Markets in Toronto moved higher on Thursday after better-than-expected Chinese export data lured investors to riskier assets.
The S&P/TSX composite index gained 59.97 points to begin Thursday at 12,582.01
The Canadian dollar nipped up 0.15 cents to 101.39 cents U.S.
China's export growth rebounded surprisingly sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, but subdued global demand means that the spike may not herald an enduring recovery.
Yamana Gold Inc estimated fourth-quarter production of about 322,800 gold equivalent ounces, and lowered its gold production forecast for 2013. Yamana shares gained 71 cents to $17.03
Pharmacy chain whiz Jean Coutu Group Inc. reported a 10% rise in third-quarter profit as sales at its generic drug manufacturing subsidiary, Pro Doc, rose. Coutu shares added 31 cents to $14.53
Economically speaking, Statistics Canada said its new housing price Index rose 0.1% in November, following a 0.2% increase in October.
Moreover, building permits were issued worth $6.2 billion in November, down 17.9% from October and the lowest level since January 2012. This follows a 15.9% increase in October.
ON BAYSTREET
The TSX Venture Exchange grew 9.92 points to 1,239.03
All but one of the 14 Toronto subgroups were up soon after the opening bell. Gold soared 1.9%, while materials gained 1.4%, and the metals and mining group picked up 1.2%.
Only a 0.1% dip by consumer discretionaries kept things from being unanimous.
ON WALLSTREET
U.S. markets opened higher Thursday, extending the prior day's gains, as strong Chinese export data and optimism about corporate earnings gave stocks a boost.
The Dow Jones Industrial Average gained 42.32 points to 13,432.80
The S&P 500 added 7.11 points to 1,468.13. The Nasdaq Composite took on 9.89 points to 3,115.70
Exports rose 14% in December, China's government said in a report that topped expectations.
Investors also remained tuned into earnings reports. Shares of Supervalu jumped in early trading after the grocery store chain swung to a fiscal third-quarter profit. Supervalu also announced that it will sell Jewel-Osco, Albertson's and some of its other grocery store chains to Cerberus Capital Management, a New York-based investment firm, for $3.3 billion U.S.
Shares of Nokia rallied after the phone company reported better-than-expected sales for its handset business.
Overall, analysts expect earnings for companies in the S&P 500 to grow 2.4% year-over-year, according to FactSet Research, with banks expected to lead the way.
Wells Fargo will report Friday, making it the first major financial institution to release its fourth-quarter figures.
In other corporate news, nutritional supplement company Herbalife is hosting an investor conference to rebut charges from hedge fund manager Bill Ackman that it's running a pyramid scheme.
Investors also digested fresh data on the labour market Thursday. The number of people filing for initial jobless claims rose 4,000 to 371,000 in latest week.
Prices on the 10-year U.S. Treasury note sagged, raising yields to 1.90% from Wednesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices soared 88 cents to $93.98 U.S. a barrel.
Gold prices hiked $19 an ounce to $1,674.50 U.S.
