Gains in the energy sector pushed Canada's main stock index higher on Thursday after crude prices jumped more than 4% following a suspected tanker attack near Iran.
The S&P/TSX Composite Index recovered 37.93 points at the outset on Thursday to 16,265.17
The Canadian dollar notched ahead 0.07 cents to 75.06 cents U.S.
Hudson's Bay Co reported a 3.3% fall in first-quarter revenue on fewer stores and lower sales in its Lord & Taylor unit. Bay shares lost a penny to $9.30.
Dollarama reported a nearly 2% rise in quarterly profit as more customers shopped at its stores. Dollarama shares rocketed $2.66, or 6.3%, to $44.87.
Vermilion Energy has begun drilling its first exploration well in Croatia and should have initial results on the presence of oil or gas within five weeks, the Croatian Hydrocarbon Agency said. Vermilion shares added 32 cents, or 1.2%, to $27.08.
CIBC raised the target price CGI Inc. to $101.00 from $100.00. Shares in CGI gathered 57 cents to $101.39.
National Bank of Canada cut the target price on Roots Corp. to $5.00 from $5.50. Roots shares doffed seven cents, or 2%, to $3.40.
On the economic front, Statistics Canada said its new housing price index remained unchanged in April for the third straight month.
ON BAYSTREET
The TSX Venture Exchange slid 0.08 points to begin the session at 591.54
Eight of the 12 Toronto subgroups were positive, as energy gained 0.8%, consumer discretionary picked up 0.6%, and health-care perked 0.3%.
The four laggards were weighed most by communications, down 0.5%. consumer staples, off 0.3%. Real-estate backed off 0.1%
ON WALLSTREET
Stocks rose on Thursday, building on a strong June rally, as tech shares rebounded from losses in the previous session.
The Dow Jones Industrial Average recovered 117.59 points to 26,122.42, as Disney shares outperformed.
The S&P 500 was up 12.99 points at 2,892.83, led by the energy and tech sectors.
The NASDAQ Composite gained 46.34 points to 7,839.06.
The major indexes were all up more than 4% for the month, after notching sharp losses in May.
Chipmakers rebounded after posting sharp losses in the previous session, boosting tech shares. Applied Materials progressed 0.7%, and
Micron Technology rose 0.8% Apple shares traded 0.4% higher. On Wednesday, the tech sector snapped a six-day winning streak.
Disney shares contributed to the gains, rising more than 1% after an analyst at Morgan Stanley raised his price target on the stock to $160 per share from $135. The analyst cited the company’s new streaming service, noting it could give its global subscriber numbers a boost.
Energy prices soared, as Diamondback Energy and National Oilwell Varcop rose more than 2.5% each.
Still, lingering trade tensions kept investors on edge. Expectations that trade officials from the U.S. and China will clinch a deal on the sidelines of a G-20 meeting in Osaka on June 28-29 have been fading in recent days.
President Donald Trump, who has said he still has plans to meet with Chinese President Xi Jinping later this month, has repeatedly threatened to escalate an already months-long trade war by putting tariffs on almost all of the remaining Chinese imports that are not already impacted by U.S. charges.
Prices for the benchmark 10-year U.S. Treasury gained a bit Wednesday, lowering yields to 2.11% from Wednesday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices recouped $1.78 to $52.92 U.S. a barrel.
Gold prices gained $1.50 at $1,338.30 U.S. an ounce.
