Markets in Toronto experienced slightly higher open on Thursday with investors reluctant to make big bets as tension over the risk of military action in Syria was offset by signs of a better global economic recovery.
The S&P/TSX composite index began Thursday ahead 19.09 points to 12,776.90.
The Canadian dollar added 0.03 cents at 95.30 cents U.S.
BlackBerry said its board hopes to run a "fast" auction process that could result in a sale of the company by November, according to the Wall Street Journal. The company once known as Research In Motion gained 26 cents a share to begin Thursday trading at $11.54.
The all-new Bombardier CSeries passenger jet is being readied for a long-awaited maiden flight as early this weekend, possibly on Sunday, that word from two industry sources. Bombardier shares acquired seven cents to $4.79
RBC raised the target price on BRP Inc. to $32 from $29, anticipating solid top-line growth for the company in the second quarter and continued growth for the full year. BRP shares gained a nickel to $28.00
BMO raised the rating on Contrans Group to outperform from market perform, saying the company has been gaining new business and capturing market share at attractive pricing as shippers continue to seek financially sound carriers with strong service levels. Contrans shares hiked 45 cents, or 4.4%, to $10.70.
CIBC raised the target price on Gluskin Sheff + Associates Inc. to $21.50 from $19 after the company announced a significantly higher-than-expected special dividend. Gluskin shares picked up a penny each to $21.71
ON BAYSTREET
The TSX Venture Exchange inched back 0.52 points to begin Thursday at 946.66
Nine of the 14 Toronto subgroups were up in the first hour, led by information technology issues, up 1.2%, while metals and mining stocks competed with consumer staples for the runner-up position, each up 0.5%.
The four laggards were weighed mostly by gold, down 1.1%, materials, off 0.6%, and telecoms, sliding 0.1%
Global base metal stocks were flat to begin the session
ON WALLSTREET
After a two-day rally, U.S. stocks continued to move higher Thursday.
The Dow Jones Industrials advanced 46.64 points to begin Thursday at 14,977.50
The S&P 500 index picked up 5.51 points to 1,658.59. The NASDAQ gained 13.56 points to 3,662.60
Despite flat trading Tuesday, the major stock indexes added more than 1% during the first two trading days of the month. That's helping to erase some of the losses from a brutal August for stocks.
But 2013 has still been a solid year for investors. All three indexes are up between 14% and 21% year-to-date.
Shares in LinkedIn moved up, after falling Wednesday on concerns that a new billion-dollar-plus offering would dilute existing shareholders. The company sold more than $1.2 billion U.S. in stock in a secondary offering Wednesday night. The company's shares are up more than 100% this year.
Shares of Groupon soared after Morgan Stanley upgraded the online coupon company.
J.C. Penney shares continued to move higher, after soaring Wednesday on news that two major hedge funds added stakes in the troubled retailer.
On the economic front, investors had two bits of labour market data to chew on.
The jobs numbers released by payroll processing firm ADP showed hiring continuing at a modest pace.
The U.S. Labor Department's initial jobless claims figures also pointed to a steady recovery in the job market, with fewer people filing for unemployment.
But Friday is the big day for the markets. The U.S. government releases the August jobs report. Economists believe that 185,000 jobs were added last month and that the unemployment rate dipped to 7.3%.
Prices for the 10-year U.S. Treasury fell, raising yields to 2.95% from Wednesday’s 2.90%. Treasury prices and yields move in opposite directions.
Oil prices took on 70 cents to $107.93 U.S. a barrel.
Gold prices also gained 70 cents to $1,390.70 U.S. an ounce.
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