Markets in Toronto had a bit of trouble getting out of the starting blocks, amid suspense of the Scottish separation referendum and reaction to word from U.S. Fed Chief Janet Yellen.
The S&P/TSX composite index poked up 7.29 points to begin Thursday at 15,466.17
The Canadian dollar gained 0.35 cents to 91.28 cents U.S.
A spokeswoman for Transport Minister Lisa Raitt says the federal government will fine Canadian National Railway for failing to meet minimum weekly grain volumes. CN shares gained 67 cents to $82.01.
Cenovus Energy said on Wednesday it has begun producing oil from the sixth expansion stage of its Foster Creek oil sands project, adding 30,000 barrels per day of new capacity at the northern Alberta site. Cenovus shares retreated 67 cents to $32.22
RBC cut the price target on Advantage Oil & Gas to $8.00 from $8.50. Advantage Oil docked eight cents to $6.00.
RBC raised the price target on Canadian Natural Resources to $54 from $53. Canadian Natural shares were unchanged at $45.34.
On the economic beat, Statistics Canada reports that just as many Canadians were on the pogey in July as the month before. The number of people receiving regular Employment Insurance benefits in July totalled 499,300, little changed from the previous month. Compared with 12 months earlier, the number of beneficiaries decreased 2.9% or 14,900.
Also, the agency said Canadian investors added $9.7 billion of foreign securities to their portfolios in July, the largest such investment since April 2007. Meanwhile, foreign investors acquired $5.3 billion of Canadian securities, mainly instruments from the corporate sector.
ON BAYSTREET
The TSX Venture Exchange recovered 1.48 points to 973.99.
Eight of the 14 Toronto subgroups were higher to open for business, with financials up 0.4%, industrials and telecoms each picking up 0.2%
The five laggards were weighed by gold, down 1.5%, materials sliding 1%, and metals and mining off 0.4%. Information technology issues were unchanged in the first hour.
ON WALLSTREET
U.S. stocks opened higher on Thursday, sending the S&P 500 and Dow Jones Industrial Average above their previous closing highs.
Thus, the Dow Jones Industrials bolted higher 75.88 points to 17,232.73.
The S&P 500 added 7.98 points to 2,009.55. The NASDAQ moved forward 22.63 points to 4,584.82
Alibaba is expected to start trading on the New York Stock Exchange on Friday morning. The initial public offering could raise over $25 billion U.S., making it the biggest ever. Yahoo! Inc which has a nearly 23% stake in Alibaba has been riding the pre-IPO wave and rose 1.24%.
Rite Aid Corp. is tumbling 14% after the drugstore chain slashed its outlook, blaming generic drugs.
Pier 1 Imports Inc. sank 17% after earnings fell short of hopes and the company cut its forecast for the year late Wednesday.
Investors cheered China’s efforts to boost economic growth, while upbeat jobs data outweighed weakness in U.S. housing.
Better-than-expected reading on jobless claims was countered by disappointing data from the housing market. Applications for jobless benefits dropped to the lowest level since mid-July, signaling that employers are laying off very few workers, according to government data released Thursday.
However, construction started on new U.S. homes tumbled in August, pulling back after a surge in July, signaling some shakiness in the housing market’s recovery, according to government data released Thursday.
China’s central bank cut short-term borrowing costs for banks on Thursday, the same week it announced a cash injection into the country’s five biggest banks.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.63% from Wednesday’s 2.60%. Treasury prices and yields move in opposite directions.
Oil prices slid six cents to $94.36 U.S. a barrel.
Gold prices went down $14.70 to $1,221.20 U.S. an ounce.
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