Equities in Canada’s largest market opened higher on Thursday, led by shares of precious metal miners as gold prices gained after the dollar slumped.
The S&P/TSX Composite Index gained 48.34 points to kick off Thursday’s session at 16,198.26
The Canadian dollar eked higher 0.18 cents to 77.56 cents.
Prime Minister Justin Trudeau said on Wednesday he wanted to see flexibility from the United States if the two sides are to reach a deal on renewing the North American Free Trade Agreement, which Washington insists must be finished by the end of the month.
RBC cut the rating on Canadian Natural Resources to outperform from top pick. Resources shares retreated 58 cents, or 1.4%, to $41.89
Berenberg initiated coverage on Lucara Diamond Corp. with a sell rating, and a price target of $1.80. Lucara shares lost 11 cents, or 4.7%, to $2.25.
RBC cut the rating on Trican Well Service to sector perform from outperform. Trican shares fell 16 cents, or 6.4%, to $2.35.
On the economic calendar, Statistics Canada reported that, in July, 475,000 people received regular Employment Insurance benefits, an increase of 11,000, or 2.4%, from June.
ON BAYSTREET
The TSX Venture Exchange regrouped 4.91 points to 719.36
All but three of the 12 subgroups were higher in the first hour, as health-care sprouted 2.7%, consumer discretionary stocks improved 0.9%, and materials strengthened 0.6%.
The three laggards were utilities, down 0.6%, energy off 0.4%, and consumer staples fading 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average hit its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index.
The blue-chip index vaulted 204.90 points to start out Thursday at 26,610.66, as Boeing, Caterpillar and Apple outperformed.
The S&P 500 popped 16.08 points to 2,924.03, an all-time high, its first since late August, as materials and tech outperformed.
The NASDAQ recovered 73.12 points to 8,023.16, as Amazon shares gained 0.8% ahead of an event where they are expected to unveil new Alexa-powered devices. Apple, meanwhile, gained nearly 1%.
Boeing hiked 1.1%, and Caterpillar, another bellwether for trade, rose 2.3%.
As tensions between the two largest economies in the world slap tariffs on each other's goods, the Chinese commerce ministry said Thursday the country hopes the U.S. will take steps to correct its behavior.
General Electric shares fell 2% after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects "weaker results at power and some franchise value impact."
Nvidia slipped 1.6% after analysts at Morgan Stanley called the company's new gaming card disappointing.
Prices for the benchmark for the 10-year U.S. Treasury inched up, lowering yields to 3.07% from Wednesday’s 3.08%. Treasury prices and yields move in opposite directions.
Oil prices edged up 13 cents to $71.25 U.S. a barrel.
Gold prices took on $4.60 to $1,208.40 U.S. an ounce.
