Canada's main stock index opened higher on Thursday, with materials and technology stocks leading gains as risk sentiment prevailed after cooling U.S. inflation fueled bets that the Federal Reserve's interest rate hikes are nearing an end.
The TSX leaped 113.72 points to open Thursday at 20,184.49.
ATB Capital Markets upgraded Gibson Energy's rating to "outperform" from "sector perform".
Credit Suisse and CIBC upgraded Laurentian Bank of Canada's rating a day after the country's ninth largest lender said it is reviewing strategic options.
The Canadian dollar climbed 0.31 cents to 76.15 cents U.S.
ON BAYSTREET
The TSX Venture Exchange charged ahead 5.89 points Thursday to 632.42.
All but three of 12 TSX subgroups gained ground, with information technology perking 2.1%, while financials and materials each sprang up 0.6%.
The three laggards proved to be real-estate, down 0.5%, while consumer discretionary was 0.1%, and industrials faltered 0.02%.
ON WALLSTREET
Stocks rose Thursday after another key inflation reading came in lighter than expected. This came after the S&P 500 closed at its highest level in over a year.
The Dow Jones Industrials climbed 105.6 points to open Thursday at 34,4534.03.
The S&P 500 took on 23.89 points to 4,496.05.
The NASDAQ index popped 120.3 points to 14,039.26.
Cybersecurity stock Palo Alto Networks jumped 3.6%, partially rebounding from Wednesday’s losses. Meanwhile, shares of MGM Resorts advanced 3% and Wynn Resorts rose 2.7%.
June’s producer price index report rose less than anticipated, building upon optimism from Wednesday’s consumer price index data. The PPI, which measures what wholesalers pay for goods, rose 0.1% in June. Economists polled by Dow Jones had expected an increase of 0.2%. Core PPI, which strips out volatile food and energy prices, climbed 0.1% — also lower than expectations.
Prices for the 10-year Treasury sagged, raising yields to 3.81% from Wednesday’s 3.78%. Treasury prices and yields move in opposite directions.
Oil prices gathered 52 cents to $76.27 U.S. a barrel.
Gold prices forged ahead $1.60 to $1,963.40 U.S. an ounce.
