Equity markets in Canada’s largest market on Thursday as higher commodity prices helped lift energy and mining stocks, while railway stocks also saw strong gains.
The S&P/TSX composite index leaped 116.83 points to greet noon at 12,709.65.
The Canadian dollar remained positive 0.34 cents to 72.91 cents U.S.
The most influential movers on the index included Canadian Pacific Railway, which rose 7.2% to $170.50, and Canada's largest oil and gas company, Suncor Energy, which advanced 3.6% to $32.68.
Suncor reported a fourth-quarter operating loss and cut 2016 capital spending plans on Wednesday because of the collapse in global crude prices.
The materials group, which includes precious and base metals miners and fertilizer companies, jumped, which included a 6.2% advance in Goldcorp to $18.18.
BCE Inc rose 1.3% to $57.46. The telecom and media company reported an 8.5% drop in fourth quarter profit as it paid more to win wireless business, but raised its dividend by 5% and pointed to moderate revenue and earnings growth in 2016.
The financials group gained 1%, including a 1.1% advance in Royal Bank of Canada to $70.88.
The biggest drag on the market was Brookfield Asset Management Inc, which fell 0.8% to $39.55.
ON BAYSTREET
The TSX Venture Exchange gained 5.39 points Thursday afternoon at 505.59
Nine of the 13 TSX subgroups remained in the green, with metals and mining shooting up 9.8%, while gold muscled 4.7%, and materials better by 4.2%
The four laggards were weighed by information technology, lower 0.5%, consumer staples off 0.4%, and energy, weaker 0.2%.
ON WALLSTREET
U.S. equities were lower on Thursday as investors digested weaker-than-expected economic data while keeping an eye on oil prices.
The Dow Jones industrial average pared gains, but stayed positive 19.72 points to pause for lunch at 16,356.38, with Caterpillar leading advancers and Nike the biggest laggard.
The S&P 500 stayed red 2.52 points to 1,909.61, with materials leading four sectors higher and telecommunications the biggest laggard.
The NASDAQ index slumbered 10.27 points to 4,493.97, as Apple and biotechs failed to hold gains.
Oil prices traded in a range Thursday, with West Texas Intermediate falling over 1% in late-morning trading after rising more than 3% at session highs.
On the economic slate, U.S. Labor Department reported Thursday that productivity declined 3% in the fourth quarter, its biggest drop since the first quarter of 2014.
Meanwhile, U.S. jobless claims rose 8,000 to 285,000 last week, while economists were expecting a total of 280,000.
Despite the increase last week, claims remained below 300,000, a level associated with strong labour market conditions, for the 48th straight week. That is the longest run since the early 1970s.
Moreover, the Commerce Department declared that U.S. factory orders for December subsided 2.9%. Economists were expecting a 2.6% fall.
Prices for the 10-year Treasury were slightly higher, dropping yields to 1.87% from Wednesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices dropped 10 cents a barrel to $32.18 U.S.
Gold prices grew $11.80 to $1,154.43 U.S. an ounce.
