Equities in Canada’s biggest market soared on Thursday extended a rally that brought it near to an all-time high, as resource stocks rose with higher commodity prices and financial shares pushed higher.
The S&P/TSX Composite gained 28.73 points – off its highs of the morning -- to greet noon at 15,545.48, within striking distance of its all-time high of 15,685.13, which was hit in September 2014.
The Canadian dollar leaped 1.13 cents to 75.64 cents U.S.
The biggest market movers included two of the world's largest gold producers, with Barrick Gold jumping 5% to $22.90 and Goldcorp up 3.3% to $19.63 as gold prices touched their highest in four weeks.
In the oil patch, Penn West Petroleum advanced 3.3% to $2.52 after it raised its 2017 capital budget and upped its production forecast. The energy sector was down, noon time, however.
The heavyweight financials group gained 0.3%, with Royal Bank of Canada rising 0.5% to $93.33 and Toronto-Dominion Bank advancing 0.5% to $67.97.
On the economic slate, Statistics Canada’s industrial product price index The Industrial Product Price Index rose 0.3% in November. Higher prices for motorized and recreational vehicles and primary non-ferrous metal products were largely moderated by lower prices for energy and petroleum products.
The raw materials price index decreased 2%, mainly due to lower prices for crude energy products in the same month.
ON BAYSTREET
The TSX Venture Exchange leaped 15.56 points, or 2%, to 796.10
The 12 TSX subgroups were evenly split between gainers and losers, as gold raced higher 4.9%, materials moved skyward 2.9%, and telecoms beamed 0.6% higher
The half-dozen laggards were weighed mostly by health-care, ailing 0.8%, while energy slumped 0.7%, and consumer discretionaries slouched 0.4%.
ON WALLSTREET
U.S. equities traded mostly lower on Thursday, as uncertainty over some of President-elect Donald Trump's policies gave investors pause, despite solid economic data.
The Dow Jones Industrials collapsed 113.68 points to 19,828.48, with Goldman Sachs contributing the most losses.
The S&P 500 dipped 8.65 points to 2,262.10, with financials falling more than 1% to lead decliners.
The NASDAQ composite index dwindled 6.66 points to 5,470.35
Adding to investors' worries was a Senate hearing on cybersecurity threats, as U.S. intelligence officials answered questions about their assessment that Russia interfered in the presidential election
Investors also digested several pieces of economic data. First, ADP said private employers added 153,000 jobs last month, considerably below the expected 170,000. Meanwhile, weekly jobless claims came in at 235,000, below a consensus estimate of 260,000.
Other economic data released Thursday included the December IHS Markit services Purchasing Managers Index, which came in at 53.99, below November's print of 54.6. The Institute for Supply Management’s non-manufacturing index, meanwhile, hit 57.2, above a consensus estimate of 56.6. A number above 50 indicates expansion within the sector, and a number below 50 shows contraction.
Prices for the benchmark 10-year Treasury note gained sharply, lowering yields to 2.36% from Wednesday’s 2.44%. Treasury prices and yields move in opposite directions.
Oil prices slid 14 cents to $53.12 U.S. a barrel
Gold prices moved higher $17.90 to $1,183.20 U.S. an ounce.
