The Toronto stock market was positive Thursday as commodity prices rose and consumer, housing and employment data pointed to a stronger U.S. economy.
The S&P/TSX Composite Index hiked 75.83 points to greet noon at 12,027.73
The Canadian dollar slipped 0.14 cents at 95.32 cents U.S.
On the corporate front, Aimia, the company that runs the Aeroplan customer loyalty program, says it's prepared to replace CIBC as its bank credit card partner at the end of this year unless it matches contractual terms offered by TD Bank.
CIBC says it's reviewing the proposed terms to see if it will exercise its right of first refusal and that it will continue the Aeroplan business as usual in the meantime. CIBC slipped 42 cents to $74.61 while Aimia gained $1.33 or 9.6% to $15.25.
On the TSX, the base metals component was ahead while July copper rose a penny to $3.05 U.S. a pound. Teck Resources climbed 29 cents to $22.05 while First Quantum Minerals advanced 44 cents to $15.09.
The gold sector gained about 1.55 per cent as bullion prices continued to falter with the August contract down $4.30 to US$1,225.50 an ounce.
Gold stocks sustained sharp losses Wednesday as speculation about when the Federal Reserve may ease up on its monthly bond purchases pushed bullion prices to three-year lows. Gold prices have deteriorated steadily this year as the precious metal loses its appeal as a hedge against inflation and deteriorating currencies.
Goldcorp Inc. advanced 39 cents to $23.79.
The energy sector was ahead as Suncor Energy improved by 39 cents to $30.83.
The tech sector was also supportive with MacDonald Dettwiler & Associates rose $2.25 to $70.72. But BlackBerry shed three cents to $15.60, a day before the smartphone maker releases its quarterly earnings.
Bell will find out Thursday if its second attempt at buying Astral Media has the go-ahead from the federal broadcast regulator. The Canadian Radio-television and Telecommunications Commission says it will announce its decision at 4 p.m., after markets close.
The CRTC shot down Bell's initial, $3.4-billion bid for Astral last fall, saying it wasn't in the best interests of Canadians. BCE gained 53 cents to $42.10.
ON BAYSTREET
The TSX Venture Exchange remained positive 3.06 points to 863.90
All but one of the 14 Toronto subgroups were positive by noon, led by metals and mining, ahead 2.3%, gold, gaining 2.1%, and consumer discretionaries, up 1.6%
The lone naysayer was in telecoms, down 0.3%.
ON WALLSTREET
U.S. stocks extended a two-day rally early Thursday as investors shook off concerns about waning central bank stimulus.
The Dow Jones Industrials added 93.69 points to 15,003.80
The S&P 500 index gained 10.48 points to 1,613.74. The tech-rich NASDAQ Composite was positive 27.95 points to 3,404.17
ConAgra Foods shares rose after the company said it swung to a profit in is fiscal fourth quarter. Shares of KB Home were also higher after the homebuilder said losses narrowed in the second quarter.
Paycheck Inc., a provider of back office services, said profits were flat in the company's fourth quarter.
Shares of DirectTV fell after the company disclosed a pre-tax charge of $25 million U.S. due to misreporting of subscribers in its Latin American business.
Accenture and Nike will release results after the market close.
Investors have been taking their cues from U.S. economic data as they attempt to gauge when the Federal Reserve will begin to slow the pace of its bond buying program.
But comments from a top Fed official soothed concerns about an abrupt end to the program, which has been an important driver of the bull market.
New York Federal Reserve president William Dudley said the central bank could decide to increase the pace of its $85-billion-U.S-per-month purchases if the economy deteriorates and hiring slows.
Economically speaking, the U.S. Labor Department said initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22.
Separately, Americans' personal income rose 0.5% in May, while spending increased 0.3%, according to the Commerce Department.
Prices for the 10-year U.S. Treasury gained ground, lowering yields to 2.50% from Wednesday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.67 to $97.17 U.S. a barrel.
Gold prices erased a dollar to $1,228.80 U.S. an ounce.
