Stocks in Toronto were relatively unchanged midday on Thursday as data showed the country's trade deficit shrunk - the latest sign the economy is recovering from a slowdown, while the energy sector gained on stabilizing oil prices.
The S&P/TSX Composite Index listed lower 7.87 points to greet noon Thursday at 16,204.79
The Canadian dollar grew 0.3 cents to 74.80 cents U.S.
The top percentage gainer on the TSX was Descartes Systems, which jumped $1.39, or 2.8%, to $50.67, while shares of Baytex Energy had let go of gains and sunk a penny to $1.99.
Cronos Group Inc fell 17 cents to $21.41, closely followed by shares of Aurora Cannabis, down 34 cents, or 3.2%, to $10.03.
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 1.54 points to 595.36
Eight of the 12 Toronto subgroups had ventured into the red by noon hour, with health-care down 1.1%, consumer discretionary, off 0.7%, and industrials, fading 0.4%.
The four gainers were co-led by utilities and information technology, each progressing 0.7%, and communications, up 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average on Thursday, adding to a sharp two-day rally on expectations of looser monetary policy from the Federal Reserve.
The 30-stock index picked up 50.24 points to by noon EDT to 25,552.45
The S&P 500 gained 3.19 points to 2,829.34,
The NASDAQ Composite deducted 9.84 points to 7,565.54.
Advanced Micro Devices climbed 5.8% 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 $17.00
Energy shares were the best performers in the S&P 500, rising 1% on the day. The gains were led by Occidental Petroleum, which rose 2.7%, and a 2.5% gain in Baker Hughes.
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 slumped eight cents to $51.60 U.S. a barrel.
Gold prices gained $8.90 at $1,342.5 0 U.S. an ounce.
