Equity markets in Toronto opened higher on Thursday as positive U.S. economic data on Wednesday boosted investor sentiment and a gain in the price of bullion supported gold-mining shares.
The S&P/TSX composite index strengthened 23.53 points to begin Thursday at 13,385.59
The Canadian dollar inched up 0.05 cents to 94.43 cents U.S.
On the corporate front, the bidding battle for Australia’s Warrnambool Cheese & Butter Factory Co. continued Thursday. Murray Goulburn, Australia’s largest dairy exporter, has increased its offer for Warrnambool to AU$9.50 a share in cash.
MG's chief rival is Canada’s Saputo Inc., which announced Monday that it would pay AU$9.20 per share if receives more than half of Warrnambool’s shares or AU$9 per share if it doesn’t get a majority. Saputo shares advanced three cents to $48.31.
Metals and mining stocks were the strongest of all in the early going, led by Lundin Mining, up nine cents, or 2.1%, to begin the day at $4.36. Health-care issues were also hearty, led by Valeant Pharmaceuticals, ahead $1.18, or just over 1%, to $115.93.
Material issues, which include gold miners, also shone brightly, as Detour Gold spiked 20 cents, or 5.5%, to $3.83.
On the economic beat, Statistics Canada reported this morning that its industrial product price index sagged 0.3% during October, mainly because of lower prices for petroleum and coal products, while its raw materials price index dipped 2.3% during the same month, weighed by mineral fuels.
ON BAYSTREET
The TSX Venture Exchange inched ahead 0.93 points to 929.53
All but two of the 14 TSX subgroups were positive to begin the day, led by metals and mining stocks, up 1.1%, while health-care and materials each sprouted 0.5%.
The two laggards were utilities, off only 0.1%, while telecoms faded 0.03%.
Oil prices were down 0.04 cents to $92.26 U.S. a barrel.
Gold prices sank $4.40 to $1,243.50 U.S. an ounce.
ON WALLSTREET
U.S. markets are closed today for Thanksgiving and will shut at 1 p.m. ET on Friday.
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