Canada's main stock index began Thursday higher, as manufacturing data from mainland China revived hopes of recovery in the world's second-largest economy.
The S&P/TSX Composite Index picked up 33.50 points to begin Thursday’s session at 12,827.55
The Canadian dollar fell 0.25 cents to 99.84 cents U.S., below parity with its American counterpart for the first time in weeks.
Agrium raised its fourth-quarter earnings forecast, as strong grain and oilseed prices spurred demand for its fertilizer products over the fall season in North America. Agrium shares galloped $3.67, or 3.3%, to $114.32.
Alamos Gold Inc. said it could not sweeten its $4.65-per-share offer for Aurizon Mines Ltd as its rival has not provided any new information to warrant a change in the bid. Alamos shares stepped back 46 cents to $15.59, while Aurizon shares ditched two cents to $4.74
Growth in Chinese manufacturing accelerated to a two year high and a buoyant Germany took the euro-zone economy a step closer to recovery, business surveys showed.
ON BAYSTREET
The TSX Venture Exchange shaved off 2.92 points, however, to 1,238.61
All but three of the 14 Toronto subgroups were higher to open business Thursday. Health-care strengthened 1%, while energy stocks progressed 0.6%, and consumer discretionary issues hiked 0.5%.
The three laggards were gold, off 1.2%, materials, descending 0.4% and utilities, down 0.2%.
ON WALLSTREET
U.S. stocks were mixed at the open Thursday, with a sharp selloff in Apple dragging down the tech sector.
The Dow Jones Industrial Average leaped 81.05 points to begin the session at 13,860.40
The S&P 500 gained 3.57 points to 1,498.38, to within a hairsbreadth of 1,500 for the first time since 2007. The tech-heavy Nasdaq Composite dropped 6.05 points to 3,147.62
Apple shares fell nearly 11% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose to a record $13.1 billion U.S.
The stock has lost more than a quarter of its value in the past four months amid worries demand for the iPhone may be waning as lower-cost smartphones gain market share.
Before the market opened, 3M said profits rose 4.4% in the fourth quarter, driven by record sales. The company, which makes everything from tape to touchscreen displays, reaffirmed its outlook for earnings this year.
Shares of Nokia slumped after the company said its board will propose that no dividend payments be made for 2012. The Finish phone maker reported fourth-quarter earnings were unchanged from last year at six cents U.S. per share.
Xerox shares rose after the company reported results that were in line with expectations.
Still to come, Microsoft, AT&T and Starbucks report after the bell.
Overall, S&P 500 companies are expected to report earnings growth of 4.3% for the last three months of 2012, according to S&P Capital IQ. Of the 112 companies that have reported so far, 75 have beat analysts' expectations.
In economic news, the U.S. government said first-time claims for unemployment benefits fell by 5,000 last week to 330,000. The Conference Board was to release its index of leading economic indicators at 10 a.m. ET.
The index is expected to show an increase for December, after falling in November, according to economists surveyed by Briefing.com.
Prices on the 10-year U.S. Treasury slid, upping yields to 1.84% from Wednesday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices grew 83 cents to $96.06 U.S. a barrel.
Gold prices fell back $13.90 to $1,672.80 U.S. an ounce.
