Markets in Canada’s largest centre climbed on tremendous gains by some health-care concerns Thursday, and sizable gains by the beleaguered lender Home Capital Group.
The S&P/TSX Composite Index came off its highs of the day, but still gained 71.37 points to conclude Thursday at 15,219.90
The Canadian dollar recovered 0.53 cents to 75.55 cents U.S.
In the health-care sector, Valeant Pharmaceuticals shares darted $2.25, or 12.3% to $20.47, on news of recognition for its Bausch & Lomb subsidiary.
Also among health-care plays, Concordia International acquired a penny to $1.86.
Shares in the materials sector were led by Teck Resources, which vaulted 64 cents, or 3.1%, to $21.01, while First Majestic Silver grew 22 cents, or 2.1%, to $10.73.
Gold stocks were mightier by the session’s end, as Barrick Gold triumphed 33 cents, or 1.6%, to $21.29, while Kinross Gold moved up seven cents, or 1.3%, to $5.44.
Home Capital Group reached for the heavens, gaining $4.04, or 27%, to $18.98, on word of heavy investment and establishment of a credit line by billionaire investor Warren Buffett’s Bershire Hathaway.
Consumer staples were tamed by losses in Restaurant Brands, which capsized 53 cents to $81.83, and Metro Inc., giving back a cent to $43.24
On the economic slate, Statistics Canada reported that the number of regular Employment Insurance beneficiaries fell by 7,000, or 1.3%, to 541,200 in April, a sixth consecutive monthly decline.
The agency also said retail trade rose 0.8% to $48.6 billion in April. Sales were up in nine of 11 sub-sectors, representing 71% of total retail trade. Excluding sales at motor vehicle and parts dealers, retail sales climbed 1.5%
ON BAYSTREET
The TSX Venture Exchange dropped 0.73 points to 771.07
All but one of the 12 TSX subgroups climbed the charts, with health-care hiking 4.9%, while materials moved forward 1.1%, and gold gained 1%
Only consumer staples missed the party, off 0.2%
ON WALLSTREET
U.S. stocks closed mixed on Thursday, with the health-care sector posting strong gains.
The Dow Jones Industrials staggered 12.74 points to close Thursday at 21,397.29, with Goldman Sachs contributing the most losses and UnitedHealth the most gains.
The S&P 500 faded 1.11 points to 2,434.50, with health-care rising more than 1% to lead advancers.
The NASDAQ moved forward 2.73 points to 6,236.69, but notched a two-day winning streak on the back of health-care's performance.
Health-care stocks have been on a tear this week as investors braced for the unveiling of the Senate's health care bill, with aims at repealing and replacing Obamacare.
The bill would continue to offer reimbursements to health insurance companies for subsidies for at least two years. It would also do away with current Obamacare taxes and would phase out Medicaid's expansion program. The Senate is expected to vote on the bill next week.
In corporate news, shares of American Airlines jumped about 1% after the airline disclosed Qatar Airways had approached the firm about taking a large stake in the company. Other airline stocks like Delta Air Lines, Southwest and United followed American shares higher.
Prices for the benchmark 10-year Treasury note gained ground, dropping yields to 2.15% from Wednesday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices gathered 21 cents to $42.74 U.S. a barrel
Gold prices gained $4.90 to $1,250.70 U.S. an ounce.
