Equities on Canada’s main index retained their strength midday Thursday, as energy shares made further gains with oil prices after the Organization of the Petroleum Exporting Countries reached a deal to cut output, while investors reacted to divergent earnings reports from two major banks.
The S&P/TSX Composite picked up 50.04 points to greet noon at 15,132.89
The Canadian dollar leaped 0.62 cents at 75.04 cents U.S.
Canadian Imperial Bank of Commerce rose 1.9% to $107.95 after the country's fifth-biggest bank reported a better-than-expected quarterly profit, driven by strong performance in its capital markets business.
Meanwhile, the country's number-two lender Toronto-Dominion Bank fell 1% to $62.95 after reporting earnings that were in line with expectations.
Among energy plays, Suncor Energy added 2.2% to $43.70 and Canadian Natural Resources rose 2.7% to $46.53.
In economic news, the RBC Markit Canada Manufacturing PMI increased to 51.5 in November of 2016 from 51.1 in October, reaching the highest in four months. Any reading over 50 indicates expansion in the manufacturing sector.
ON BAYSTREET
The TSX Venture Exchange hung onto 1.65 points of gains to 738.62
Eight of the 12 TSX subgroups were lower, with health-care and gold settling 1.9% each, while information technology dipped 1.5%.
The four gainers were led by energy, higher by 3.5%, while consumer discretionaries were up 1.2%, and financials grew 0.4%.
ON WALLSTREET
American equities traded mixed as the clock approached noon Thursday, and as investors digested economic data while oil prices built on sharp gains from the previous session.
The Dow Jones Industrials strengthened 80.26 points to 19,203.84, with Goldman Sachs leading the pack upward.
The S&P 500 moved into the red 0.75 points to 2,198.06, with a 1.7% decline in information technology offsetting a 1.5% rise in energy.
The NASDAQ composite index 48.82 points to 5,274.86, as Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google parent Alphabet) all fell.
In corporate news, Land's End and Dollar General both reported quarterly results before the bell. Meanwhile, Clarcor is being bought by Parker Hannifin for $4.3 billion U.S. in cash and assumed debt, or $83.00 U.S. per share.
In economic news, The IHS Markit U.S. Manufacturing index reading for November came in at 54.1.
The Institute for Supply Management manufacturing index came in at 53.2 for November, while construction spending rising 0.5% for October. Before the bell, initial jobless claims came in at 268,000, above an expected 253,000. Thursday's litany of data will build up towards Friday's November jobs report.
Treasury prices for the 10-year note fell sharply, raising yields to 2.46% from Wednesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices spiked $1.99 to $51.43 U.S. a barrel
Gold prices stumbled $3.30 to $1,170.80 U.S. an ounce.
