Equity markets in Toronto rose on Thursday after the U.S. Federal Reserve left interest rates unchanged as global economic uncertainty and a recent spike in market volatility kept the U.S. central bank from pulling the trigger.
The S&P/TSX composite index fought its way into positive territory 23.38 points to close at 13,787.16
The Canadian dollar nosed up 0.04 cents at 75.96 cents U.S.
Even so, the benchmark TSX index is still down about 6% since the start of the year.
Gold led the festivities, with Argonaut Gold sprinting nine cents, or nearly 7%, to $1.38, while Pretium Resources hiked 40 cents, or 5.9%, to $7.16.
Health-care stocks were haler, as Valeant Pharmaceuticals strengthened $10.38, or 3.4%, to $317.59. In the utilities sector, TransAlta Corp. gathered 21 cents, or 3.5%, to $6.26, while Fortis Inc. surged $1.04, or 2.8%, to $37.68.
The energy sector also jumped, shrugging off declines in the price of Brent crude oil. Suncor Energy advanced 38 cents, or 1.1%, to $35.19, and Bellatrix Exploration gushed 26 cents, or 12.3%, to $2.37.
Financials, the index's most heavily weighted sector, gave back ground. Royal Bank of Canada lost 42 cents, or 0.6% to $74.07, and Manulife Financial Corp declined 40 cents, or 1.9% to $20.65.
On the economic slate, Statistics Canada that those drawing regular employment insurance increased by 10,500 in July, or 2%, to 545,200. On a year-over-year basis, the number of EI beneficiaries increased by 36,100 or 7.1%.
ON BAYSTREET
The TSX Venture Exchange lost 2.06 points to 551.32
Nine of the 14 TSX subgroups were higher on the day, as gold brightened 1.8%, while health-care and utilities each progressed 1.6%.
The five laggards were weighed most by financials, shrinking 1%, while telecoms and consumer staples each shed 0.1%.
ON WALLSTREET
U.S. stocks closed mixed Thursday as investors digested the Federal Reserve's rate hike decision and Fed Chair Janet Yellen's press conference.
The Dow Jones industrial average faded 65.21 points to 16,674.74, with Verizon leading decliners and UnitedHealth the greatest advancer.
The S&P 500 backtracked 6.84 points to 1,988.47, with utilities leading seven sectors higher and telecommunications the greatest decliner.
The NASDAQ index finished positive 2.76 points to 4,892, with Apple down 1%.
On the earnings front, Rite Aid reported before the bell. Adobe Systems was expected to report after the bell.
Rite Aid posted quarterly profit of two cents U.S. per share, compared to estimates of four cents a share, though revenue was above forecasts. The drug store chain also trimmed its earnings guidance slightly to reflect recent sales trends and additional amortization expense from its acquisition of pharmacy benefits manager EnvisionRX.
The major indices gave back gains of more than 1% from session highs, amid Yellen's press conference.
Stocks initially fluctuated between slight gains and losses in the minutes after the Fed statement showed the central bank kept interest rates unchanged.
Going into the meeting, Wall Street was split over whether the Fed would move Thursday. In all, 49% of financial experts surveyed by various media outlets expected the Fed to raise rates this month. A hike would have been the first one since 2006.
In economic news, initial jobless claims declined slightly to 264,000. August housing starts fell about 3%
The Philly Fed Index for September came in at negative 6.0. August's read was positive 8.3.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.19% from Wednesday’s 2.3%. Treasury prices and yields move in opposite directions.
Oil prices fell 20 cents a barrel to $46.95 U.S.
Gold prices prospered $12.40 to $1,131.40 U.S. an ounce.
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