Equities in Canada’s largest centre opened higher on Thursday, St. Patrick’s Day, as energy and mining shares tracked a rise in commodity prices, although uncertainty around the Russia-Ukraine crisis capped gains.
The S&P/TSX Composite Index sprinted out of the blocks Thursday morning, gaining 183.32 points to 21,652.15.
The Canadian dollar added 0.15 cents to 78.96 cents U.S.
Canadian Pacific Railway said on Wednesday it will lock out its employees in 72 hours if there is no agreement with a union, a move that would potentially disrupt the movement of grain, potash and coal at a time of soaring commodity prices.
CP shares ducked 82 cents to $99.96.
RBC raised the target price on AG Growth International to $50.00 from $45.00. AG Growth shares obtained 26 cents to $41.05.
Canaccord Genuity raised the rating on Alimentation Couche-Tard to buy from hold. Couche-Tard shares were unchanged at $49.67.
Canaccord Genuity raised the target price on Precision Drilling Corp. to $85.00 from $70.00. Precision shares jumped $2.18, or 2.9%, to $77.25.
ON BAYSTREET
The TSX Venture Exchange popped another 12.19 points, or 1.5%, to 841.90
All but one of the 12 TSX subgroups were positive in the first hour, as energy recovered 2.5%, materials strengthened 2.4%. and health-care flexed its muscles 1.7%.
Only a 0.2% drop by industrials spoiled the party.
ON WALLSTREET
U.S. stocks rose Thursday, following back-to-back days of sharp gains, as investors digested the latest news out of Ukraine and the Federal Reserve.
The Dow Jones Industrials moved forward 43.62 points to begin the session at 34,106.72
The S&P 500 points grabbed 9.64 points to 4,367.50.
The NASDAQ Composite gained 16.44 points to 13,452.99.
Energy stocks led the market higher as West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 7% to back above $100. Devon Energy picked up 7% and Diamondback climbed 6%.
The Kremlin poured cold water over reports that indicated progress in peace talks between Russia and Ukraine, according to Bloomberg News.
On Wednesday, the Financial Times reported that both countries had made “significant progress” on a peace plan and Russian withdrawal from Ukraine. That FT report helped stocks rally for a second day Wednesday.
Wall Street was also digesting the latest moves from the Federal Reserve. The Fed hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year, spurring a relief rally in stocks.
The U.S. Labor Department reported Thursday that the number of jobless claims filed last week totaled 214,000, which was better than the Dow Jones estimate of 220,000 and a decline from 15,000 in the previous week.
Treasury prices dipped slightly, raising yields to 2.18% from Wednesday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices moved lower $1.43 to $95.01 U.S. a barrel.
Gold prices lost $1.60 to $1,928.10 U.S. an ounce.
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