The Toronto stock market was higher Thursday amid signs of an improving Chinese economy and earnings reports from the resource sector that beat expectations.
The S&P/TSX composite index gained 81.43 points to conclude Thursday at 13,324.75
The Canadian dollar dumped 0.35 cents to 95.94 cents U.S.
Teck Resources Ltd. shares were ahead $1.13 to $30.54 as the miner reported a third-quarter adjusted profit of $252 million, or 44 cents per share, which was far better than analyst estimates but down sharply from the same time last year as prices for all of its principal products have fallen.
Among gold plays, Goldcorp Inc. advanced $1.19 to $27.76 as the company posted net earnings of $5 million U.S., down from $498 million U.S. in the same period last year amid rising costs and lower prices. That amounted to a penny per share for Goldcorp shareholders, compared with 61 cents per share last year.
Revenue dropped to $929 million U.S. from $1.3 billion U.S.
The energy sector was ahead as Cenovus Energy Inc. reported its third-quarter operating earnings were $313 million, or 41 cents per share, missing estimates of 48 cents a share. But operating cash flow from oil production was up 40% to $915 million, thanks to higher output and higher realized prices. Its shares added 15 cents to $30.84.
The telecom sector was down as Rogers Communications' said that third-quarter adjusted net income was up 1% from last year, rising to $501 million or 97 cents a share, a penny ahead of expectations.
But operating revenue was slightly below estimates, growing two per cent to $3.22 billion and its shares declined $1.25 to $45.83.
A major loser on the TSX was Wi-LAN Inc. Its stock plunged 92 cents, or 22.6%, to $3.16 after a jury in Texas ruled Thursday against the Ottawa-based company in its patent infringement case against Apple Inc.
Wi-LAN has licensed its intellectual property to more than 270 companies worldwide that are involved in the manufacture or sale of a wide range of communication and consumer electronics products.
ON BAYSTREET
The TSX Venture Exchange grew 5.72 points to 972.59
All but four of the 14 Toronto subgroups were higher, led by gold, up 4.3%, materials, ahead 2.9%, and the metals and mining group, gaining 2.7%.
The four laggards were weighed mostly by telecoms, down 1.2%, while consumer staples and consumer discretionaries were each down 0.3%.
ON WALLSTREET
Encouraging data from China and a batch of strong earnings brightened the mood on Wall Street Thursday.
The Dow Jones Industrials rocketed 95.88 points to close at 15,509.20
The S&P 500 index progressed 5.30 points to 1,751.68. The NASDAQ took on 21.89 points to 3,928.96
Shares of Apple rose 1.3% following the news that activist investor Carl Icahn sent a letter to CEO Tim Cook reiterating his push for a big share buyback.
The gains briefly put Apple's stock in positive territory for the year for the first time since Jan. 4. Shares have rallied nearly 40% since they slid below $400 U.S. in April.
In his letter, 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.
Traders seemed to be on board with Icahn, and are looking forward to Apple's earnings next week.
Dow components 3M and AT&T reported better-than-expected earnings. But shares of Ma Bell declined almost 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. Investors were particularly encouraged by the fact that Ford once again trimmed its ongoing losses in Europe and raised its earnings guidance.
On Ford's earnings call with analysts, CEO Alan Mulally also tried to ease concerns that he may leave the automaker to take the top job at Microsoft.
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 also finished lower after the company's earnings fell short.
After the bell, Microsoft reported earnings and revenue that easily topped expectations, sending shares nearly 6% higher in after-hours trading.
Amazon reported a quarterly loss that was in line with forecasts. Sales topped estimates though and its stock rose after hours on the news.
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 2.52% from Wednesday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices regained 22 cents to $97.08 U.S. a barrel.
Gold prices acquired $11.70 to $1,345.70 U.S. an ounce.
