Gains Reported in First Hour

Superior, Ivanhoe in Vogue

Equities in Canada’s largest market made their way up in the first hour of trading Thursday, mostly due to strength in energy stocks.

The TSX restored 59.57 points to open Thursday at 20,241.01.

The Canadian dollar inched up 0.015 cents to 77.42 cents U.S.

BMO cut the price target on Superior Gold to $1.25 from $2.00. Superior shares were static at 52 cents.

TD Securities raised the rating on Atrium Mortgage Investment to buy from hold. Atrium darted 48 cents, or 4%, to $12.58.

JP Morgan initiated coverage on Ivanhoe Electric with a neutral rating and a $15 price target. Ivanhoe Electric docked two cents a share to $12.74.

On the economic front, Statistics Canada said its Industrial Product Price Index declined 2.1% month over month in July and increased 11.9% year over year, while its raw materials price index fell 7.4% month over month in July and was 19.1% higher compared with July 2021.

ON BAYSTREET

The TSX Venture Exchange gained 3.21 points to 663.29.

The 12 TSX subgroups were split right down the middle, energy vaulting 1.8%, while materials surged 1.2%, and gold shone 0.8% brighter.

The half-dozen laggards were weighed most by health-care, sliding 1.8%, information technology, down 1.1%, and communications, off 0.4%.

ON WALLSTREET

Stocks dipped on Thursday as investors struggled to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to fade.

The 30-stock index faded 101.28 points to begin trading Thursday at 33,879.04.

The S&P 500 fell 6.9 points to 4,267.14.

The NASDAQ Composite dropped 38.69 points to 12,899.43.

Retail earnings continued on Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. The results offered insight into the health of the consumer. Kohl’s shares slid 8% after the company cut its guidance while BJ’s Wholesale jumped after topping estimates.

Initial jobless data released Thursday also provided clues into the state of the job market, with claims dropping to 250,000 for the week ended Aug. 13.

Treasury prices jumped, weighing yields to 2.85% from Wednesday’s 2.89%. Treasury prices and yields move in opposite direction.

Oil prices hiked $1.72 to $89.83 U.S. a barrel.

Gold prices re-strengthened 1.80 to $1,778.50 U.S. an ounce.