Canada's main stock index enjoyed a sharply higher open on Thursday as positive data from China and the euro-zone hinted at improving global growth.
The S&P/TSX Composite Index ballooned 118.43 points, or nearly 1%, to open Thursday at 12,605.07
The Canadian dollar slumped 0.39 cents to 96.93 cents U.S.
Suncor Energy Inc posted a second-quarter profit that missed analyst expectations by a penny as earnings were affected by factors including the precautionary shutdown of third-party pipelines due to flooding in northern Alberta. Suncor shares rocketed up 76 cents to $33.22
Bombardier Inc reported a 22% rise in second-quarter profit, helped mainly by growth in its train business. Bombardier picked up eight cents to $5.04
Barrick Gold Corp posted a second-quarter loss, hit by a massive $8.7-billion impairment charge resulting from declining metal prices, and cut its dividend by 75%. Barrick shares acquired 72 cents to $17.72
Enbridge Inc, Canada's largest pipeline company, reported a 12% rise in second-quarter adjusted profit due to higher contracted volumes. Shares in Enbridge shares took on 49 cents to $46.06
Pharmacy benefit manager Catamaran Corp said it would buy privately held Restat LLC for $409.5 million to expand its client base.
Catamaran shares spiked $4.60, or 8.5%, to $58.70
Yamana Gold reported a loss in the second quarter, hit by lower realized commodity prices, and it reduced its production target for the year to reflect a drop in metal prices and cost-cutting. Yamana shares dropped 38 cents to $10.35.
In economic news, the July RBC Canadian Manufacturing PMI of 52.0 indicated business conditions continued to improve with the measure remaining above the 50 "no-change" level. However, this did represent a slight moderation in the pace of improvement given readings in June and May of 52.4 and 53.2, respectively.
ON BAYSTREET
The TSX Venture Exchange inched up 3.10 points to 920.44
All but three of the 14 Toronto subgroups were higher in first-hour trading, led by health-care, gaining 3.1%, while energy stocks gushed 1.7%, and global base metals picked up 1.3%.
The three laggards were gold, off 1.3%, materials, down 0.4%, and utilities, sliding 0.3%
ON WALLSTREET
The Dow Jones Industrials and S&P 500 rallied to new highs straight out of the gate Thursday.
The S&P 500 topped 1,700 for the first time ever, while the Dow also hit a record high.
The Dow leaped 144.80 points to 15,644.30
The S&P 500 index spiked 17.38 points to 1,703.11. The NASDAQ grew 39.12 points to 3,665.49
On the corporate front, Procter & Gamble reported better-than-expected earnings and sales for its fiscal fourth quarter.
Exxon Mobil reported quarterly earnings that fell short of forecasts, citing weaker refining margins, while revenue topped estimates.
Royal Dutch Shell reported earnings and revenue that missed estimates. The company cited higher costs, exploration charges and challenges in Nigeria, where oil thefts and supply disruptions have hit Shell's bottom line.
Barrick Gold Corp. booked a quarterly charge of $8.7 billion U.S. in the second quarter, driven by falling gold prices.
Shares of DirecTV fell after the satellite television provider posted earnings that widely missed forecasts. LinkedIn is due after the close.
Sony reported first-quarter results showing a 13% jump in sales compared with the same quarter a year earlier. The revenue boost was largely the result of a weaker yen and stronger smartphone sales.
Yelp shares jumped 20% after the online review site reported a smaller-than-expected quarterly loss late Wednesday.
Shares of J.C. Penney rebounded following a 10% selloff Wednesday. The retailer issued a statement early Thursday disputing reports that CI had cut off some of the credit to its suppliers due to concerns about Penney's ability to pay them.. However, an analyst for Citigroup cut her recommendation on the stock to a sell from neutral.
Major automakers will also release their monthly sales results throughout the day.
Economically speaking, the U.S. Labor Department reported that the number of Americans filing first-time claims for unemployment benefits fell to a five-year low. That's good news ahead of the government's monthly jobs report on Friday.
Still to come, the Institute for Supply Management will release its monthly manufacturing sentiment index, while the Census Bureau will issue data on construction spending.
Investors were also calmed by indications that the U.S. Federal Reserve will not be too hasty when scaling down its massive bond-buying program.
Prices for the 10-year U.S. Treasury dipped, raising yields to 2.65% from Wednesday’s 2.60%. Treasury prices and yields move in opposite directions.
Oil prices acquired $2.23 to $107.26 U.S. a barrel.
Gold prices added $8.80 to $1,321.80 U.S. an ounce.
