Canada's main stock index rose on Thursday, as mining stocks tracked higher metal prices amid Russian supply concerns, while Canadian Natural Resources rose after reporting strong results.
The S&P/TSX Composite picked up 80.9 points, to begin Thursday’s session at 21,336.54.
The Canadian dollar crept up 0.09 cents at 79.15 cents U.S.
Canadian Natural Resources posted a surge in
fourth-quarter profit and increased its dividend as a rebound in fuel demand from pandemic lows propelled crude prices to multi-year highs.
Canadian Natural Resources surged $2.97, or 4.1%, to $75.79.
Toronto-Dominion Bank reported higher quarterly profit, driven by revenues from its Canadian and U.S. retail banking units that offset rising expenses at home and in its wholesale banking business.
TD shares dropped $1.18, or 1.2%, to $100.31.
RBC cut the target price on Canfor Corp to $45.00 from $48.00. Canfor shares acquired 42 cents, or 1.5%, to $28.04.
CIBC cut the target price on First National Financial to $45.00 from $46.00. First National retreated $1.86, or 4.4%, to $40.82.
CIBC raised the target price on George Weston to $177.00 from $171.00.
Weston shares jumped $2.93, or 2.1%, to $142.44.
ON BAYSTREET
The TSX Venture Exchange back-pedaled 3.73 points to 851.23.
Seven of the 12 TSX subgroups were higher, with industrials surging 1%, communications and consumer staples each improving 0.7%.
The five laggards were weighed most buy health-care, slumping 2.3%, while consumer discretionary and information each sagged 0.9%.
ON WALLSTREET
U.S. stocks rose Thursday as rapid moves in the energy and bond markets slowed and investors monitored the war in Ukraine.
The Dow Jones Industrials gained 54.36 points to 33,945.71.
The S&P 500 decreased 4.07 points to 4,382.47.
The NASDAQ fell 108.73 points to 13,643.28
The move higher in stocks was broad in early trading, with Cisco Systems, Amgen and Walmart all climbing more than 1% to boost the Dow.
The moves come after a volatile start to the week, with markets seeing sharp reversals in some areas day to day. Stocks, and the tech sector in particular, have been in a downtrend in recent months.
Some on Wall Street are arguing that the market is close to or has already found its bottom for the year. On Thursday, strategists at Citi upgraded their view on U.S. stocks and the global IT sector.
On the earnings front Thursday, shares of Best Buy rose more than 4% after the retailer met earnings expectations and hiked its dividend, and Kroger climbed 7.7% after beating estimates on the top and bottom lines.
Software stock Snowflake dropped 13% after the company reported slowing revenue growth. BJ’s Wholesale and Burlington Stores were down sharply in early trading after their earnings reports.
Markets continued to watch the situation in Ukraine, where fighting entered its second week. Ukrainians maintained the capital city of Kyiv, while heavy shelling hit Maripol and Kharkiv.
Markets have been volatile in recent sessions as investors assess risks to the U.S. economy fueled by Russia’s war in Ukraine.
On the economic front, jobless claims for last week came in at 215,000. That was lower than the 225,000 expected by economists, according to Dow Jones. The reading comes ahead of February’s highly-anticipated jobs report, which will be released Friday.
Prices for the 10-Year Treasury moved higher, thus lowering yields to 1.87% from Wednesday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices moved forward 69 cents to $111.29 U.S. a barrel.
Gold prices hiked $8.60 to $1,930.90 U.S. an ounce.
