Equities in Canada's largest market moved marginally higher to begin Thursday's session, with industrials powering the index ahead.
The S&P/TSX Composite improved 12 points to open Thursday at 15,409.85
The Canadian dollar fell 0.25 cents at 75.13 cents U.S.
Canadian Pacific Railway said on Wednesday its chief executive would leave five months earlier than originally expected and it reported a lower-than-expected adjusted quarterly profit. Hunter Harrison will officially step down on Jan. 31 and be replaced by Chief Operating Officer Keith Creel.
National Bank Financial cut the price target on Canadian Pacific Railway to $217.00 from $226.00 based on lower 2017 guidance.
CP shares ballooned $4.59, or 2.4%, to $197.07
Cornish Lithium said it had reached a mineral rights agreement with Strongbow Exploration to explore for lithium in Cornwall, southwest England, stoking hopes for a British mining revival.
Strongbow shares took on a penny to 15 cents.
Canaccord Genuity cut the rating on AGF Management to sell from hold citing medium to long term EPS will be impacted by lower management fees at retail, in addition to headwinds towards net flows.
AGF shares descended 13 cents, or 2.1%, to $6.00.
Barclays raised the target price on IGM Financial to $39.00 from $37.00 on higher-than-forecast assets under management, raising estimates for 2017.
IGM gained 23 cents to $39.70.
Barclays cut the price target on Metro Inc to $42 from $43 saying industry deflation and the company’s higher debt leverage are expected to constrain EPS growth to high single digits.
Metro shares dipped 64 cents, or 1.5%, to $41.58.
On the economic calendar, Statistics Canada reported that Canadian investors reduced their holdings of foreign securities by $7.9 billion in November, largely through sales of U.S. instruments. At the same time, foreign acquisitions of Canadian securities slowed to $7.2 billion, following a $15.8-billion investment in October.
Elsewhere, manufacturing sales rose 1.5% in November to $51.8 billion, following a 0.6% decline in October.
The agency attributes the rise to higher sales in the primary metal, petroleum and coal product, and chemical manufacturing industries.
ON BAYSTREET
The TSX Venture Exchange dropped 0.16 points to 791.52
Eight of the 12 subgroups were positive in the first hour, with industrials, chugging ahead 0.7%, while information technology and energy each gathered 0.3%.
The four laggards were weighed most by gold, dulling in price 0.6%, materials, down 0.4%, and utilities, off 0.3%.
ON WALLSTREET
U.S. equities traded mostly flat on Thursday as investors eagerly awaited President-elect Donald Trump's inauguration.
The Dow Jones Industrials dropped 19.18 to open at 19,785.54, with Boeing contributing the most gains.
The S&P 500 moved down 1.6 points to 2,270.29, though industrials rose 1% to lead advancers. The sector was led higher by shares of CSX, which advanced more than 15%.
The NASDAQ composite index added 11.12 points to 5,566.78
Investors in the U.S. also focused on corporate quarterly results as earnings season continued. Bank of New York Mellon and Union Pacific were among the companies reporting before the bell, with Dow components IBM and American Express set to report after the close.
Video streaming giant Netflix saw its shares spike nearly 5%, having posted solid results on strong subscriber growth.
Several Trump cabinet nominees are slated to testify before Congress, including Treasury secretary designate Steve Mnuchin.
In economic news, weekly jobless in the States claims dropped 15,000 to 234,000, around their lowest levels in 40 years. Housing starts, meanwhile, spiked 11.3% in December, beating estimates. The Philadelphia Federal Reserve business conditions index rose to 23.6, above a consensus estimate of 15.8.
Prices for the benchmark 10-year Treasury note swooned, driving up yields to 2.48% from Wednesday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices gained 54 cents to $51.62 U.S. a barrel
Gold prices tumbled $15.80 to $1,196.30 U.S. an ounce.
