Equities in Canada’s largest market took on strength in early trade on Thursday, as energy stocks gained with higher crude prices after Russia's energy minister said the country is ready to coordinate its actions in the global oil market.
The S&P/TSX Composite leaped 120.42 points in Thursday’s first hour, to 14,831.24
The Canadian dollar strengthened 0.47 cents at 76.80 cents U.S.
TransCanada Corp. said its U.S. natural gas pipeline unit had reached a settlement with customers over proposed transportation rate hikes made earlier this year. TransCanada shares took on 48 cents to $62.95.
Raymond James started coverage on Emera Inc. with a market perform rating and $51.50 target price. Emera shares galloped 51 cents, or 1.1%, to $48.13.
Raymond James raised the rating on Imperial Oil to outperform from market perform. IMO shares gained 61 cents, or 1.6%, to $39.84.
TD Securities raised the target price on TMX Group to $69.00 from $65.00. The group that controls the TSX saw its shares hike 55 cents, or 1%, to $58.41.
On the economic calendar, Statistics Canada reported that employment insurance beneficiaries in Canada totaled 575,200 in July, up 4.4% from the month before.
ON BAYSTREET
The TSX Venture Exchange climbed 4.48 points to 817.77
All 12 TSX subgroups were higher, led by energy, up 1.8%, materials, up 1.3%, and utilities, progressing 1.2%.
ON WALL STREET
Markets south of the border had some spring in their steps, as investors digested several economic data releases while processing the U.S. Federal Reserve's latest monetary policy decision.
The Dow Jones Industrials gained 133.37 points to 18,427.07, with Goldman Sachs the strongest gainer.
The S&P 500 climbed 13.32 points to 2,176.44, with real-estate rising more than 1.5% to lead all sectors higher.
The Dow and S&P also turned positive for the month.
The NASDAQ Composite jumped another 27.75 points to 5,322.93, above Wednesday’s all-time high close, as Apple rose nearly 0.9%.
Existing home sales for August fell 0.9%, while economists expected an increase of 1.3%. Leading indicators for August, meanwhile, fell 0.2%. Before the bell, the U.S. Labor Department said weekly jobless claims fell to a two-month low.
The Fed kept interest rates unchanged Wednesday, a move that was largely expected, but hinted at a possible rate hike before year's end.
Prices for the 10-year Treasury hiked, lowering yields to 1.63% from Wednesday’s 1.66%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.18 at $46.52 U.S. a barrel
Gold prices spiked $12.80 at $1,344.20 U.S. an ounce.
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