Equities in Canada’s largest market inched higher at open on Thursday, aided by energy stocks on the back of higher crude prices, although hawkish signals from the U.S. Federal Reserve's policy meeting kept sentiment in check.
The S&P/TSX Composite acquired 9.69 points to kick off Thursday at 21,049.35.
The Canadian dollar squeezed up 0.09 cents to 78.47 cents U.S.
TC Energy says its 590,000-barrels-per-day Keystone oil pipeline resumed operations on Wednesday, after it was shut the previous evening for unplanned maintenance as parts of western Canada grappled with frigid winter weather.
TC shares dipped seven cents to $59.77.
IGM Financial said its subsidiary Mackenzie Financial Corp will acquire Power Corporation of Canada's 13.9% stake in China Asset Management Co in a $1.15-billion cash deal. IGM shares gained $1.30, or 2.8%, to $47.15.
RBC cut the rating on ECN Capital to sector perform from outperform. ECN shares dropped a penny to $5.32.
TD Securities raises target price on Metro to $72 from $70. Metro shares acquired 48 cents to $67.14.
Credit Suisse raises target price on Suncor Energy to $45.00 from $42.00. Suncor shares picked up 71 cents, or 2.1%, to $34.12.
On the economic calendar, Statistics Canada said total exports increased 3.8%, while imports rose 2.4%. As a result, Canada's merchandise trade surplus widened from $2.3 billion in October to $3.1 billion in November.
ON BAYSTREET
The TSX Venture Exchange erased 2.59 points to 921.84.
The 12 TSX subgroups were split evenly, with energy rumbling 3.1%, financials richer by 0.5%, and real-estate building 0.2%.
The half-dozen laggards were weighed most by gold, down 2.1%, materials, off 1.7%, and information technology, falling 0.7%.
ON WALLSTREET
Stocks continued their slide on Thursday, following an update by the Federal Reserve during the previous trading session that drove investor worries over tighter monetary policy and led to the year’s first losing session.
The blue-chip index wilted 161.38 points to 36,245.73.
The S&P 500 index fell 21.54 points to 4,679.04.
The NASDAQ sank 145.14 points, or 1%, at 14,955.03.
Energy shares helped boost the market as crude prices rose 3.4%. Diamondback Energy, Devon Energy and Occidental rose about 4%.
Rate-sensitive stocks also were higher a day after minutes from the Federal Reserve’s December meeting revealed the central bank is getting ready to remove its economic help more more quickly than anticipated. Officials discussed reducing the Fed’s balance sheet in another move to dial back its pandemic-era easy monetary policy.
Shares of Wells Fargo and Citi rose more than 2%, while JPMorgan and Bank of America added 1%. Fifth Third Bancorp gained more than 3%.
Elsewhere Thursday, shares of Allbirds rallied more than 9.5% after Morgan Stanley upgraded the shoe brand, whose stock has struggled since it went public in November.
Shares of Walgreens Boots Alliance gained 2.6% after reporting strong earnings for its latest quarter driven by customers going to stores for COVID treatments and at-home tests. Meanwhile, Bed Bath & Beyond shares soared more than 12% even after the company reported a loss for its fiscal third quarter.
Initial claims for unemployment insurance ticked up to 207,000 for the week ending Jan.1, the Labor Department reported Thursday. Economists surveyed by Dow Jones expect claims would total 195,000.
Prices for 10-year Treasurys eased back, raising yields to 1.74% from Wednesday’s 1.70%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.57 to $79.42 U.S. a barrel.
Gold prices plunged $36.10 to $1,789 U.S. an ounce.
