Equities in Toronto surged in Thursday’s first hour, as favourable economic signs stateside stories brightened the outlook for Canadian equities.
The S&P/TSX composite began the day up 112.46 points to 12,307.48
The Canadian dollar tacked on 0.17 cents to 100.79 cents U.S.
On a day without economic news in the pipeline, the main stories involve companies like Potash Corp of Saskatchewan, which reported a 22% drop in third-quarter earnings, just below analysts' expectations, as sales of its namesake crop nutrient to China and India slipped. Potash shares began the day down a penny to $40.28
Elsewhere, Nexen said it still expects a $15.1-billion takeover bid by China's CNOOC Ltd to close in the current quarter. Nexen started off higher by 32 cents to $23.95
Cenovus Energy Inc, Canada's number-two independent oil producer, reported a 43% rise in third-quarter operating profit on higher production. Cenovus shares fell 22 cents to $33.78
Precision Drilling said third-quarter profit fell 53% on reduced oil and gas drilling activity in North America and that demand will remain weak if natural gas prices don't recover. Precision shares dipped 12 cents to $7.40
Imax third-quarter profit rose 79%, driven mainly by strong box office revenue and continued network growth globally. Imax shares zoomed $1.11, or more than 5%, to $22.74
Agnico-Eagle Mines Ltd. reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5%. Agnico shares climbed $3.39, or 6.6%, to $54.77.
ON BAYSTREET
The TSX Venture Exchange grew 14.68 points to 1,303.43
All but one of the 14 Toronto subgroups were higher to start the session. Gold shone 2.5% brighter, while materials jumped 1.9% and information technology improved 1.1%.
Only a slide of 0.04% by utilities kept things from being unanimous.
ON WALLSTREET
U.S. stocks opened higher Thursday, as investors sorted through the latest corporate results and economic data.
The Dow Jones Industrial Average added 73.69 points to begin Thursday at 13,151.
The S&P 500 index recovered 8.86 points to 1,417.61, while the Nasdaq grew 19.79 points to 3,001.49
Procter & Gamble was the biggest gainer on the Dow after it reported mixed quarterly results, but maintained its outlook for the full year. Rival consumer products maker Colgate said earnings rose in the past quarter, even as sales declined. Colgate also announced a restructuring plan that includes cutting its workforce by 6% over the next four years.
Unilever, another consumer name, reported solid third-quarter results as growth in emerging markets offset weakness in developed economies.
ConocoPhillips said earnings fell 31% in the third quarter as oil prices sank.
Sprint reported a net loss in the third quarter that widened from the same period last year. Tech giants Apple and Amazon will report after the bell.
On the economic front, the government said initial jobless claims fell to 369,000 in the week ended October 20, down from 392,000 in the previous week. Economists had expected claims to fall to 375,000, according to a survey of analysts.
The Census Bureau said new orders for durable goods rose 9.9% in September, up for the fifth month in a row. Durable goods orders were expected to have increased by 8%.
The price of the benchmark 10-year U.S. Treasury dropped sharply, raising the yield to 1.84% from Wednesday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices recovered 47 cents to $86.20 U.S. a barrel.
Gold prices jumped $13.70 to $1,715.30 U.S. an ounce.
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