Canada's main stock index rose on Thursday, buoyed by energy stocks as oil prices rose on output shutdowns in the Gulf of Mexico due to Hurricane Delta and potential supply disruptions in Norway.
The TSX retained 83.92 points in gains to reach noon at 16,512.22.
The Canadian dollar progressed 0.21 cents to 75.63 cents U.S.
The largest percentage gainer was Bausch Health Companies, which jumped 7.4% after the drug maker estimated Q3 revenue to be more than $2.1 billion, above analysts' expectation of $1.97 billion. Bausch jumped $2.18, or 10.2%, to $23.52.
Torex Gold Resources followed with a 6.3% increase after the gold miner delivered its second-highest quarter of production on record. Shares in Torex climbed $1.54, or 8.2%, to $20.37.
Tourmaline Oil fell 30 cents, or 1.8%, the most on the TSX, to $16.45, whereas Richelieu Hardware, recovered from early knocks to gain $1.57, or 4.2%, to $38.74.
On the economic docket, Canada Mortgage and Housing Corporation said housing starts totalled 214,647 units in September, up from 212,609 units in August.
ON BAYSTREET
The TSX Venture Exchange added 4.38 points to 713.24.
Eight of the 12 TSX subgroups were positive, as health-care popped 5.9%, energy gushed 2%, and gold shone 1.6% brighter.
The three laggards were consumer staples, down 0.4%, industrials, forking over 0.3%, and information technology, fading 0.1%.
ON WALLSTREET
Stocks gave back most of their initial gains on Thursday after comments from House Speaker Nancy Pelosi dampened sentiment around a potential smaller coronavirus aid package.
The Dow Jones Industrial Average gained 61.74 points midday to 28,365.20, a day after the Dow’s biggest one-day gain since mid-July.
The S&P 500 gained 20.54 points to 3,439.99.
The NASDAQ took on 67.1 points to 11,431.70.
The major averages are higher for October, clawing back some of September’s losses, which was the first negative month since March. Still, a host of risks remain in the market, including rising Covid-19 cases around the world, as well as a slowdown in the rate of the economic recovery.
Pelosi told reporters there will not be a stand-alone stimulus bill for airlines — something President Donald Trump had pushed for the day before — without a bigger aid package.
United Airlines was down 0.3% and American Airlines slid 0.5%.
President Donald Trump said Thursday morning that the administration and Democrats were “starting to have some very productive talks.”
His comments came after he urged lawmakers to push through coronavirus aid for airlines, sparking a massive market rally on Wednesday.
Investors also digested the latest U.S. weekly jobless claims data, which showed an additional 840,000 Americans filed for unemployment benefits for the first time. Economists polled by Dow Jones expected first-time claims for unemployment insurance to total 825,000 for the week ending Oct. 3.
All of the major averages are higher for October, clawing back some of September’s losses, which was the first negative month since March.
Still, a host of risks remain in the market, including rising Covid-19 cases
Prices for the 10-Year Treasury moved higher, lowering yields to 0.77% from Wednesday’s 0.79%. Treasury prices and yields move in opposite directions.
Oil prices stayed higher 93 cents to $40.88 U.S. a barrel.
Gold prices brightened $2.60 to $1,893.40 U.S. an ounce.
Related Stories
