Markets in Toronto staged a comeback Thursday, as pleasant economic signs from China and Europe overcame not-so-cheery domestic tidings.
The S&P/TSX composite index gained 113.11 points to begin Thursday at 12,686.19
The Canadian dollar shed another 0.24 cents to 95.25 cents U.S.
Canada is focused on boosting competition in the telecom sector and will examine any move by industry leader Rogers Communications back a private equity bid for two small wireless carriers, Federal Industry Minister James Moore said on Wednesday. Rogers stock started the day up a penny to $40.61
National Bank Financial resumed the rating on Atco Ltd with sector perform on valuation. Atco shares gained 76 cents to $43.62.
KBW raised the price target on Bank of Montreal to $63 from $62, believing that the bank could report steady core profitability and an in-line quarter highlighted by strong growth and better net interest margin in the U.S. BMO shares picked up 44 cents to $64.91
Also, KBW raised the price target on the Bank of Nova Scotia to $61 from $60, saying potential economic headwinds in the emerging markets in which it operates could results in slower growth and potentially higher credit costs as well. Scotiabank shares climbed 40 cents to $58.68
National Bank Financial resumed coverage on Canadian Utilities Ltd. with a sector perform rating after the company reported adjusted EPS of C$1.20 with 14% growth year-over-year, driven by ongoing rate base growth within its utilities segment coupled with relatively strong realized Alberta power prices within the energy segment. Canadian Utilities shares gained 19 to $20.29
On things economic, Statistics Canada reported that June retail sales declined 0.6%, partially offsetting the gain in May.
The nation’s number-crunchers also said the number of those on regular employment insurance edged up during June by 4,500 or 9% to 512,300, after a decline in May.
The number of beneficiaries has, most recently, been trending downward. Compared with June 2012, the number of people receiving regular benefits declined 6.4%.
ON BAYSTREET
The TSX Venture Exchange recovered 4.93 points to 930.25
All 14 Toronto subgroups were positive, led by metals and mining, up 3.5%, global base metals, up 3.2%, and gold, up 3%.
ON WALLSTREET
Stocks moved higher in early trading Thursday on positive global economic news.
The Dow Jones Industrials took on 49.14 points to 14,946.70. The Dow has ended lower for six straight days, its worst stretch since July 2012.
The S&P 500 index recovered 10.21 points to 1,653.01. The NASDAQ regained 32.58 points to 3,632.37
Several retailers took massive hits Thursday on weak quarterly numbers.
Abercrombie & Fitch shares plummeted after the teen-oriented clothing retailer reported a slump in quarterly sales and profits and a terrible outlook.
Sears Holding reported an uptick in its quarterly losses as revenues continue to fall.
In the world of tech, Hewlett-Packard shares dropped after the company announced its latest earnings on Wednesday, showing that PC sales are still in the dumps. HP is still top stock in the Dow this year though, as investors have high hopes for the turnaround plan of CEO Meg Whitman.
Gap and Pandora Media release results after the market close.
On Wednesday, stocks fell after the release of minutes from the latest U.S. Federal Reserve meeting. Investors have been in a bearish mood as they consider the possibility that the Fed will soon start pulling back on its massive bond purchase program -- also known as quantitative easing -- which has propped up equity markets.
Investors will continue looking Thursday for hints as to when exactly the Fed will start "tapering" its bond-buying program, as central bankers from across the globe gather for an economic symposium in Jackson Hole, Wyo.
Prices for the 10-year U.S. Treasury fell again, raising yields to 2.88% from Wednesday’s 2.86%. Treasury price and yields move in opposite directions.
Oil prices were up 33 cents to $104.18 U.S. a barrel.
Gold prices gained $3.90 to $1,374 U.S. an ounce.
