy sale is a right strategic move.
SNC shares took on $1.26, or 3.3%, to $39.24.
Canaccord Genuity resumed coverage on Stantec Inc with a hold rating to reflect that the company has quality growth, but medium-term headwinds are expected.
Stantec shares added 36 cents, or 1.2%, to $29.54.
Theratechnologies Inc reports Q3 earnings today, expecting two cents per share. Theratechnologies shares moved up six cents, or 2.8%, to $2.18.
ON BAYSTREET
The TSX Venture Exchange picked up 0.63 points to 525.21
Eight of the 13 TSX subgroups were lower to start the session, consumer staples dipped 1.1%, while real-estate and utilities each demurred 0.8%.
The five gaining subgroups were led by metals and mining, up 2.6%, energy, gaining 2.5%, and health-care, up 1.2%
ON WALLSTREET
U.S. stocks traded mostly lower Thursday, the first day of trade for the fourth quarter, as investors weighed declines in Apple and biotech stocks amid key domestic economic reports.
The Dow Jones industrial average retreated 11.23 points to 16,273.45, with gains in Chevron and Goldman Sachs trying to offset declines in Apple and Nike.
The S&P 500 lost 9.98 points to 1,910.05, helped by a 1% gain in energy as crude surged 3.5%. Information technology and health care were the greatest laggards.
The NASDAQ index ducked lower 46.7 points, or 1%, to 4,573.47. The index quickly turned negative after a positive open as Apple fell 2% and the iShares Nasdaq Biotechnology ETF (IBB) traded more 1% lower.
September ISM manufacturing data fell to the lowest level since May 2013 at 50.2 from 51.1.
The monthly non-farm payrolls report is due Friday.
The number of announced layoffs by U.S.-based companies surged 43% in September from the previous month, driven by job cuts at Hewlett-Packard, global outplacement firm Challenger, Gray & Christmas reported Thursday.
On the data front, initial jobless claims showed a slight increase to 277,000. The September U.S. Markit manufacturing PMI came in at 53.1.
In addition to ISM, construction spending is due this morning. Data for light vehicle sales will also be released Thursday.
Prices for 10-year U.S. Treasuries remained static, keeping yields at Wednesday’s 2.04%.
Oil prices progressed $1.70 a barrel to $46.79 U.S.
Gold prices jumped $1.96 to $1,117.05 U.S. an ounce.
