Equities in Canada’s largest market shook off an early-to-midday selloff, fostered by uncertainty around the Russia-Ukraine peace talks. Meanwhile, Canadians awaited the release of Finance Minister Chrystia Freeland’s first budget.
The TSX Composite Index sprang back into plus territory at the close, picking up 46.29 points to adjourn Thursday at 21,834.89.
The Canadian dollar sank 0.13 cents to 79.45 cents U.S.
The Liberals have been promising the document would be "fiscally responsible" after having already pledged billions in new programs and increased military spending.
Meantime, ERO Copper shares zoomed $1.15, or 6.4%, to $19.15, while Endeavour Silver gained 24 cents, or 4.2%, to $5.92.
In the gold patch, OceanaGold acquired 12 cents, or 4.2%, to $2.97, while New Gold moved ahead eight cents, or 3.7%, to $2.26.
In the energy sector, Advantage Oil & Gas triumphed 45 cents, or 5%, to $9.50, while Enerplus prospered 61 cents, or 3.9%, to $16.12.
Cannabis concerns, however, didn’t fare so well, with Tilray sliding 87 cents, or 9.6%. to $8.23, while Aurora Cannabis dropped 28 cents, or 5.9%, to $4.46.
In the financial field, TD gave up $2.67, or 2.7%., to $96.47, while BMO dropped $2.28, or 1.6%, to $144.06.
In tech issues, Dye & Durham swooned 72 cents, or 3%, to $23.50-, while Nuveil Corp. stepped back $2.75, or 3.1%, to $86.91.
ON BAYSTREET
The TSX Venture Exchange recovered 5.45 points to 886.33.
All but three of the 12 TSX subgroups were gainers by the end of the day, with materials ahead 1.8%, gold shinier 1.6%, and energy stronger 1.5%.
The three laggards were health-care, slipping 3.3%, financials, down 1.2%, and information technology off 0.2%.
ON WALLSTREET
Stocks rebounded on Thursday, following back-to-back losing sessions, as investors reassessed the Federal Reserve’s latest plans to tighten monetary policy and combat rising inflation.
The Dow Jones Industrials recovered from spending much of the session in the red, and gained 87.06 points to 34,583.57.
The S&P 500 regained 19.06 points to 4,500.21
The NASDAQ Composite poked ahead 8.48 points to 13,897.30, following two straight days of losses.
Defensive names like consumer staples and health care companies led Thursday’s market comeback as investors continued their search for stocks with stable earnings and dividends.
Costco rallied 4%, while Pfizer popped 4.5%. Walmart, Merck, UnitedHealth Group and Procter & Gamble also traded in the green.
Constellation Brands gathered 4.6%, and Lamb Weston Holdings jumped 8%, after reporting earnings.
Some of the Big Tech names also rallied in afternoon trading. Alphabet, Tesla and Meta all wiped out losses and traded higher, while Twitter stepped back earlier gains from the week and fell 5.4%. Shares of HP Inc surged about 15% after Warren Buffett’s Berkshire Hathaway disclosed a stake in the tech hardware maker.
Investors also digested initial jobless claims on Thursday, which came in at 166,000 last week, their lowest level since 1968, and signaled the job market remains under pressure.
Thursday’s moves come after the Fed released minutes from its March meeting on Wednesday, which showed that officials planned to reduce their trillions in bond holdings with a consensus amount around $95 billion.
Meanwhile, policymakers indicated that one or more 50 basis-point interest rate hikes could be warranted to battle surging inflation.
Treasury prices fell as yields increased to 2.65%, from Wednesday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 72 cents to $96.95 U.S. a barrel.
Gold prices progressed $12.60 to $1,935.7.50 U.S. an ounce.
