Markets in Canada’s largest centre burst out of the blocks Thursday, led by energy and financial stocks, as increased chances that Britons will vote to remain in the European Union helped drive global stocks and oil prices higher.
The S&P/TSX Composite hoisted 90.18 points to start Thursday’s session at 14,093.99
The Canadian dollar recovered 0.47 cents to 78.34 cents U.S.
Bombardier said on Thursday Quebec agreed to invest $1 billion in its C series aircraft program, which has struggled with years of delays and cost overruns.
Bombardier gained three cents, or 1.5%, to $1.98.
TransCanada Corp on Wednesday reportedly cut its forecast for crude flows on its 590,000-barrel-per-day Keystone Pipeline from Hardisty, Alberta to Patoka, Illinois and Cushing, Oklahoma for the remainder of June.
TransCanada took on 21 cents to $57.33.
CIBC cut the price target on Canadian National Railway to $84.00 from $86.00. CN shares added 43 cents to $76.29
CIBC cut the price target on Canadian Pacific Railway to $198.00 from $205.00. CP shares zoomed $2.24, or 1.7%, to $165.60.
On the economic slate, Statistics Canada reported that folks collecting employment insurance totaled 538,400 during April, down slightly from the previous month
ON BAYSTREET
The TSX Venture Exchange eased 0.37 points to 708.15
All but three of the 13 subgroups turned positive in the first hour, as metals and mining triumphed 1.4%, consumer staples spiked 1.1%, and energy gushed 1%.
The three laggards were gold, duller by 1.1%, while health-care and materials each subsided 0.1%.
ON WALLSTREET
U.S. stocks traded higher Thursday as pound sterling traded at year-to-date highs against the U.S. dollar.
The Dow Jones Industrials moved skyward 148.54 points to 17,929.37, with Goldman Sachs contributing the most to gains as almost all constituents advanced.
The S&P 500 recouped 16.74 points at 2,102.19. Financials held more than 1% higher to lead nearly all sectors in the S&P 500 higher.
The NASDAQ turned positive 41.62 points to 4,874.94.
Twilio is set to begin trading Thursday on the New York Stock Exchange. The app developer tool firm priced its initial public offering at $15.00 U.S. a share, above the expected $12 to $13 a share range.
In economic news, weekly jobless claims fell to 259,000, not far from a 43-year low touched in March.
The flash Markit manufacturing PMI for June was 51.4, up from 50.7 in May.
New home sales declined 6% in May to a seasonally-adjusted annual rate of 551,000 units.
U.S. stocks closed lower Wednesday, as declines in energy stocks weighed, and investors remained on edge ahead of the Brexit vote after a poll indicated a slight edge for leave over remain. Separate polls released after the close indicated more support for remain.
The results of the U.K. vote on whether to leave the European Union are due well after Thursday's U.S. market close.
Prices for the 10-year Treasury moved sagged, raising yields to 1.73% from Wednesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices grew 72 cents a barrel to $49.85U.S.
Gold prices dropped $4.30 to $1,265.70 U.S. an ounce.
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