Equities in Toronto were positive at the outset Thursday, as inflation numbers proved benign.
The S&P/TSX composite index hiked 64.44 points to open Thursday at 15,293.01
The Canadian dollar faded 0.22 cents to 80.17 cents U.S.
Canadian Imperial Bank of Commerce reported better-than-expected first-quarter earnings on Thursday, helped by strong profit growth in its wholesale banking business. CIBC shares mushroomed $3.06, or 3.3%, to begin the session at $95.28.
Imperial Capital raised the price target on Absolute Software Corp. to $10.00 from $8.00, with an outperform rating. Absolute shares dipped 28 cents, or 2.8%, to $9.79.
BMO raised the target price on Agrium Inc. to $120.00 from $110.00, with an outperform rating. Agrium shares fell 17 cents to $143.56.
Economically speaking, Statistics Canada reported this morning that consumer prices rose 1.0% in the 12 months to January, following a 1.5% increase in December. On a seasonally-adjusted monthly basis, the Consumer Price Index declined 0.2% in January, matching the decrease in December.
ON BAYSTREET
The TSX Venture Exchange inched higher 1.95 points to 701.44
All but one of the 14 Toronto subgroups were positive, as metals and mining shares hiked 2.6%, gold shone 1.9% brighter, and financials popped 1.2%.
The lone holdout was energy, off 1.2%
ON WALLSTREET
U.S. stocks traded in a narrow range on Thursday as investors digested mixed economic data and sideways trade in oil.
The Dow Jones Industrials slumped 26.20 points to 18,198.37, with Intel leading decliners and American Express the greatest advancer.
The S&P 500 settled 6.42 points to 2,107.44, with energy the greatest decliner and information technology and health care the only advancing sectors.
The NASDAQ index was down 8.01 points to 4,959.13
Sears reported an adjusted quarterly loss of $1.37 U.S. per share, smaller than the $1.89 U.S. consensus estimates. Revenue was below consensus, and same-store sales at both Sears and Kmart fell. Sears also said it expects to complete its previously announced spinoff of 200 to 300 stores into a REIT by May or June, which should bring in more than $2 billion U.S.
Kohl's posted quarterly profit of $1.83 U.S. per share, three cents above estimates, with revenue very slightly above forecasts. Kohl's also increased its dividend by 15% to 45 cents U.S. per share from the prior 39 cents U.S.
The Victoria's Secret parent L Brands reported quarterly profit of $1.89 per share, nine cents above estimates, while revenue was also above forecasts. However, its current quarter and full-year outlook is below analyst forecasts.
An expanded partnership agreement between Dunkin' Brands, JM Smucker, Keurig Green Mountain will mean Dunkin's K-Cup coffee packs will now be sold online and in stores. Previously, they had only been available in Dunkin' Donuts locations.
Autodesk, Gap, Herbalife, JC Penney, Weight Watchers and Splunk are due to report after the bell.
The core Consumer Price Index, the key figure for the Fed that excludes more volatile food and energy prices, gained 0.2%. However, CPI data for January was down more than expected at 0.7%.
Expectations were for a further sharp drop of 0.6% month on month, the biggest fall since 2008, driven by energy prices to leave the year-on-year rate in negative territory.
Elsewhere on the economic calendar, durable goods orders figures for January increased a more-than-expected 2.8%, after a 3.4% decline in the prior month.
Initial claims for unemployment for the week of Feb. 15, came in at 313,000. Analysts had expected the figure to increase moderately to 285,000 from 283,000 the week prior.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Wednesday’s 1.97%.
Oil prices fell $1.10 per barrel to $49.89 U.S.
Gold prices gained $10.40 an ounce to $1,211.90 U.S.
