Equities in Canada’s biggest centre gained on Thursday, with energy stocks riding a oil price rally as expectations rose that major producers may cooperate to cut output, while Bombardier Inc fell further into territory that risks index expulsion.
The S&P/TSX composite index gained 99.28 points to greet noon Thursday at 12,477.05
The Canadian dollar eked up 0.06 cents to 71.01 cents U.S.
The most influential movers on the index included Canadian Natural Resources, which jumped 5.1% to $29.09 and Suncor Energy, which gained 3.2% to $32.42. Pipeline operator Enbridge advanced 2.3% to $46.43.
Bombardier fell 4% to 95 cents, heightening the risk it could be pushed out of major Canadian indices after it closed below $1.00 on Wednesday for the first time in 25 years.
Contract electronics manufacturer Celestica Inc declined 13.4% to $12.00 after posting an earnings miss and giving a dire outlook after the bell on Wednesday.
Copper prices declined 0.9% to $4,550.50 U.S. a tonne.
ON BAYSTREET
The TSX Venture Exchange moved up 2.37 points to 492.24
Seven of the 13 TSX subgroups were higher, as energy surged 3.1%, while utilities gained 1.6%, and financials were 1.1% to the good.
The half-dozen laggards were weighed mostly by health-care, down 3.3%, information technology, off 1.7%, and gold, sinking 1.2%.
ON WALLSTREET
U.S. stocks struggled for gains Thursday, as mixed earnings reports offset gains from a jump in oil prices.
The Dow Jones industrial average dipped into negative territory 16.4 points to 15,928.06, as Walt Disney, American Express and UnitedHealth weighed. Earlier, the index added more than 100 points as Chevron and Caterpillar climbed.
The S&P 500 pointed up 2.46 points to 1,885.41, as energy held more than 2% higher, while health care briefly fell more than 2.5%.
The NASDAQ index was positive 14.84 points to 4,483.01. Facebook leaped more than 12% andAmazon gained, pulling the NASDAQ between negative and positive territory. Apple struggled for direction.
Amazon.com, Microsoft, Visa and Electronic Arts are among companies due to report after the bell.
Celgene posted fourth-quarter earnings that fell short of analysts' estimates, hurt by higher costs. The company's net profit fell to $561 million U.S., or 69 cents per share, in the fourth quarter, from $613.9 million U.S., or 74 cents per share, a year earlier, Reuters reported. The firm's current quarter earnings guidance was slightly below FactSet expectations.
Facebook reported earnings after the close Wednesday that blew past estimates, with the firm beating the $1-billion U.S. mark in quarterly net income for the first time ever.
Caterpillar reported adjusted fourth quarter profit of 74 cents U.S. per share, five cents above estimates, though revenue was light.
Caterpillar does see full-year 2016 profit above current Street estimates, as it benefits from cost controls and restructuring.
Durable goods fell 5.1% in December, far more than expectations for a less-than 1% decline. Ex-transportation, the figure declined 1.2%
Weekly jobless claims came in at 278,000.
Pending home sales rose just 0.1% in December from a downwardly revised November print.
Prices for the 10-year Treasury sagged, raising yields to 2.01% from Wednesday’s 2%. Treasury prices and yields move in opposite directions.
Oil prices improved 82 cents a barrel to $33.12 U.S.
Gold prices sank $9.47 to $1,115.50 U.S. an ounce.
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