Solid bank earnings helped give the Toronto stock market a modest gain Thursday.
The S&P/TSX composite index was up 26.16 points to end the session Thursday at 14,214.74
The Canadian dollar shed 0.04 cents to 89.80 cents U.S.
CIBC posted quarterly net income of $1.18 billion, up nearly 50% from a year ago and partly due to the sale of half its Aeroplan credit card business to TD Bank.
Ex-items, CIBC's earnings were up 6.3% to $951 million or $2.31 a share, 15 cents better than estimates. TD's adjusted net income was $2.02 billion, or $1.06 per common share, two cents ahead of estimates.
TD hiked its dividend by 9% to 47 cents per share while CIBC's will be going up about 2% to 98 cents per share. TD shares rose 27 cents to $49.69 while CIBC gained 97 cents to $91.56.
In other earnings news, Maple Leaf Foods dropped 11 cents to $15.78 as it reported an adjusted quarterly operating loss of $21.7 million or 25 cents a share, a big miss from the six cents a share of adjusted profit that analysts had estimated.
The tech sector advanced with Davis + Henderson ahead 36 cents to $31.06.
The base metals sector was up 0.62 per cent as May copper lost one cent to $3.20 U.S. a pound. Teck Resources took on 19 cents to $24.87
The gold sector climbed, even as Barrick Gold faded eight cents to $23.04.
A major decliner was Taseko Mines after the federal government again rejected its proposed $1.5-billion, open-pit, gold-copper mine in British Columbia's Interior over environmental concerns.
The environment department rejected the New Prosperity Mine for a second time, saying it would cause significant adverse environmental effects that can't be mitigated and its shares fell 14 cents, or 5.9%, to $2.23.
The energy sector declined, even as Imperial Oil progressed 28 cents to $49.06, while Suncor dropped a penny to $36.78.
ON BAYSTREET
The TSX Venture Exchange gained 11.11 points to 1,019.27.
All but three of the 14 Toronto subgroups were higher by day’s end, as information technology and global base metals vied for top spot, each group gaining 0.7%, while real-estate improved 0.6%.
The three laggards were health-care, plummeting 4.1%, while energy moved lower 0.4%, and utilities dipped 0.3%.
ON WALLSTREET
Stocks rose Thursday as investors listened to testimony from Federal Reserve Chair Janet Yellen and dug into the earnings of some troubled retailers.
The Dow Jones Industrial Average climbed 74.24 points to close Thursday at 16,272.65
The S&P 500 index took on 9.13 points to 1,854.29. The NASDAQ popped 26.87 points to 4,318.93
In corporate news, investors seemed to like what they're hearing from some struggling retailers.
Shares of J.C. Penney soared almost 25% after the retailer reported a narrower-than-expected quarterly loss and said it expects same-store sales to rise by 3% to 5% during the current quarter. After a rough few years, some investors are hopeful that the company can finally deliver on its much-hyped turnaround strategy.
Best Buy shares also jumped after the electronics retailer reported quarterly earnings that had returned to profit from earlier losses. The company has experienced its fair share of problems in recent years as consumers have turned more toAmazon.com Inc and other online stores for deals.
Tesla shares initially got a boost Thursday after the automaker announced it was raising $1.6 billion U.S. to fund its expansion plans. But shares pulled back and were lower in afternoon trading. Still. the electric car company's stock has soared almost 50% in the past month and hit a high of $265 per share Wednesday.
Shares of eBay rose after Carl Icahn issued a letter criticizing the two members of the Internet commerce giant's board of directors for alleged conflicts of interest. It was the activist investor's second letter on the subject this week. eBay has defended its board members against the claims.
Icahn revealed a stake in the firm earlier this year and is pushing for eBay to spin off its PayPal business. He also wants to place two of his employees on eBay's board.
Shares of Chinese search engine Baidu popped after the company posted solid earnings and sales.
Yellen testified before the Senate Banking Committee this morning. The Fed began dialing back its unprecedented stimulus in December, and is currently purchasing $65 billion U.S. in bonds per month, down from a monthly $85 billion U.S. last year.
Investors were also keeping a close eye on the tension in Ukraine. European markets were under pressure in afternoon trading as traders fretted about the formation of a new Ukrainian government and its increasingly dire economic situation.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.64% from Wednesday’s 2.67%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 34 cents to $102.25 U.S. a barrel.
Gold prices regained $2.10 to $1,333.40 U.S. an ounce.
