Equities in Canada’s biggest market made slight progress in early trade on Thursday, helped by energy stocks as oil prices rallied, while mining companies weighed as copper and other base metals prices fell.
The S&P/TSX Composite Index recovered 25.44 points to open Thursday 15,152.25
The Canadian dollar continued to move lower, dropping 0.26 cents to 81.93 cents U.S.
Ontario Teachers' Pension Plan and Danish-based pension fund ATP have agreed to buy a 57.7% stake in Copenhagen Airports from Australia's Macquarie for about 9.8 billion Danish crowns (about $1.9 billion Canadian).
Roots Corp said on Wednesday it filed a preliminary prospectus with the securities regulatory authorities in Canada for a proposed initial public offering of its common shares.
JP Morgan raised the target price on Imperial Oil to $38.00 from $36.00. Imperial shares descended 38 cents, or 1%, to $37.60.
JP Morgan raised the target price on Suncor Energy to $42.00 from $39.00. Suncor shares gained 39 cents, or nearly 1%, to $41.34.
On the economic slate, Statistics Canada’s new housing price index gained 0.4% in July, market conditions in Vancouver contributing to ongoing strength in that census metropolitan area, proving the main agent of price hikes.
China posted a rare flurry of disappointing data - including its slowest growth in investment in nearly 18 years - suggesting the world's second-largest economy is finally starting to lose some momentum as borrowing costs rise.
ON BAYSTREET
The TSX Venture Exchange regained 0.77 points to 771.93
Seven of the 12 TSX subgroups were in positive country in the first hour, with energy rumbling 1.2% higher, consumer staples stronger by 1%, and consumer discretionary issues up 0.4%.
The five laggards were weighed most by telecoms, subsiding 1%, materials and real-estate each off 0.3%
ON WALLSTREET
U.S. equities traded mostly lower on Thursday after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve.
The Dow Jones Industrials inched higher 8.84 points to a new record high of 22,167.02, with Boeing contributing the most to the gains. The aerospace company said late Wednesday it will raise production of its 787 Dreamliner jets to 14 per month in 2019.
The S&P 500 faltered 3.51 points from Wednesday’s record high to 2,494.86, with real estate leading decliners.
The NASDAQ also dropped 22.74 points from Wednesday’s record high to 6,437.45
The U.S.Consumer Price Index rose 1.9% in August on a year-over-year basis. Economists expected an increase of 1.8%. Lifting consumer prices higher were gasoline and rent costs.
Prices for the benchmark 10-year Treasury note lost some ground, raising yields to 2.2% from Wednesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices gained 72 cents to $50.02
Gold prices recovered $1.10 to $1,329.10 U.S. an ounce.
