Equities in Canada’s largest market stayed above water Thursday, even as losses in food and other staples were counterbalanced by resource and financial issues.
The S&P/TSX Composite Index gained 13 points to close Thursday at 15,076.16
The Canadian dollar gained 0.61 cents to 79.81 cents U.S.
Among materials stocks, First Quantum Minerals soared 47 cents, or 3.4%, to finish the day at $14.46, while Hudbay Minerals took on 43 cents, or 4%, to $11.15.
Financials also fared well, as CIBC, Canada's fifth-biggest lender, recorded a rise in earnings as a strong performance from its retail business offset a weaker showing at its capital markets division.
However, CIBC shares slipped $1.93, or 1.8%, to $105.67. Elsewhere, Manulife Financial climbed 34 cents, or 1.4%, to $24.90, while Fairfax Financial Holdings jumped $28.13, or 4.6%, to $634.43.
Telecoms also proved a winning sector, as BCE gathered 12 cents to $59.20, while TELUS picked up six cents to $44.74.
Consumer staples stocks got bruised, however, as Metro lost 45 cents, or 1.1%, to $41.65, and Restaurant Brands International Inc. dipped 26 cents to $77.25.
In the energy sector, Suncor Energy fell 10 cents to $39.21, and Cenovus Energy fell six cents to $9.31.
On the economic slate, Statistics Canada reported that those Canadian drawing regular employment insurance benefits totaled 517,200 in June, down 7,000, or 1.3%, from May. This was the eighth consecutive monthly decline in the number of beneficiaries.
ON BAYSTREET
The TSX Venture Exchange moved higher 0.61 points to 765.96.
Eight of the 12 TSX subgroups were positive on the day, with materials picked up 0.6%, financials up 0.4%, telecoms ahead 0.3%.
The four laggards were weighed down by consumer staples, sliding 0.8%, energy, worse off by 0.2%, and industrials, sliding 0.04%.
ON WALLSTREET
Retail stocks rose sharply on Thursday after companies in the sector, some of the worst performers this year, rebounded after earnings weren't as bad as feared.
The Dow Jones Industrials dropped 28.69 points to close at 21,783.40
The S&P 500 slid 5.07 points to 2,438.97, with shares of Abercrombie & Fitch, PVH Corp., Williams-Sonoma and Perry Ellis all closing higher. Consumer staples led decliners.
The NASDAQ was lower 7.08 points to 6,271.33.
Kroger's stock shaved off some of the XRT's gains, after it declined 7.7% on news that the Amazon-Whole Foods deal would close Monday.
Retail stocks have taken a hit this year as investors fear further market gains from Amazon. In 2017, Amazon has jumped 27%, while many retail stocks slid. However, Amazon's stock fell about 1.3% on Thursday.
On the data front, the number of Americans filing for unemployment benefits fell last week, pointing to a further tightening in the labour market that could encourage the Federal Reserve to lay out a plan to start unwinding its balance sheet. Initial claims for state unemployment benefits totaled 234,000, below expectations of 238,000.
Investors set their sights on Jackson Hole, Wyoming as leaders of global central banks are set to gather for the annual Jackson Hole economic symposium. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi will both be attending, and are scheduled to speak about global monetary policy on Friday.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to Wednesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices slumped 78 cents to $47.63 U.S. a barrel
Gold prices removed $3.40 to $1,291.30 U.S. an ounce.
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