Equities rallied in Toronto, led by gains in the energy and materials sectors, which tracked a rise in oil, gold and other metal prices.
The TSX jumped 176.53 points to greet noon hour Thursday at 30.159.51
The Canadian dollar slid 0.59 cents to 71.42 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 reversed and gained $2.60, or 3.3%, to $81.43.
Prime Minister Mark Carney said on Wednesday his government's first budget will reduce economic and security reliance on the U.S. and cut wasteful spending.
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 9.38 points to 957.07
Seven of the 12 subgroups were in positive territory midday Thursday, with energy moving ahead 2.9%, while information technology and health-care each gained 1.4%.
The five laggards were weighed most by consumer staples, descending 1%, real-estate, off 0.6%, and utilities, down 0.3%.
ON WALLSTREET
The S&P 500 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 slid 4.09 points to 46,586.32.
The much broader index 18.8 points to 6,719.20.
The NASDAQ regained 129.80 points to 22,870, 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.
Now, investors are continuing to watch earnings releases from the biggest U.S. companies, which many believe could be make-or-break for the current bull market rally.
Tesla – which kicked off reports from the “Magnificent Seven” megacap tech group – saw shares dip more than 1% on the back of mixed third-quarter results. IBM shed 2% after the tech company beat Wall Street estimates but reported in-line software revenue.
Prices for the 10-year Treasury slumped Thursday, raising yields to 4% from Wednesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.42 to $61.92 U.S. a barrel.
Gold prices surged $89.50 to $4,154.90 U.S. an ounce.
