Equities in Canada’s largest market rose in early trade on Thursday as heavyweight energy, financial and materials stocks gained as commodity prices rose and data showed a surge in building permits in October.
The S&P/TSX Composite gained 29.45 points to open Thursday at 15,267.20
The Canadian dollar added 0.04 cents to 75.6 cents U.S.
Cenovus Energy Inc said it planned to increase its 2017 capital budget by about 24%. Cenovus shares moved backward seven cents to $20.47.
Crescent Point Energy said on Wednesday it will increase its 2017 capital budget 31% from this year to $1.45 billion and boost production by 10%
Crescent Point shares collected 22 cents, or 1.3%, to $17.83.
Dundee raised the target price on Bank of Montreal to $95.00 from $90.00. BMO shares gained $1.56, or 1.7%, to $94.70.
Canaccord Genuity raised the price target on Dollarama to $111.00 from $108.00. Dollarama shares backtracked 75 cents to $100.57.
On the economic beat, Statistics Canada reported that its new housing price index rose 0.4%, in October, while municipalities issued $7.6 billion worth of building permits in October, up 8.7% from September.
Meanwhile, Canada Mortgage and Housing Corporation reported housing starts housing starts in Canada were 199,135 units in November compared to 199,641 in October.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 1.23 points to 751.2
Eight of the 12 TSX subgroups were lower in the session’s first hour, with consumer staples trailing 0.5%, while utilities and telecoms each slid 0.4%.
The four gainers were led by financials, muscling 0.6%, energy, picking up 0.3%, and real-estate, eking ahead 0.1%.
ON WALLSTREET
U.S. equities traded decidedly mixed on Thursday, stepping back from record highs, following the European Central Bank's decision to keep interest rates unchanged.
The Dow Jones Industrials retreated from Wednesday’s all-time high, dropping 5.57 points to 19,544.05, despite Goldman Sachs contributing the most to gains
The S&P 500 fell 1.76 to 2,239.59, though financials tried to lift stocks toward breakeven.
The NASDAQ composite index bucked the negative trend and gained 2.36 points to 5,396.13
On Wednesday, the Dow and the S&P set record highs on a closing and intraday basis, as the post-election rally that has recently carried the market continued. Entering Thursday, the Dow has posted gains in 18 of the past 22 sessions and 12 record closes since the election.
The central bank on the continent also extended its quantitative easing program until December 2017, but will reduce purchases to 60 billion euros per month from 80 billion euros. In a news conference, ECB President Mario Draghi said "uncertainty prevails everywhere," but added the risk of deflation has largely disappeared.
In economic news, weekly jobless claims in the U.S. matched expectations at 258,000.
Treasury prices for the 10-year note slouched, raising yields to 2.4% from Wednesday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices recharged 64 cents to $50.41 U.S. a barrel
Gold prices weakened $4.90 to $1,172.60 U.S. an ounce.
