Equity investors in Canada largely ignored the tremors from a deferred vote U.S. House of Representatives on President Donald Trump’s health-care bill, and maintained strength right up until the final bell on Thursday.
The S&P/TSX Composite Index spiked 85.15 points to conclude Thursday’s trading at 15,433.61
The Canadian dollar shed 0.09 cents at 74.92 cents U.S.
Among health-care issues, Canopy Growth strengthened 44 cents, or 4.5%, to $10.16, while Valeant Pharmaceuticals tacked on 28 cents, or 2%, to $14.53.
In the financial sector, Manulife soared 46 cents, or 2%, to $23.23, while Royal Bank picked up $1.43, or 1.5%, to $96.64.
Industrials enjoyed themselves too, as Air Canada flew 39 cents higher, or 3%, to $13.21, while Canadian National Railways vaulted $1.11, or 1.2%, to $96.73.
Gold stocks, however, took a beating, primarily Detour Gold, which fell 93 cents, or 5.9%, to $14.97, while IAMGOLD decreased seven cents, or 1.3%, to $5.14.
On matters economic, Statistics Canada reported that those drawing regular employment insurance numbered 567,900 in January, little changed from the previous month.
The agency goes on to say that, in the 12 months to January, the number of EI beneficiaries in Canada was up by 20,300, or 3.7%, largely as a result of increases in Alberta
ON BAYSTREET
The TSX Venture Exchange eked up 0.44 points to 801.36
All but two of the 12 TSX subgroups remained positive by Thursday’s close, as health-care rocketed 1.3%, while industrials and financials each zoomed 0.9%.
The two laggards were gold, dulling in price 0.8%, and materials, weaker by 0.4%.
ON WALLSTREET
U.S. stocks fell on Thursday after a key vote in the House regarding a Republican-led health care bill was delayed.
The Dow Jones Industrials surrendered gains and fell 4.79 points to 20,656.51, with UnitedHealth losing the most. The 30-stock index had traded nearly 100 points higher earlier in the session.
The S&P 500 dropped 2.49 points to 2,345.96, also down from solid gains, as health-care and energy led decliners.
The NASDAQ slid 3.95 points to 5,817.69
On the corporate front, shares of Ford Motor fell after the company's first-quarter guidance came in lower than Wall Street estimates. General Motors' stock followed Ford lower.
Disney, meanwhile, announced it extended CEC Bob Iger's contract until July 2019.
The bill, if signed into law, would effectively repeal and replace Obamacare, thus accomplishing one of President Donald Trump's first legislative goals.
The House vote is crucial for the Trump agenda. Trump has said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction. Republicans need 215 House votes for passage.
In economic news, weekly jobless claims rose by 15,000 to 258,000, above the expected print of 240,000.
New home sales hit a seven-month high last month, rising 6.1% to a seasonally-adjusted annual rate of 592,000, topping expectations.
Meantime, Federal Reserve Chair Janet Yellen spoke at a conference in Washington, D.C., but did not comment on monetary policy.
Prices for the benchmark 10-year Treasury note dropped a bit, raising yields to 2.42% from Wednesday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices docked 36 cents to $47.68 U.S. a barrel
Gold prices dived $2.10 at $1,247.60 U.S. an ounce.
