Stocks in Canada's largest centre found their way higher at Thursday's open, one day after closing at a 16-month high, as a pullback in oil prices weighed on the shares of energy companies.
The S&P/TSX Composite inched up 13.22 points to open Thursday at 14,853.71
The Canadian dollar plummeted 0.55 cents to 75.71 cents U.S.
UBS cut the target price on Canadian Pacific Railway to $221.00 from $225.00, considering an insignificant difference in the company’s outlook for 2017.
CP shares prospered $1.07 to $198.48.
National Bank Financial cut the target price on Gildan Activewear to $42.00 from $43.00, due primarily to challenging market conditions.
Gildan shares shed 46 cents to $35.08.
National Bank Financial raised the target price Industrial Alliance Insurance to $48.00 from $45.00, considering an improving earnings profile in 2017.
IAG shares gathered four cents to $49.84.
Thursday was also the day for earnings reports.
Altagas Ltd expects Q3 earnings of 18 cents per share. Altagas shares gained $1.04, or 3.1%, to $34.57.
Celestica Inc projects Q3 earnings of 30 cents per share. Celestica shares nosed ahead three cents to $13.75
On the economic beat, Statistics Canada reported this morning that those drawing regular employment insurance totaled 563,000 in August, down 3% from the previous month. This decrease followed a 5% increase in July, when legislative changes to the EI program came into effect. On a year-over-year basis, the number of beneficiaries was up 23,700, or 4.4%.
ON BAY STREET
The TSX Venture Exchange dropped 0.07 points to 789.33
All but two of the 12 TSX subgroups were positive, with health-care shares haler by 0.8%, gold up 0.6%, and energy gaining 0.3%.
The two laggards were telecoms, down 0.3%, and consumer staples, off 0.2%.
ON WALL STREET
U.S. equities traded mostly flat on Thursday after a key monetary decision from the European Central Bank, while oil prices fell.
The Dow Jones Industrials gained 23.7 points to start the session at 18,236.32, with American Express contributing the most gains to the tune of nearly 35 points. That said, shares of Travelers Companies shaved off approximately 25 points.
The S&P 500 dropped 0.42 points to 2,143.87, as telecommunications fell 2% to lead decliners.
The NASDAQ composite index dwindled 6.06 points to 5,240.35
In corporate news, earnings season rolled on, as Dow components Travelers and Verizon both posted quarterly results. Travelers beat estimates on both earnings and revenues, while Verizon missed on revenue while beating on profits.
In U.S. economic news, weekly jobless claims rose by 13,000 to 260,000, but notched their 85th straight week coming in below 300,000, the longest period since 1970. Meanwhile, the Philadelphia Federal Reserve Business Index for October came in at 9.7, below September's 12.8.
Other economic data released Thursday included existing home sales, which rose 3.2% last month.
The ECB kept interest rates unchanged, as was widely expected. Facing high unemployment, weak growth and ultra low inflation, the ECB has provided extraordinary stimulus in recent years, cutting interest rates deep into negative territory and pushing the cost of credit to all-time lows, hoping to jump start growth.
Prices for the 10-year Treasury were unchanged, keeping yields at Wednesday’s 1.74%.
Oil prices lost 99 cents at $50.61 U.S. a barrel
Gold prices slipped $1.80 to $1,268.10 U.S. an ounce.
