Equity markets in Toronto rose slightly 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 20.86 points to end the day at 14,554.25
The Canadian dollar added 0.05 cents at 90.69 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 67 cents to $39.02 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 34 cents at $19.25 – and Goldcorp, down 20 cents at $27.08.
Energy companies were mixed, with Pacific Rubiales Energy tumbling $2.32, or 11.5%, to $17.87, while Suncor Energy fading 41 cents, or 1%, to $40.96. Husky Energy went south 57 cents to $35.74 and Talisman Energy off a dime to $11.81.
Pipeline company TransCanada Corp moved 54 cents higher, to $50.38, while Enbridge was up 14 cents at $52.00.
Among the financial stocks helping the index stay positive, Royal Bank of Canada added 14 cents to $72.27 and Toronto-Dominion Bank gained 13 cents to $51.77.
ON BAYSTREET
The TSX Venture Exchange gained 3.47 points to 1,014.45
All but four of the 14 Toronto subgroups were gainers, led by the metals and mining group, up 1.9%, utilities, up 1.1%, and health-care, up 1%.
The four laggards were weighed mostly by gold, down 1.7%, energy, sliding 0.6%, and consumer staples, off 0.3%.
ON WALLSTREET
The bulls and bears were having a tug of war Thursday as they debate the latest corporate earnings, renewed geopolitical tensions and a recent spate of merger news.
The Dow Jones Industrial Average dropped its gains and finished flat at Wednesday’s reading of 16,501.65
The S&P 500 eked forward 3.22 points to 1,878.61, and the NASDAQ composite index advanced 21.37 to 4,148.34.
Both Wall Street and Main Street were talking about Apple after its announcement 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 U.S.
But not all the news in the tech sector was good. Shares of Xilinx sank after the maker of devices and software used in a variety of industries reported quarterly results that missed analysts' expectations.
Netflix shares were also down as investors continue to digest the company's plan to raise prices for its online streaming service.
Microsoft, Starbucks, Amazon and Baidu are slated to report after the market closes.
Thursday was 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.
UPS blamed the snowy weather for weak first quarter results even though people have been sending more packages, especially e-commerce sites.
Caterpillar reported earnings that topped analysts' expectations and issued an upbeat outlook. The construction equipment maker, considered a bellwether for the global economy, reported solid growth in China.
Zimmer Holdings announced plans to buy Biomet in a cash and stock deal valued at more than $13 billion. The combined company will be one of the largest makers of orthopedic devices. Zimmer shares surged 13%.
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.
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 up again, lowering yields to Wednesday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices climbed 48 cents to $101.92 U.S. a barrel.
Gold prices acquired $6.60 at $1,291.20 U.S. an ounce.
