Stocks in Toronto rose midday Thursday, hoping to end a three-day losing streak as higher oil prices supported energy issues, while gold stocks also rallied.
The S&P/TSX Composite Index gained 21.2 points to move into noon hour at 13,653.20
The Canadian dollar was positive 0.13 cents to 77.82 cents U.S.
The most influential movers on the index included Canadian Natural Resources, which rose 2.2% to $36.74, and Cenovus Energy, which advanced 4.5% to $19.72. The overall energy group was up as crews continued to battle a wildfire near Fort McMurray, Alta., which has driven more than 80,000 people from their homes.
Barrick Gold Corp rallied 3.2% to $23.20, while Goldcorp was up 2.2% at $24.26.
Gold rebounded from three straight days of losses as the dollar pared gains after a larger-than-expected rise in weekly jobless claims in the United States (see below).
Magna International Inc rose 2.4% to $52.40. The auto parts maker reported a higher-than-expected first-quarter profit and raised its full-year sales forecast for a second time, boosted by strong vehicle sales in North America and Europe.
Shares of Manulife Financial Corp rose nearly 2% to $18.43. Canada's biggest life insurer reported a 45% jump in first-quarter earnings, boosted by strong insurance sales in Asia and gains from interest rate movements.
National Bank of Canada estimated that it would set aside $250 million before taxes in the quarter ended April to cover bad loans to the oil and gas industry. Its shares fell 1.3% to $41.99.
On the economic slate, Statistics Canada reported that the total value of building permits issued by Canadian municipalities was down 7.0% to $6.9 billion in March, marking the second decline in three months.
The agency said the dip, which followed a 15.3% gain in February, was largely the result of lower construction intentions for commercial buildings in Alberta, Ontario and B.C.
ON BAYSTREET
The TSX Venture Exchange picked up 6.19 points to Thursday to 659.56
Seven of the 13 TSX subgroups were higher, as gold shone brighter 1.9%, while energy and materials were each up 0.8%.
The half-dozen laggards were weighed most by health-care and the metals and mining groups, each off 2.2%, while financials suffered 0.4%.
ON WALLSTREET
Equities stateside traded mostly higher Thursday as oil price gains supported a more risk-on tone, ahead of the key employment report due Friday.
The Dow Jones Industrials stayed above water 40.32 points to 17,691.78, with IBM leading advancers and Merck the greatest laggard.
The S&P 500 tacked on 5.07 points to 2,056.19. Energy held about 1% higher to lead S&P 500 advancers.
The NASDAQ Composite Index held onto gains of 9.02 points to 4,734.66, after briefly turning lower as declines in shares of Apple and Amazon.com weighed.
Crude oil futures were up more than 4% near $45.70 U.S. a barrel as a huge wildfire near Canada's oil sands and escalating tensions in
Libya raised concerns of a near-term supply shortage.
In economic news, weekly jobless claims rose to 274,000. Earlier, Challenger, Gray & Christmas reported layoffs by U.S.-based companies accelerated in April, sending year-to-date job cuts to the highest level since 2009.
Prices for the 10-year Treasury regained strength, lowering yields to Wednesday’s 1.77%. Treasury prices and yields move in opposite directions
Oil prices popped $1.16 a barrel to $44.94 U.S.
Gold prices slid $3.87 to $1,275.81 U.S. an ounce.
