Equities in Canada’s biggest market continued their upward progress Thursday, boosted by gains in the health-care and resource fields.
The S&P/TSX Composite Index gained 55.38 points to close Thursday at 15,776.30
The Canadian dollar plummeted 0.59 cents to 79.56 cents U.S
Health-care stocks carried the day, with Aphria Inc. zooming 35 cents, or 4.8%, to $7.69, while Valeant Pharmaceuticals hiked 42 cents, or 2.3%, to $18.34.
The materials group, which includes precious and base metals miners and fertilizer companies, rose for the fourth day in a row on bullish sentiment about demand, particularly from China, and a rally in the price of copper.
The group rallied with First Quantum Minerals Ltd jumping 75 cents, 5% to $15.84, and Teck Resources advancing $1.27, or 4.6%, to $29.00. Ivanhoe Mines surged 7.1% to $4.55.
The energy group climbed as oil prices heated up on signs that Saudi Arabia and Russia would limit production through next year.
Cenovus Energy was up 17 cents, or 1.4%, to $12.43.
TransCanada Corp edged up 67 cents, or 1.1% to $61.56, despite news the company was canceling certain pipeline projects. Goswami said the move was anticipated and that projects are weighted, with investors taking into account other factors in its valuation of the company.
On the downside, consumer staples dwindled a bit, particularly, Metro Inc., sliding 46 cents, or 1.1%, to $42.32.
Industrials took a small soaking, as Bombardier sifted off three cents, or 1.4%, to $2.19
Among telecoms, TELUS Corp. gave back 11 cents to $44.82, while Shaw Communications faded 16 cents to $28.68.
On the economic slate, Statistics Canada reported that our merchandise trade deficit totaled $3.4 billion in August, widening from a $3.0-billion deficit in July. Exports decreased 1.0% while imports were unchanged.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 0.84 points to 784.77
All but three of the 12 TSX subgroups were higher on the day, with health-care towering 2%, while materials and energy each leaped 0.8%
The three laggards were industrials, consumer staples and telecoms, each demurring 0.1%.
ON WALLSTREET
U.S. stocks hit record highs Thursday as the S&P 500 completed its longest winning streak in four years.
The Dow Jones Industrials added 113.75 points to Wednesday’s record, finishing at 22,775.39. Goldman Sachs and Boeing contributed the most to the gains.
The S&P 500 advanced 14.33 points from Wednesday’s all-time record to 2,552.07. It also posted an eight-day winning streak, its longest since 2013.
Financials and information technology led advancers in the S&P 500. The move higher in financials follows a rise in yields sparked by the House of Representatives passing a $4.1-trillion budget, the first concrete step toward tax reform.
The NASDAQ grew 50.73 points to Wednesday’s record high to 6,585.36. The index also completed an eight-day winning streak.
Wall Street also looked ahead to the government's monthly employment report, which is set for release Friday morning.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.35% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained 75 cents a barrel to $51.02 U.S.
Gold prices reversed their field and dropped $6.10 to $1,270.70 U.S. an ounce
