The Toronto stock market was higher Thursday afternoon as energy and mining stocks advanced alongside rising commodity prices.
The S&P TSX index progressed 55.80 points to end Thursday at 12,799.91
The Canadian dollar was up 0.54 cents at 97.81 cents U.S.
The energy sector rose and Canadian Natural Resources leaped $1.36, or 4.3%, to $33.35.
Pacific Rubiales Energy Corp. shares were down $1.31, or 5.3%, to $23.48 after the natural gas and crude oil producer announced a $23.8 million quarterly net loss equal to eight cents per diluted share. That compared with a year-earlier profit of $80.8 million U.S.
Revenue rose slightly to $1.05 billion U.S. from $1.01 billion U.S. amid an unfavourable arbitration decision. The company might have to divert 10% of its share of future production from a Colombian oil and gas field for 20 months to compensate Ecopetrol, a major Colombian energy company.
The gold sector was also ahead as Goldcorp Inc. added eight cents to $33.15.
Telecoms were also positive as Telus Corp. gained 62 cents to $69.03. The Vancouver-based telecom announced a two-for-one split of its common shares, effective April 16 and subject to regulatory approval.
The base metals sector was up as May copper gained a cent to $3.54 U.S. a pound. Performance was mixed as Teck Resources declined 15 cents to $30.18 while First Quantum Minerals gained 75 cents to $21.91.
Utilities led decliners with Atlantic Power down 41 cents to $5.50.
Elsewhere on the corporate front, Pierre Karl Peladeau is stepping aside as president and chief executive of Quebecor Inc. and Quebecor Media Inc. but will remain with the companies to oversee corporate strategy.
The new president and CEO of the Quebec-based media giant will be Robert Depatie, who has been president and CEO of Quebecor’s Videotron cable and telecom service since 2003.
Quebecor shares fell $2.32, or 5%, to $43.75 as the company also announced that its net income plunged to $9.2 million or 15 cents per share in the latest quarter, a decline from $85.4 million or $1.34 per share from a year earlier — mostly due to non-cash items required under standard accounting.
Integrated vacation tour operator Transat A.T. Inc. posted a quarterly net loss of $15.1 million or 39 cents per share on a diluted basis. That almost halved its net loss of $29.5 million a year ago. Revenue slid 2.8% to $805.7 million.
Meanwhile, the company reported an adjusted after-tax loss of $21.6 million or 56 cents per share in the quarter and its shares slipped 50 cents, or 8%, to $5.76.
On the economic docket, Statistics Canada reported this morning that its new housing price index for January hiked 0.1% in January, after a 0.2% increase the month before.
ON BAYSTREET
The TSX Venture Exchange finished negative by 2.75 points to 1,112.61.
All but four of the 14 Toronto subgroups ended the day in the green, led by energy stocks, surging 1.5%, telecoms, up 0.9%, and consumer staples, soaring 0.8%.
The four laggards were information technology, sagging 0.9%, utilities, fading 0.7%, while global base metals and health-care each lost 0.2%.
ON WALLSTREET
U.S. stocks advanced Thursday, with the Dow scaling new peaks, following a better-than-expected report on jobless claims.
The Dow Jones Industrials moved higher by 83.86 points to yet another all-time high of 14,539.10
The gains marked the Dow's 10th straight upward day -- matching its winning streak in 1996, the year of former U.S. Federal Reserve Chairman Alan Greenspan's "irrational exuberance" speech.
The S&P 500 index gained 7.76 points to 1,562.28. That index is less than 0.5% from its all-time closing high of 1,565.15, set in October 2007.
The tech-heavy NASDAQ Composite moved up 13.81 points to 3,258.93.
On the corporate front, Men's Wearhouse soared 19% after reporting earnings, a $200-million U.S. share buyback and new guidance.
Shares of Blackberry pulled back Thursday, a day after rallying on the announcement that the company received one million orders for its Blackberry 10 device from an unnamed partner.
E*Trade shares fell after a major shareholder said it planned to sell its entire stake in the company.
Economically speaking, initial jobless claims fell to 332,000 last week, coming in below economists’ forecasts for 350,000.
Prices on the 10-year U.S. Treasury were higher, lowering yields to 2.03% from Wednesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices added 46 cents to $92.98 U.S. a barrel.
Gold prices slid 10 cents to $1,588.30 U.S. an ounce.
