Canada's main stock index hit a record high at open on Thursday, helped by gains in energy and mining shares, while upbeat earnings from Canadian Natural Resources and encouraging economic data further lifted sentiment.
The S&P/TSX Composite index barrelled out of the blocks, gaining 85.2 points to start Thursday’s session at 21,350.30
The Canadian dollar slid 0.30 cents to 80.48 cents U.S.
Canadian Natural Resources reported a third-quarter profit on Thursday that beat analysts' estimates, helped by a recovery in oil demand and higher output, and the company said it would increase its dividend.
Shares in Natural Resources gained $1.10, or 2.1%, to begin the day at $53.68.
Barrick Gold reported on Thursday an 18% drop in third-quarter profit from the second, weighed down by weaker gold and copper prices.
Barrick shares galloped 47 cents, or 2%, to $23.56.
TD Securities cut the rating on Acuityads Holdings to hold from buy. Acuityad shares faltered 27 cents, or 4.6%, to $5.67.
ATB Capital Markets cut the target price on AG Growth International to $52.00 from $58.00. AG shares docked 57 cents, or 2%, to $28.56.
ATB then raised the target price on NFI Group to $38.00 from $34.00. Shares in NFI retreated 33 cents, or 1.3%, to $24.86.
On the economic beat, Statistics Canada was to come out with International Merchandise Trade figures for September. Details were not available at press time.
The United States, Canada and 18 other countries committed at the COP26 climate summit on Thursday to stop public financing for fossil fuel projects abroad by the end of next year, and steer their spending into clean energy instead.
ON BAYSTREET
The TSX Venture Exchange reversed 1.98 points to 982.29.
All but two of the 12 TSX subgroups were higher in the first hour, with gold brightening 2.7%, materials ahead 2%, and health-care haler by 1.4%.
The two laggards were information technology, tumbling 1.9%, and financials easing back 0.2%.
ON WALLSTREET
The S&P 500 rose for a sixth day in a row on Thursday as investors took solace in the Federal Reserve’s patient stance on raising interest rates, while stronger-than-expected economic data also boosted sentiment.
The Dow Jones Industrial Average dipped 16.79 points from Wednesday’s all-time record to 36,140.79.
The S&P 500 gained 17.44 points to add to Wednesday’s all-time high at 4,678.01
The NASDAQ Composite added 100.91 points to 15,912.49, also topping the previous record.
The central bank said it will begin to slow its bond-buying program later this month, signaling that the economy can now handle an unwinding of pandemic stimulus. Investors had long anticipated the move and liked that the Fed did not signal it would be any more aggressive than necessary in raising interest rates once the bond tapering was finished next year.
The S&P 500 is up 1.3% for the week, pushing the S&P 500's year-to-date return up to 24% as the benchmark enters a seasonally strong part of the year for markets.
Qualcomm rallied nearly 13% following an earnings beat propelled by a 56% surge in smartphone chip sales. The company also provide strong guidance for the fourth quarter.
MGM shares gained nearly 2% after the casino operator announcing plans to sell the operations of its Mirage casino in Las Vegas to another operator. The company noted that no sales agreement had been reached and it did not mention any possible buyers.
Yet Moderna shares cratered 16% after the drugmaker slashed its COVID-19 vaccine revenue outlook.
Roku was under pressure, falling more than 4% after the streaming platform reported disappointing third-quarter revenue.
On the data front, U.S. jobless claims totaled 269,000 for the week ended Oct. 30, the lowest pandemic-era total and better than the 275,000 expected by economists polled by Dow Jones.
October’s hotly anticipated jobs report will be released on Friday. Consensus estimates call for 450,000 jobs added, according to Dow Jones. Non-farm payrolls increased by 194,000 in September, far short of the 500,000 estimate.
Prices for 10-year Treasurys jumped, lowering yields to 1.55% from Wednesday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.89 to $82.75 U.S. a barrel.
Gold prices prospered $31.40 to $1,795.30 U.S. an ounce.
