Equities in Toronto rallied more than 1% on Thursday as energy stocks tracked rebounding crude prices and markets digested this week's domestic economic data.
The S&P/TSX composite index moved higher 98.03 points to greet noon at 13,643.28
The Canadian dollar gained 0.39 cents to 75.76 cents U.S.
Metals stocks led the festivities, as First Quantum Minerals leaped 50 cents, or 7.8%, to $6.90, while Capstone Mining advanced four cents, or 6.7%, to 64 cents.
Energy stocks climbed, aided by Suncor Energy Inc, which rose 1.4% to $35.48 to lead the index gainers.
Heavily-weighted financial firms, which have deep ties with oil and gas companies, also made gains. Bank of Nova Scotia rose 1.6% to $59.32.
On the earnings front, Sears Canada shares rose 0.9% to $8.55 after the struggling retailer posted a smaller operating loss and the slowest decline in comparable stores sales in six quarters.
A pledge by the European Central Bank to keep monetary policy loose helped prop up crude prices more than 3%, while closed markets in China due to a public holiday also helped stabilize the volatile commodity.
On the economic beat, Statistics Canada reported that the country’s exports rose 2.3% in July, focused mostly on non-energy products.
Imports were up 1.7%. As a result, Canada's merchandise trade deficit with the world narrowed from $811 million in June to $593 million in July.
ON BAYSTREET
The TSX Venture Exchange grew 4.34 points to at 554.39
All but two of the 14 TSX subgroups were higher midday, led by metals and mining stocks, jumping 4%, global base metals, up 1.9%, and utilities, picking up 1.5%.
The two laggards were information technology, sagging 0.4%, and gold, down 0.3%.
ON WALLSTREET
U.S. stocks traded higher Thursday, attempting to extend the recent recovery as investors found encouragement from news of continued stimulus in Europe and good U.S. data.
The Dow Jones industrial average increased its gains 129.38 points to 16,480.76, with Intel and Exxon Mobil leading advancers and Caterpillar and Apple the only decliners.
The S&P 500 picked up 16.16 points to 1,965.02, with energy leading all 10 sectors higher.
The NASDAQ index added 24.63 points to 4,774.61
Stocks in focus include Tesla. CEO Elon Musk tweeted after the market close Wednesday that the electric car maker will begin taking pre-orders in March for its entry-level Model 3, which will start at $35,000 U.S. The stock was up more than 2% in pre-market trade.
Twitter's board meets Thursday and focus will be on whether the firm will make any announcement on the selection of a new chief executive officer. Twitter co-founder Jack Dorsey became interim CEO in June after the surprise resignation of CEO Dick Costolo.
Earnings out before the open included Medtronic, Campbell Soup and Joy Global. Cooper Cos. earnings come after the close.
Weekly jobless claims rose to 282,000. The overall U.S. July trade gap narrowed to $41.86 billion U.S, the smallest in five months, while the U.S.-China trade deficit in July increased slightly to $31.58 billion from $31.46 billion U.S. in June, Reuters reported.
The flow of top-tier releases also continues, ahead of Friday's key jobs report. The August ISM non-manufacturing index came in at 59.0 in August, slightly below July's 60.3 read.
The ISM non-manufacturing index was expected to slip back slightly from July's elevated reading of 60.3, which was the highest in almost a decade, to about 58, still very high by both recent and historical standards according to analysts.
Investors also digested the latest Challenger, Gray & Christmas jobs cut report, which showed that job cuts announced by U.S.-based companies plummeted 61% in August after rising to a four-year high the previous month.
Prices for 10-year U.S. Treasuries eked upward, lowering yields to 2.16% from Wednesday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices gained 64 cents a barrel to $46.89 U.S.
Gold prices slid $9.10 to $1,124.50 U.S. an ounce.
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