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Gains Reported in First Hour

Endeavour, Nuvei in Focus

Equities in Canada’s largest market rose on Thursday as positive corporate earnings helped take the focus off rising inflation and a global jump in coronavirus infections.

The TSX Composite index perked 58.53 points to open Thursday at 20,388.26.

The Canadian dollar jumped 0.26 cents to 79.97 cents U.S.

Bombardier raised its full-year estimates for both revenue and business jet deliveries, as it benefits from a rebound in demand for private jets after the pandemic sapped sales last year.

Bombardier shares lost a dime, or 6.7%, to $1.60.

Canadian Natural Resources posted a better-than-expected profit for the second quarter, buoyed by higher oil prices, which rebounded from pandemic-driven lows.

Natural Resources shares took on 36 cents to $40.82.

Thomson Reuters also reported better-than-expected results in its second quarter, with higher sales across its main divisions, and raised its annual revenue forecast.

Thomson shares jumped $6.57, or 5%, to $139.31.

National Bank of Canada raised the price target on Endeavour Mining to $55.00 from $54.00. Endeavour shares docked 57 cents, or 1.8%, to $30.82.

Scotiabank raised the target price on Nuvei Corp to $109.00 from $106.00. Nuvei shares gained 78 cents to $102.45.

BMO raised the target price on Stantec Inc to $67.00 from $65.00. Shares in Stantec spiked $1.77, or 2.9%, to $61.89.

On the economic slate, Statistics Canada reported that a sharp increase in exports resulted in Canada's merchandise trade balance returning to a surplus position, reaching $3.2 billion.

This follows a $1.6-billion deficit in May. Exports of goods rose 8.7% in June, while imports decreased 1.0%.


The TSX Venture Exchange lost 2.6 points to 924.06.

All but three of the 12 TSX subgroups were higher to begin Thursday, as health-care stocks were haler by 2.5%, energy busted out 1.6%, and financials were richer by 0.5%.

The three laggards were gold, duller by 1.8%, materials, backtracking 1.2%, and consumer discretionary stocks, falling 0.1%.


The major U.S. equity indexes were mildly higher Thursday morning as Wall Street looked to improve upon a mixed week.

The Dow Jones Industrials progressed 166.42 points to 34,959.09.

The S&P 500 regained 14.13 points to 4,416.79.

The NASDAQ gained 63.44 points to 14,843.79.

Shares of Roku dropped 6% after the company issued quarterly results. Etsy fell 12% in early trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boom may be coming to an end.

However, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook going.

Weekly initial jobless claims came in at 385,000 on Thursday, in-line with expectations. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.

The jobless claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists about what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.

Prices for 10-Year Treasurys dipped, raising yields to 1.21% from Wednesday’s 1.18%. Treasury prices and yields move in opposite directions.

Oil prices jumped 48 cents to $68.63 U.S. a barrel.

Gold prices slid $8.40 to $1,806.10 U.S. an ounce.