Stock markets rose on Thursday, largely bolstered by positive quarterly results from mining firms, including Agnico Eagle Mines, which jumped more than 16% on estimate-beating quarterly results and a higher production forecast.
The S&P/TSX composite index gained 72.11 points to greet noon at 13,315.43
The Canadian dollar dumped 0.35 cents to 95.94 cents U.S.
The overall materials group, home to mining companies, was up as Agnico, Goldcorp Inc, Teck Resources and Barrick Gold Corp were the four biggest contributors to the TSX advance.
Goldcorp gained 3.4% to $27.48 while Teck Resources rose 4.1% at $30.62. Both companies reported quarterly results that topped expectations.
Barrick climbed 3% to $20.73. Shares of Agnico, which reported results after markets closed on Wednesday, were trading at $31.23.
A 4.7% drop in Potash Corp shares to $31.38 tempered the group's gains. The fertilizer producer reported a sharp drop in third-quarter earnings and cut its full-year outlook more than expected.
Weaker-than-expected quarterly results from Rogers Communications Inc and Shaw Communications Inc sent the telecoms group down.
Rogers fell 2.3% to $45.99 after pricing changes dented sales at its wireless unit, while Shaw fell 3.6% to $24.44 after it said it was losing customers due to heightened competition.
ON BAYSTREET
The TSX Venture Exchange grew 5.65 points to 972.52
All but four of the 14 Toronto subgroups were higher at noon ET, led by gold, up 4.6%, while metals and mining, up 3.3%, materials, ahead 2.9%.
The four laggards were weighed most by telecoms, down 0.9%, consumer staples, down 0.3%, and utilities, off 0.2%.
ON WALLSTREET
Encouraging data from China and a batch of strong earnings brightened the mood on Wall Street Thursday.
The Dow Jones Industrials rocketed 82.33 points to pause for lunch at 15,495.70
The S&P 500 index progressed 4.39 points to 1,750.77. The NASDAQ took on 19.10 points to 3,926.17
Dow components 3M and AT&T reported better-than-expected earnings. But shares of Ma Bell were down 2% while 3M rose slightly.
Ford shares rallied after the automaker raised guidance and released quarterly earnings and revenue that topped forecasts. Rival GM rose on the news as well.
PulteGroup shares were also on the rise after the homebuilder's earnings and revenue topped forecasts.
Southwest Airlines gained ground after the discount airline reported solid earnings thanks to higher airfares and declining fuel costs. Southwest was optimistic about the current quarter, highlighting that bookings for November and December are strong.
On the downside, shares of Symantec got hammered after the company reported earnings and sales that fell short of estimates, and slashed its guidance. Dow Chemical shares were also under pressure after the company's earnings fell short.
Microsoft, Zynga and Amazon are due to report results in the afternoon.
Meanwhile, shares of Apple were relatively flat despite the news that activist investor Carl Icahn sent a letter to CEO Tim Cook reiterating his push for a big share buyback. Icahn said he boosted his stake in the company to 4.73 million shares, and remains convinced that apple should launch a $150-billion U.S. buyback program.
Manufacturing is improving in the world's second largest economy. Chinese factory activity hit a seven-month high in October. The positive data follows last week's upbeat report that showed China's economy great 7.8% during the third quarter.
Prices for the 10-year U.S. Treasury fell a bit, raising yields to 2.50% from Wednesday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 44 cents to $96.42 U.S. a barrel.
Gold prices acquired $15.20 to $1,349.20 U.S. an ounce.
