Canada's main stock index opened higher on Thursday, propelled by gains in the energy and material sectors as surging oil and metals prices provided a tailwind for the resource-heavy Canadian equities market.
The TSX jumped 205.83 points to open Thursday at 30.188.81
The Canadian dollar progressed 0.04 cents to 71.50 cents U.S.
The energy sector took center stage after oil prices, soared over 4% following the United States' decision to impose sanctions on Russian oil giants Rosneft and Lukoil over the ongoing Ukraine conflict.
Simultaneously, gold prices rebounded as heightened geopolitical tensions, fueled by U.S. sanctions against Russia and potential new export controls targeting China, bolstered demand for safe-haven assets.
In corporate news, oil and gas drilling firm Precision Drilling swung to net loss in the third quarter due to higher tax expenses related to U.S. operations. Shares in Precision Drilling began Thursday gave up 35 cents to $78.48.
Macroeconomic news from Thursday features August retail trade from Statistics Canada. Sales hiked 1.0% to $70.4 billion in August. Sales were up in six of nine subsectors and were led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange recovered 6.41 points to 954.10
All but two of the 12 subgroups were in positive territory early Thursday, with energy moving ahead 2.2%, while gold and materials each surged 1.2%.
Health-care folded 0.6%, and consumer staples dipped 0.1%.
ON WALLSTREET
Stocks rose on Thursday, boosted by those in the tech space, as investors attempted to regain their footing following Wednesday’s slide.
The Dow Jones Industrials revived 86.24 points to 46,676.65.
The S&P 500 reversed course and gained 27.55 points to 6,726.95.
The NASDAQ regained 127.2 points to 22,867.60, supported by gains in names such as Amazon, Broadcom and Meta Platforms
More than three-quarters of S&P 500 companies reporting so far have exceeded earnings expectations
Trade remains in focus as well. President Donald Trump said Wednesday evening that his upcoming meeting with Chinese President Xi Jinping is “scheduled,” easing some fears about U.S.-China relations that had put markets under pressure on Wednesday.
Prices for the 10-year Treasury slumped Thursday, raising yields 3.99% from Wednesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.04 to $61.54 U.S. a barrel.
Gold prices surged $100.90 to $4,166.30 U.S. an ounce.
