The Toronto stock market was slightly higher Thursday, reflecting rising commodities prices along with strong economic data and record performance on U.S. markets.
The S&P/TSX composite index gathered 14.33 points to greet noon at 12,846.29
The Canadian dollar strengthened 0.21 cents at 97.10 cents U.S.
The base metals sector advanced while May copper rose two cents to $3.52 U.S. a pound. First Quantum Minerals advanced 21 cents to $18.90.
The energy sector also climbed as Suncor Energy improved by 46 cents to $31.74.
Shares in Canadian Natural Resources were ahead 61 cents to $31.77 as the Calgary-based oil and gas producer posted 33 cents per share of adjusted earnings in the fourth quarter, six cents below estimates of 39 cents per share.
Net income was $352.8 million or 32 cents per diluted share, down from $832 million or 76 cents per share in the fourth quarter of 2011.
Canadian Natural’s revenue was higher than expected at $3.7 billion but half a billion lower than in the fourth quarter of 2011.
It is, however, raising its quarterly dividend for the 13th year in a row.
The consumer staples sector also provided lift with convenience store chain Alimentation Couche Tard ahead 73 cents to $55.07.
The gold sector lost early momentum to turn down as Goldcorp Inc. faded 31 cents to $34.13.
The telecom sector faded as the federal government announced that its long-awaited wireless spectrum auction for the telecom industry will begin on Nov. 19. The auction aims to have at least four wireless-service providers in every region of the country, in an effort to increase competition and push down consumer prices. Telus Corp. shed $1.49 to $69.91.
On the economic front, figures released this morning by Statistics Canada told us that merchandise exports rose 2.1% in January while imports hiked 1.9%. As a result, Canada's trade deficit with the world narrowed from $332 million in December to $237 million in January.
Moreover, building permits were issued last month worth $5.8 billion, up 1.7% from December, with an increase in the residential sector more than offsetting a slump in the non-residential sector.
ON BAYSTREET
The TSX Venture Exchange gained 4.40 points to 1,114.14
Eight of the 14 Toronto subgroups were better by noon, led by energy, up 1.5%, while metals and mining stocks were ahead 1.3%, and global base metals advanced 0.7%.
The half-dozen laggards were weighed mostly by telecoms, off 1.2%, gold, duller by 0.5%, and consumer discretionaries, down 0.4%.
ON WALLSTREET
U.S. stocks advanced again Thursday, setting the stage for yet another record-setting day for the Dow.
The Dow added 40.77 points midday Thursday at 14,337, building on Wednesday’s all-time high.
The S&P 500 index eked up 2.97 points to 1,544.43. The tech-heavy NASDAQ Composite edged higher 5.97 points to 3,228.34
Meanwhile, earnings season is winding down with a smattering of companies still reporting.
SolarCity shares sank after the company missed earnings estimates. Online music streaming firm Pandora Media reports after the market close.
In other corporate news, Time Warner announced plans late Wednesday to spin off its Time Inc. magazine business into a separate publicly traded company.
The stock edged higher in early trading. Shares of rival publisher Meredith, which was previously in talks to buy most of the Time Inc. brands, tumbled more than 7%.
Economically speaking, ahead of Thursday's open, the U.S. Department of Labor reported that initial jobless claims fell to 340,000 last week. That was down from an upwardly revised tally of 347,000 the prior week and better than the 350,000 forecast economists had expected.
Investors are gearing up for Friday's key monthly government jobs report on Friday. Economists expect a gain of 170,000 jobs in February.
Prices on the 10-year U.S. Treasury weakened, raising yields to 1.98% from Wednesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil prices increased 75 cents to $91.18 U.S. a barrel.
Gold prices took on a dollar to $1,575.90 U.S. an ounce.
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