Markets in Canada’s biggest centre overcame early weakness to move into the green, while data showed that the domestic labour productivity fell in the fourth quarter.
The TSX recovered 17.33 points soon after Thursday’s opening bell to 18,338
The Canadian dollar regained 0.31 cents at 79.21 cents U.S.
Canadian Natural Resources’ fourth-quarter profit rose 30% compared with the third, as crude prices staged a steady recovery during the period from pandemic-driven lows, also helping it boost its dividend.
Natural Resources shares gathered 24 cents each to $37.89
TD Securities raised the target price on Advantage Oil & Gas to $3.25 from $2.50.
Advantage shares lost two cents to $2.58.
TD Securities raised the target price on Boardwalk REIT to $48.00 from $47.00. Units of Boardwalk gained 28 cents to $38.05.
CIBC raises the rating on Canadian Western Bank to outperform from neutral. The bank’s shares lost nine cents to $34.25.
ON BAYSTREET
The TSX Venture Exchange dropped 11.53 points, or 1.2%, to 980.45
Eight of the 12 TSX subgroups started the session in the plus category, with energy rumbling 1%, real-estate better 0.8%, and financials richer by 0.5%.
The four laggards were weighed most by information technology, down 1.1%, materials, faltering 0.6%, and consumer discretionary, off 0.4%.
ON WALLSTREET
U.S. stocks traded near the flatline on Thursday, following a two-day losing streak on Wall Street.
The Dow Jones Industrials dipped 21.65 points to kick off Thursday at 31,248.44,
The S&P 500 fell 20.91 points to 3,798.81.
The NASDAQ Composite faltered 169.11 points, or 1.3%, to 12,828.64. Technology names were hit hard in the previous session amid rising bond yields.
Investors digested a better-than-expected reading on weekly jobless claims. First-time filings for unemployment insurance in the week ended Feb. 27 totaled 745,000, a touch below the Dow Jones estimate of 750,000, the U.S. Labor Department reported Thursday.
Federal Reserve Chair Jerome Powell is set to join The Wall Street Journal Jobs Summit to talk about the economy later Thursday.
Additional stimulus measures could also inject optimism into the market. The Senate is currently debating the $1.9-trillion relief package passed by the House on Saturday. President Joe Biden has backed a plan to cut the income caps for Americans to receive stimulus checks.
Prices for 10-Year Treasurys inched up, reducing yields to 1.46% from Wednesday’s 1.47%. Treasury prices and yields move in opposite directions.
Oil prices acquired 60 cents to $61.88 U.S. a barrel.
Gold prices slid $3.70 to $1,712.10.
