The Toronto stock market was positive Thursday as commodity prices moved mainly higher while consumer, housing and employment data pointed to a stronger U.S. economy.
The S&P/TSX Composite Index increased 53.88 points to finish Thursday at 12,005.78, off its highs of the day.
The Canadian dollar ended the day fairly flat at 95.46 cents U.S.
On the TSX, the base metals component was ahead as July copper rose two cents to $3.06 U.S. a pound. Teck Resources climbed 54 cents to $22.30 while First Quantum Minerals advanced 71 cents, or 4.9%, to $15.36.
The gold sector gained as bullion prices continued to falter. Continued speculation about when the U.S. Federal Reserve may ease up on its monthly bond purchases pushed bullion prices to three-year lows.
Gold prices have deteriorated steadily this year as the precious metal loses its appeal as a hedge against inflation and deteriorating currencies. Goldcorp Inc. advanced 47 cents to $23.87.
The consumer discretionary sector pushed up substantially. Aimia, the company that runs the Aeroplan customer loyalty program, says it's prepared to replace CIBC as its bank credit card partner at the end of this year unless it matches contractual terms offered by TD Bank.
CIBC says it's reviewing the proposed terms to see if it will exercise its right of first refusal and that it will continue the Aeroplan business as usual in the meantime. CIBC rose 33 cents to $75.36 while Aimia gained $1.53, or 11%, to $15.45.
The energy sector was ahead as Suncor Energy improved by 49 cents to $30.93.
The tech sector was also supportive with MacDonald Dettwiler & Associates rising $1.90 to $70.37. But BlackBerry shed 51 cents to $15.12, a day before the smartphone maker releases its quarterly earnings.
The telecom sector continued to lose ground in the wake of a report that American telecom giant Verizon Communications could be set to compete with the established Canadian players in the wireless business.
The sector fell heavily Wednesday after the Globe and Mail reported that Verizon is looking at two of Canada's smaller wireless network operators. It has reportedly made an initial offer of $700 million for Wind Mobile and is starting talks with Mobilicity.
Rogers Communications fell a further $1.32, or 3.2%, to $40.35, after tumbling 9% Wednesday.
Bell will find out later Thursday if its second attempt at buying Astral Media has the go-ahead from the federal broadcast regulator. The Canadian Radio-television and Telecommunications Commission was to announce its decision at 4 p.m. ET, after markets close.
The CRTC shot down Bell's initial $3.4-billion bid for Astral last fall, saying it wasn't in the best interests of Canadians. BCE gained 39 cents to $41.96.
ON BAYSTREET
The TSX Venture Exchange dipped 0.60 points to 860.24
All but two of the 14 Toronto subgroups were positive on the day, led by metals and mining, ahead 2.4%, while gold and utilities each gained 2.1%.
The lone naysayers were in telecoms, down 0.6%, and consumer staples, off 0.06%.
ON WALLSTREET
U.S. stocks extended a two-day rally Thursday as investors shook off concerns about waning central bank stimulus.
The Dow Jones Industrials added 114.35 points to conclude Thursday at 15,024.50
The S&P 500 index gained 9.94 points to 1,613.20. The tech-rich NASDAQ Composite was positive 25.64 points to 3,401.86
ConAgra Foods shares rose after the company said it swung to a profit in is fiscal fourth quarter. Shares of KB Home were also higher after the homebuilder said losses narrowed in the second quarter.
Paycheck Inc., a provider of back office services, said profits were flat in the company's fourth quarter.
Shares of DirectTV fell after the company disclosed a pre-tax charge of $25 million U.S. due to misreporting of subscribers in its Latin American business.
Shares of Clearwire fell after the Dish Network pulled its bid, just days after Clearwire recommended its shareholders back an offer from Sprint.
Accenture and Nike will release results after the market close.
Investors have been taking their cues from U.S. economic data as they attempt to gauge when the Federal Reserve will begin to slow the pace of its bond buying program.
But comments from a top Fed official soothed concerns about an abrupt end to the program, which has been an important driver of the bull market.
New York Federal Reserve president William Dudley said the central bank could decide to increase the pace of its $85-billion-U.S-per-month purchases if the economy deteriorates and hiring slows.
Economically speaking, the U.S. Labor Department said initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22.
Separately, Americans' personal income rose 0.5% in May, while spending increased 0.3%, according to the Commerce Department.
Prices for the 10-year U.S. Treasury gained ground, lowering yields to 2.47% from Wednesday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.33 to $96.83 U.S. a barrel.
Gold prices erased $29 to $1,228.80 U.S. an ounce.
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