Equities in Toronto spent most of the session in the negative, before doggedly making their way into the green, on the strength of health-care and energy stocks.
The TSX squeezed higher 66 points to close Thursday at 20,297.09.
The Canadian dollar backed off 0.17 cents to 74.08 cents U.S.
Health-care stocks ruled the roost among gainers, with Bausch Health gaining $1.70, or 13.9%, to $11.45, while Tilray took on five cents, or 1.5%, to $3.30.
In the energy sector, Birchcliff Energy collected 32 cents, or 4.2%, to $7.95, while Tourmaline Oil moved upward $1.68, or 2.9%, to $59.27.
Industrials were also strong, with Ritchie Bros. Auctioneers soaring $3.51, or 5%, to $73.21, while ATS grabbed $3.21, or 5.6%, to $61.09.
On the downside, Equinox Gold led companies making the shiny yellow metal down, 28 cents, or 4.1%, to $6.56, while OceanaGold dipped 12 cents, or 4%, to $2.85.
In materials, Dundee Precious Metals gave up 32 cents, or 3.2%, to $9.60, while Osisko Mining decreased 12 cents, or 3.6%, to $3.20.
Utilities also fell, with Northland Power off 55 cents, or 1.8%, to $29.51, while Boralex dropped 71 cents, or 1.8%, to $38.29.
Meanwhile, the Bank of Canada said it was worried a major cyberattack on one part of the financial system could quickly spread and threaten overall financial stability.
In the economic docket, Statistics Canada says the national housing price index edged down 0.1% month over month in April. The index has declined six times since August 2022 (at its historical peak). The agency adds prices were down or unchanged in 20 of the 27 census metropolitan areas (CMAs) surveyed, and up in seven CMAs.
ON BAYSTREET
The TSX Venture Exchange dipped 2.72 points to 609.03.
Seven of the 12 TSX subgroups were negative, as gold dipped 2.4%, materials were off 1.5%, and utilities shed 0.5%.
The five gainers were led by health-care, climbing 3.6%, energy, off 0.8%, and industrials, ahead 0.7%.
ON WALLSTREET
Stocks advanced on Thursday as Wall Street traders kept focused on debt ceiling negotiations.
The Dow Jones Industrials sprang forward 115.2 points to conclude Thursday at 33,535.97.
The S&P 500 progressed 39.24 points to 4,198.01.
The NASDAQ jumped 188.27 points, or 1.5%, to 12,688.84.
Retail giant Walmart helped the market, adding about 1% on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.
Truist downgraded Procter & Gamble to hold from buy on Thursday and lowered its price target to $155 from $165 per share.
But sentiment was kept in check as the latest economic data hinted at a resilient economy and as Dallas Fed President Lorie Logan said the latest data doesn’t argue for a pause in rate hikes yet when the Fed next decides rate policy on June 14.
House Speaker Kevin McCarthy told the media on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default. The president is cutting short a trip to Asia and will return on Sunday, giving traders hope a deal could be done by then.
Prices for the 10-year Treasury crumbled, raising yields to 3.65% from Wednesday’s 3.58%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 83 cents to $72.05 U.S. a barrel.
Gold prices lost $24.90 to $1,957.20 U.S. an ounce.
