Canada's main stock index opened slightly higher on Thursday, after the country's trade deficit shrunk, the latest sign the economy is recovering from a slowdown, with rising gold prices boosting the materials sector.
The S&P/TSX Composite Index gained 14.66 points to begin Thursday at 16,227.32
The Canadian dollar grew 0.14 cents to 74.64 cents U.S.
First Quantum Minerals said on Wednesday it had "fully complied" with local rules in operating Cobre Panama, one of the region's largest copper mines, after Panama's president-elect said he would review the company's contract.
First Quantum shares nicked ahead nine cents to $10.38.
Canaccord Genuity resumed coverage on Kirkland Lake Gold with a "buy" rating and a price target at $60.00. Kirkland Lake acquired 96 cents, or 1.9%, to $51.80.
Canadian Imperial Bank of Commerce raised the price target on Dollarama to $44.00 from $37.00. Dollarama shares increased 26 cents to $44.21.
Citigroup cut the price target on Precision Drilling to $3.50 from $4.50. Precision shares hiked three cents, or 1.3%, to $2.43.
On the economic schedule, Statistics Canada says our exports rose 1.3% in April, while imports decreased 1.4%. As a result, Canada's merchandise trade deficit with the world narrowed from $2.3 billion in March to $966 million in April
Meantime, Western University’s IVEY School of Business said its purchasing managers’ index rang in at 55.9 in May, identical to April’s reading, but way below the 62.9 figure shown in May 2018.
ON BAYSTREET
The TSX Venture Exchange slipped 0.64 points to 596.26
Seven of the 12 Toronto subgroups were higher, with consumer staples up 0.4%, while utilities and communications each acquired 0.3%.
The five declining groups were weighed most by health-care, down 1.3%, industrials, off 0.3%, and materials, sliding 0.1%.
ON WALLSTREET
Stocks were little changed on Thursday, taking a breather after a sharp two-day on expectations of looser monetary policy from the Federal Reserve.
The Dow Jones Industrial Average picked up 13.38 points to begin Thursday at 25,552.45
The S&P 500 gained 1.34 points to 2,827.49,
The NASDAQ Composite deducted 14.34 points, or 0.2%, to 7,561.14.
Advanced Micro Devices climbed 4.6% after Morgan Stanley upgraded the chipmaker to equal-weight from underweight. The analyst also hiked his price target on AMD to $28 per share from $17.
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 2.10% from Wednesday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices acquired 18 cents to $51.86 U.S. a barrel.
Gold prices gained $6.60 at $1,340.20 U.S. an ounce.
