Stocks in Canada’s largest centre seesawed on Thursday as energy stocks gained with higher oil prices and Valeant Pharmaceutical rose after it reached a debt deal, while bank and telecommunications stocks retreated.
The S&P/TSX Composite remained negative 20.85 points to greet noon at 14,676.75
The Canadian dollar galloped 0.39 cents to 78.25 cents U.S.
The most influential gainers included Valeant, which rose 2.6% to $39.50 after the company said it agreed with its creditors to amend loan terms.
The heavyweight energy group climbed 0.8%, with Suncor Energy up 0.7% to $36.59, as Brent crude hit a six-week high above $50.00 U.S. a barrel.
Brookfield Asset Management declined 1.2% to $44.12. A source told media outlets on Wednesday that the company plans to buy a majority stake in a water and sewage company to add to its holdings which include property, infrastructure, renewable energy and construction investments.
First Quantum Minerals advanced 2.5% to $12.25. The mine’s owner said the company is conducting due diligence on a copper mine in Zambia.
Telecom stocks also weighed, with BCE off 0.7% at $61.75 and Telus down 0.6% at $42.85.
On the economic scene, Statistics Canada reported that foreign investors increased their holdings of Canadian securities by $9.0 billion in June, with acquisitions led by significant portfolio investment in equities. At the same time, Canadian investors acquired $4.1 billion of foreign securities, mainly non-U.S. foreign equities.
What’s more, the agency went on to say those drawing regular Employment Insurance (EI) benefits in Canada totaled 545,900 in June, essentially unchanged from May. Compared with 12 months earlier, the number of people receiving regular EI benefits was up by 8,000 or 1.5%.
ON BAYSTREET
The TSX Venture Exchange regained 7.06 points to 835.54
Nine of the 13 subgroups were lower, as consumer staples slipped 0.7%, health-care and financials each dipping 0.6%.
The four gainers were led by energy, sprinting ahead 1.1%, gold, up 0.1%, and industrials, inching up 0.05%
ON WALLSTREET
U.S. equities traded mostly higher Thursday as investors digested fresh economic data as well as the minutes from the U.S. Federal Reserve's July meeting.
The Dow Jones Industrials stayed in the minus column 11.92 points to 18,562.02, with Cisco Systems leading decliners and Wal-Mart the top riser.
The S&P 500 inched up 1.24 points to 2,183.46, with energy leading five sectors higher and telecommunications the biggest laggard.
The NASDAQ Composite picked up 9.01 points to 5,237.66
Investors also digested quarterly results from Dow component Wal-Mart, which reported better-than-expected earnings and revenue and raised its full-year guidance. Wal-Mart shares were up 1.6% in midday trade..
Stocks eked out gains following the minutes' release on Wednesday, having traded lower for most of the session.
On the data front, weekly jobless claims fell 4,000 to 262,000, while the August Philadelphia Fed business index came in line with expectations. Leading indicators were set to be released later on.
Prices for the 10-year Treasury were higher, bumping down yields to 1.54% from Wednesday’s 1.55%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.30 a barrel to $48.09 U.S.
Gold prices regained $7.10 to $1,355.90 U.S. an ounce.
