Markets in Toronto were cautiously higher Thursday, due largely to gains in telecom stocks, though energy issues fell, putting a damper on things.
The S&P/TSX Composite Index held onto gains of 19.93 points to end trading Thursday at 15,264.64
The Canadian dollar added 0.12 cents to 79.45 cents U.S.
Rogers rose 87 cents, or 1.4%, to $64.88, after reporting better-than-expected quarterly profit on the back of strong growth in its wireless business that offset declines in cable.
Elsewhere in telecoms, BCE tacked on 42 cents to $58.72.
Health-care proved a co-star, as Valeant Pharmaceuticals prospered 41 cents, or 1.9%, to $22.13, though Concordia International shares were static at $1.90.
In consumer discretionary issues, Canadian Tire perked $1.39, or nearly 1%, to $144.13.
Energy stocks ran out of gas, so to speak, by the close, with Crescent Point Energy, well, pointing lower 42 cents, or 4.3%, to $9.41, while Encana Corporation slid 36 cents, or 2.9%, to $12.17.
In the industrial sector, West Fraser Timber gave back 28 cents to $64.78, while Western Forest Products stayed put in price at $2.58.
BlackBerry docked two cents to $12.76. The company said it had won the right to sell tools for encrypting phone calls and text messages to the U.S. government.
On matters economic, Statistics Canada reported that 525,300 Canadians received regular Employment Insurance benefits, down 12,800, or 2.4%, from April.
The agency says this continues a downward trend that began in late autumn 2016, reflecting the relative strength observed in the economy.
ON BAYSTREET
The TSX Venture Exchange slumped 1.42 points to 764.53.
All but three of the 12 TSX subgroups were positive on the day, with telecoms vaulting 1%, health-care haler by 0.8%, and consumer discretionary stocks up 0.6%.
The three laggards were energy, off 0.8%, industrials, sputtering 0.3%, and information technology issues, clicking 0.1% lower.
ON WALLSTREET
U.S. stocks closed narrowly mixed near record levels Thursday as earnings season got underway, amid renewed uncertainty about the Trump administration's ability to implement its pro-growth proposals.
The Dow Jones Industrials backed off Thursday from its all-time high of Wednesday – dropping 28.97 points to 21,611.78.
Home Depot was the biggest contributor of losses on the index after Sears said it will sell Alexa-enabled appliances on Amazon. Sears shares shot up 14% on the news.
The S&P 500 dipped 0.38 points to 2,473.45, with telecommunications and health-care leading advancers. The S&P enjoyed an all-time high Wednesday as well.
The NASDAQ gained 4.96 points to 6,390, above Wednesday’s record high, and recording its first 10-day winning streak since February 2015.
EBay, Microsoft and Visa are some of the major names set to report. Blackstone, Travelers, Philip Morris and Polaris are among the companies that reported earlier on Thursday.
Overall, most companies have reported solid quarterly results thus far in the earnings season. Of the 76 S&P 500 companies that have reported as of Thursday morning, 76% have topped earnings expectations while 74% have exceeded sales estimates
Prices for the benchmark 10-year Treasury note rose Thursday, docking yields to 2.26% from Wednesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices gave back 33 cents to $46.73 U.S. a barrel
Gold prices surged $1.40 to $1,243.40 U.S. an ounce.
