Markets in Canada’s largest centre opened higher on Thursday, led by energy shares as crude prices soared after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.
The TSX Composite Index gained 76.18 points to open Thursday at 12,952.55
Cenovus Energy said it would further reduce its full-year capital spending plans by $150 million, citing low global oil prices. Cenovus picked up 23 cents, or 8.5%, to $2.95.
Shopify on Wednesday suspended its forecast for 2020, blaming uncertainties fueled by the coronavirus pandemic. Shopify shares collapsed $62.38, or 11.4%, to $483.48.
CIBC raised the target price on Airboss of America to $23.00 from $11.00. Airboss rocketed 89 cents, or 9.8%, to $9.99.
RBC cuts target price on Extendicare to $7.75 from $8.75. Extendicare lost 24 cents, or 4.2%, to $5.42.
Credit Suisse cut the target price on Husky Energy to $4.50 from $5.00. Husky shares advanced 17 cents, or 4.7%, to $3.82.
RBC cut the target price on Sienna Senior Living to $15.50 from $19.00. Sienna shares demurred 46 cents, or 3.9%, to $11.34.
Economically speaking, Statistics Canada told investors this country’s merchandise exports rose 0.5% in February, while imports were down 0.8%.
As a result, Canada's merchandise trade deficit with the world narrowed from $1.7 billion in January to $983 million in February.
ON BAYSTREET
The TSX Venture Exchange surfaced 3.27 points to 384.40
All but two of the 12 TSX subgroups were higher to start the day, with energy gushing 4.7%, gold, shining 2.5%, and materials up 2.4%.
The two laggards were information technology, down 2.3%, and consumer staples, off 0.2%.
ON WALLSTREET
Stocks fell on Thursday as grim U.S. unemployment data offset a surge in oil prices and added to the fears surrounding the coronavirus outbreak and its economic ramifications.
The Dow Jones Industrials lost 128.56 points to begin the session at 20,814.65.
The broader S&P 500 fell 114.09 points, or 4.4%, to 2,470.50.
The NASDAQ Composite tossed 339.52 points, or 4.4%, to 7,360.58.
The U.S. Labor Department reported more than six million people filed for unemployment benefits in the week of March 27, a record.
Economists expected another five million to five million workers filed for jobless claims last week as coronavirus-related shutdowns roll through the country. The estimates ranged as high as nine million.
Boston Federal Reserve President Eric Rosengren said Wednesday that Congress likely will have to deliver more stimulus to help those at the lower end of the economic spectrum and to boost small business.
Unemployment is likely to "rise pretty dramatically over the next couple of months" and the economic damage won’t abate until the coronavirus is brought under control, he said.
New York Gov. Andrew Cuomo also said Wednesday the state’s model projects a high death rate through July.
More than 950,000 coronavirus cases have been confirmed globally, with over 216,000 in the U.S. alone, according to data from Johns Hopkins University.
Prices for the 10-Year U.S. Treasury enjoyed slight gains, lowering yields to 0.59% from Wednesday’s 0.61%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.52 to $21.83 U.S. a barrel.
Gold prices gained $29.70 to $1,621.10 U.S. an ounce.
