Stock markets in Canada’s largest centre remained on the rise Thursday after three straight sessions of declines, boosted by gains in energy stocks and optimism over progress in North American Free Trade Agreement discussions as trade war worries receded.
The S&P/TSX Composite Index leaped 185.58 points, or 1.2%, to greet noon Thursday at 15,349.95
The Canadian dollar slid 0.18 cents at 78.17 cents U.S.
Suncor Energy and Canadian Natural Resources were up about 2%.
The largest percentage gainer on the TSX was Corus Entertainment, which rose $1.20, or 20%, to $7.19, after reporting better-than-expected quarterly profit, while the largest decliner was Aecon Group, down 24 cents, or 1.3%, to $18.51.
Among the most active Canadian stocks by volume were Aurora Cannabis, Canopy Growth Co, and Eldorado Gold.
Federal Foreign Minister Chrystia Freeland says Mexico, Canada and the United States have made good progress in their bid to modernize the NAFTA trade pact but still have work to do.
On the economic front, Statistics Canada said this country’s merchandise trade deficit totaled $2.7 billion in February, widening from a $1.9-billion deficit in January. Imports rose 1.9% and exports increased 0.4%.
ON BAYSTREET
The TSX Venture Exchange recovered 5.56 points to 769.34
All but three of the 12 TSX subgroups were higher, as energy surged 4.4%, health-care recovered 2.6%, and materials improved 1%.
The three laggards proved to be consumer staples, down 0.5%, gold, dulling 0.2%, and utilities, clicking lower 0.1%.
ON WALLSTREET
U.S. stocks traded higher on Thursday as tech shares rose following a roller coaster ride in the previous trading day.
The Dow Jones Industrial Average rocketed 318.42 points, or 1.3%, to 24,582.72, with Boeing and DowDuPont as the best-performing stocks.
The S&P 500 tallied 25.11 points, or 1%, to 2,669.80, with energy leading nine sectors higher.
The NASDAQ Composite index leaped 59.91 points to 7,102.02
Tech helped lead the move higher, with Facebook jumping 2.9% and Netflix, Amazon and Alphabet all rising more than 1%.
Facebook rose after CEO Mark Zuckerberg told reporters he has not seen a noticeable change in user behavior in the wake of the Cambridge Analytica data scandal.
Chip stocks also rose, as Advanced Micro Devices gained 3.9% after Stifel upgraded the company to a buy from hold.
Markets have been on edge in recent sessions amid concerns of a potential trade war between China and the U.S. On Wednesday, China announced fresh tariffs on 106 U.S. products, including cars, whisky and soybeans — less than 24 hours after the U.S. administration issued a list of Chinese imports that it would target.
The news initially sent stocks lower before bouncing back as the Trump administration tried to play down trade-war worries.
In economic news, weekly jobless claims totaled 242,000, more than the expected 225,000. Still, claims remained near their lowest levels since the 1970s.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.83% from Wednesday’s 2.80%. Treasury prices and yields move in opposite directions.
Oil prices hiked 34 cents a barrel to $63.71 U.S.
Gold prices faded $12.40 to $1,328.70 U.S. an ounce.
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