The Toronto stock market registered a healthy advance Thursday afternoon as investors picked over some stocks that were indiscriminately sold off in a string of huge declines this week that sent the TSX into correction territory.
The S&P/TSX composite index gained 52.17 points to end Thursday at 13,905.12
The Canadian dollar dumped 0.36 cents to 86.73 cents U.S.
The index was off early highs as mining stocks moved into the negative column. This, after a 343-point plunge Wednesday that left the TSX down 12% from its 2014 highs in mid-summer. A drop of 10% or more from recent highs is considered a correction.
Energy stocks are still down more than 25% year to date in a selloff that lumped high-quality, low-cost producers with companies that are more vulnerable to low oil prices because of higher debt and production costs.
Many energy companies have been reacting to sharply lower oil prices by cutting capital spending estimates. Cenovus Energy joined that group Thursday as the company announced it was cutting 2015 capital spending to between $2.5 billion and $2.7 billion, down about 15% from 2014 levels. Its shares slipped five cents to $21.05.
Among industrials, Bombardier took on 3.5% to $4.10. In the telecom sector, TELUS was 4.2% to the good, at $41.77
Among financials, RBC inched back 0.1% to $78.53.
The gold sector shed ground as Barrick Gold lost 0.4% to $13.64.
The base metals sector fell even as March copper edged up three cents to $2.92 U.S. a pound. Teck Resources plummeted 9.3% to $13.56.
On the economic calendar, Statistics Canada's New Housing Price Index rose 0.1% in October, following an identical increase in September.
ON BAYSTREET
The TSX Venture Exchange dipped 4.41 points to 663.50
All but four of the 14 Toronto subgroups were positive, with telecoms soaring 2.5%, information technology up 1.5%, and consumer discretionaries ahead 1.4%.
The four laggards were weighed mostly by metals and mining, down 1.9%, global base metals, off 1.5% and gold, sliding 1%.
ON WALLSTREET
U.S. stocks advanced on Thursday, cutting weekly losses, but euphoria over increased retail sales in November faded as oil fell to another five-year low and renewed worries of a government shutdown.
The Dow Jones Industrials jumped 63.19 points to conclude Thursday at 17,596.34, with Walt Disney leading blue-chip gains that included 28 of its 30 components.
The S&P 500 regained 9.19 points to 2,035.33, with utilities and consumer discretionary the best performing of its 10 major industry groups, all of which advanced.
The NASDAQ index finished positive 24.13 points to 4,708.16.
Figures from the U.S. Commerce Department had retail sales rising 0.7% last month, the largest increase in eight months.
After the stronger-than-expected retail report, the National Retail Federation told reporters its forecast "is right on track" for a 4.1% sales growth this holiday season.
Separately, the U.S. Labor Department reported fewer Americans filed unemployment claims last week.
Prices for 10-year U.S. Treasuries slipped, lifting yields to 2.18% from Wednesday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices lost another $1.15 per barrel to $59.79 U.S.
Gold prices fell four dollars an ounce at $1,228.10 U.S.
