Equity markets in Toronto rose on Thursday, as gains in Potash Corp following better-than-expected results and in some heavyweight banks were offset by declines in gold miners.
The S&P/TSX composite index strengthened 48.71 points to greet noon at 14,582.10
The Canadian dollar added 0.03 cents at 90.67 cents U.S.
Canada has been one of the best performing markets globally since the start of the year. On Wednesday the index hit 14,587.09, its strongest level since mid-2008.
Potash shares rose 1.3% to $38.85 after the world's biggest fertilizer company beat profit expectations in a tough quarter.
But that gain was mitigated by slips in major gold miners Barrick Gold - off 0.7% at $19.45 – and Goldcorp, which was down 0.5% at $27.14.
Energy companies were mixed - with a 6% drop in Pacific Rubiales Energy and smaller slips in Suncor Energy, Husky Energy and Talisman Energy.
Pipeline company TransCanada Corp moved 0.7% higher, to $50.18, while Enbridge Inc was up 0.3% at $52.06.
Among the financial stocks helping the index stay positive, Royal Bank of Canada added 0.3% to $72.32 and Toronto-Dominion Bank gained 0.3% to $51.78.
ON BAYSTREET
The TSX Venture Exchange gained 3.69 points to 1,014.67
All but three of the 14 Toronto subgroups were higher, as consumer discretionary, health-care and metals and mining stocks each climbed 0.6%.
The three laggards were gold, down 1%, consumer staples, off 0.3%, and materials, down 0.1%.
ON WALLSTREET
A burst of optimism early Thursday faded fast as investors looked past strong quarterly reports from Apple and Facebook.
Still, the Dow Jones Industrial Average moved ahead 22.65 points to 16,524.30
The S&P 500 eked forward 6.06 points to 1,881.45, and the NASDAQ composite index advanced 28.79 to 4,155.47.
Stocks opened higher as investors cheered strong quarterly earnings from Apple and Facebook. But the early advance faded as so-called momentum stocks, which have been volatile recently, came under pressure.
Biotechnology firms and some cloud computing companies were among the hardest hit.
Apple shares rallied after the company said late Wednesday that it was expanding its stock buyback program and increasing its dividend, while reporting quarterly results that beat expectations.
The iPhone maker also revealed a seven-to-one stock split, which will make it easier for individual investors to buy a slice of the tech giant. A single share in Apple currently costs over $500.
Facebook also beat expectations, helped by strong mobile advertising numbers.
Microsoft, Starbucks, Amazon and Baidu are slated to report after the market closes.
Thursday is a busy day for earnings reports as well. General Motors reported a $1.3-billion U.S. charge relating to a massive recall involving faulty ignition switches linked to at least 13 deaths. But excluding that charge and other one-time items, GM's earnings easily topped forecasts.
Caterpillar reported earnings that topped analysts' expectations and issued an upbeat outlook. UPS blamed the snowy weather for weak first quarter results even though people have been sending more packages, especially e-commerce
Shares of AstraZenec gained after the firm reported better-than-expected earnings. AstraZeneca was in the spotlight earlier this week after it was reported that Pfizer had considered buying the company for £60 billion ($100 billion U.S.). Some think an offer may yet come.
Meanwhile, in Paris, Alstom shares surged by roughly 12% Thursday following a Bloomberg report that General Electric may make a multi-billion dollar bid for the company. The French maker of turbines and trains said it was "not informed" of a takeover offer.
On the economic front, the U.S. Department of Labor reported initial jobless claims in the U.S. hiked to 329,000 last week from 305,000 the week before. The Census Bureau reported that durable goods orders gained 2.6% in March, the biggest gain in four months.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.70% from Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices climbed 63 cents to $102.07 U.S. a barrel.
Gold prices acquired $4.40 at $1,289.00 U.S. an ounce.
