Equity markets in Canada’s largest centre extended gains for the third consecutive session on Thursday, aided by energy shares, while early data suggesting the Omicron variant of the coronavirus was less severe than feared calmed investor nerves.
The S&P/TSX Composite gained 97.06 points, to kick off Thursday at 21,167.11.
The Canadian dollar added 0.14 cents at 77.96 cents U.S.
Gold producer Agnico Eagle Mines said on Wednesday it is sending workers from three of its Canadian operations back home for at least three weeks amid rising cases of the Omicron coronavirus variant.
Agnico Eagle shares descended $1.83, or 2.7%, to $65.35.
CIBC cut the target price on BlackBerry to $9.00 from $10.00. BlackBerry shares slid 38 cents, or 3.2%, to $11.69.
TD Securities cut the rating on Cascades Inc. to hold from buy. Cascades shares plunged 77 cents, or 5.6%, to $13.04.
In things economic, Statistics Canada’s Survey of Employment, Payrolls and Hours as payroll employment rose by 131,700 (+0.8%) in October, bringing it to within 0.6 percentage points of its pre-pandemic February 2020 level.
Meanwhile, Gross Domestic Product rose 0.8% in October on broad-based increases across sectors.
Moreover, Canada will temporarily expand support programs to help people and businesses hit by the Omicron variant of COVID-19, warning people that worse was yet to come as the virus spreads.
ON BAYSTREET
The TSX Venture Exchange let go of 1.68 points to 914.49.
Seven of the 12 TSX subgroups gained ground, with financials, industrials and energy stocks each picking up 0.8%.
The five laggards were weighed most by gold, dulling in price 1%, materials off 0.5%, and health-care sagging 0.3%.
ON WALLSTREET
The major averages rose for a third day on Thursday as investors looked past earlier jitters about the spread of the omicron COVID variant.
The Dow Jones Industrials advanced 215.04 points to commence trading Thursday at 35,968.93, bringing its three-day rally to more than 1,000 points.
The S&P 500 index gained 24.76 points to 4,721.32, on track for a winning week.
The NASDAQ gathered 56.09 points at 15,577.98.
Trading is expected to be thin for the remainder of the week ahead of the holidays. U.S. markets are closed Friday for the Christmas holiday.
Reopening plays led gains on Thursday, including Las Vegas Sands, which is up 4.5%, and Wynn Resorts, which is up 4%.
Airline shares were also in the green. Delta Air Lines rose 1%, Alaska Air Group popped 1.5% and American Airlines added about 1%.
Helping boost sentiment were new studies suggesting that omicron has a lower risk of hospitalization than other COVID variants.
Economic data out Thursday morning down south showed a strong economy with improving labour and spending trends, but inflation at uncomfortable levels.
Jobless claims for the week ended December 18 came in about as expected at 205,000. Durable goods for November rose 2.5%, compared to the 1.5% Dow Jones estimate. Personal income and spending showed increases for November.
But on the inflation side, the Federal Reserve’s closely watched core personal consumption expenditures index rose 0.6% in November from the month prior. Core PCE rose 4.7% year-over-year in November, higher than the 4.5% rate expected.
Prices for 10-year were pitched lower, raising yields to 1.5% from Wednesday’s 1.46%. Treasury prices and yields move in opposite directions.
Oil prices gained 11 cents to $72.87 U.S. a barrel.
Gold prices brightened $2.90 to $1,805.10 U.S. an ounce.
