The Toronto stock market made a strong bid to break a six-session losing run Thursday as commodity prices clawed back some of the big losses racked up since Sunday’s inconclusive Greek elections.
The S&P/TSX Composite Index added 45.69 points to approach noon at 11,720.70.
The Canadian dollar faded 0.05 cents to 99.79 cents U.S.
The energy sector improved as Suncor Energy advanced 58 cents to $29.65 U.S.
The base metals sector gained with copper prices up four cents at $3.70 U.S. Demand concerns had pushed the metal down almost 5% from May 1. Teck Resources climbed 87 cents to $34.11.
In the gold patch, Goldcorp Inc. gained 32 cents to $35.92.
Financials were also positive as Sun Life Financial shares gained 16 cents to $22.29 as it reported that an improvement in capital markets led to quarterly net income of $686 million or $1.15 per share compared with $438 million or 73 cents in the same period last year.
Elsewhere in the sector, Royal Bank rose 85 cents to $54.22.
In other earnings news, Bombardier Inc. was off seven cents at $3.62 as it reported net income $190 million in the first quarter, or 10 cents a share. That is down sharply from $220 million, or 12 cents, a share a year ago. Revenue was $3.5 billion, compared with $4.7 billion last year.
Magna International Inc. posted first-quarter sales of $7.7 billion, up 7% from the first quarter of 2011. Canada’s largest auto parts maker handed in net income of $341 million, an increase of $19 million compared with the first quarter of 2011. Magna shares gained $1.95 to $44.63.
Canadian Tire posted $2.4 billion in revenue for the quarter ended March 31, up 23% from the same period last year and a profit of $71 million, or 87 cents a share, up 21.5% from the same period in 2011. Its shares gained $2.59 to $70.01.
Economically speaking, Statistics Canada reported this morning that this country’s trade surplus with other nations ballooned to $351 million in March from $273 million in February, based on exports slumping 0.4% while imports decreased 0.6%.
The agency also reported its new housing price index moved steadily ahead, 0.3%, in March, after a comparable rise in February.
ON BAYSTREET
The TSX Venture Exchange gained 20.53 points to 1,366.22, while the Nasdaq Canada fell 0.45 points to 378.87.
In all, seven of the 14 Toronto subgroups gained ground, as consumer discretionaries boosted 1.2%, while utilities and energy each gained 0.8%.
The half-dozen laggards were weighed by materials, off 0.5%, while gold and global base metals each slipped 0.2%. Metals and mining were flat at noon.
ON WALLSTREET
U.S. stocks held onto modest gains Thursday as investors welcomed a slight dip in jobless claims but remained cautious amid ongoing uncertainty in Greece and the rest of Europe.
The Dow Jones Industrials tacked on 83.63 points to break for lunch at 12,889.59
The S&P 500 regained 6.07 points to 1,360.65. The tech-rich Nasdaq Composite Index sifted off 3.40 to 2,931.31.
Cisco was the biggest laggard on all three indexes, with shares tumbling more than 9%. Late Wednesday, the networking giant released a disappointing sales outlook for the current quarter.
Beauty products company Avon said that perfume-maker Coty raised its unsolicited bid for the company to $24.75 U.S. a share from its earlier offer of $23.25 U.S. Avon's board said it will consider the offer. Shares of Avon declined.
Department store chain Kohl's reported earnings per share of 63 cents U.S., down from 69 cents U.S. a year earlier but still better than the forecast of 61 cents U.S. from analysts surveyed by Thomson Reuters. But the company gave earnings guidance for the current quarter that was below current forecasts, sending shares lower.
Europe is likely to remain the primary focus, as Greek politicians continue to struggle with forming a coalition government and Spanish bond yields continue to rise.
After the Greek leftist party failed, Socialist leader Evangelos Venizelos was given the mandate to form a coalition government after meeting with the Greek President on Thursday.
Meanwhile, the Bank of Spain moved to take over Bankia -- one of its most troubled and largest banks -- late Monday.
Aside from Europe, China reported import and export growth that was slower than expected, according to forecasts from economists at HSBC. The report could stir new concerns by investors around the globe about a so-called hard landing for China's economy, but HSBC said it is also likely to prompt further monetary policy easing by the People's Bank of China.
On the economic slate, the number of people filing for first-time unemployment benefits in the U.S. fell 1,000 to 367,000 in the latest week. Economists surveyed by Briefing.com had expected the report to show 365,000 claims.
The U.S. trade deficit widened to $51.8 billion U.S. in March from $45.5 billion U.S. in February, according to the U.S. government. The data was better than economists had expected, with a forecast of the deficit climbing to $53 billion U.S.
Later on Thursday, the U.S. Treasury is set to release its monthly statement on the nation's budget at 2 p.m. ET. The Congressional Budget Office has forecast a $196-billion U.S. shortfall.
The price on the benchmark 10-year U.S. Treasury dipped, pushing the yield up to 1.90% from Wednesday’s 1.84%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil took on 37 cents, to $97.18 U.S.
Gold futures for June delivery continue to slide, shedding 30 cents to $1,595 U.S. an ounce.
