The Toronto stock market was higher Thursday afternoon, lifted by a run of positive corporate earnings news from the big banks and the retail sector.
The S&P/TSX composite index was off its highs of the day, but held onto 12.59 points worth of gains to close at 15,241.16
The Canadian dollar faded 0.56 cents to 79.83 cents U.S.
Tech stocks led the parade, as Constellation Software bolted $28.50, or 7%, to $438.50.
The TSX financials sector moved higher as the parade of bank earnings this week continued with results from CIBC and TD Bank
CIBC exceeded analyst expectations as adjusted quarterly net income was $956 million or $2.36 a share, beating estimates of $2.27 a share. Net earnings fell from $1.177 billion a year ago when the bank had a one-time gain from its Aeroplan credit card business to $923 million or $2.28 a share.
The bank also hiked its quarterly dividend by three cents a share to $1.06 and its shares ran ahead $3.11, or 3.4%, to $95.33.
TD shares advanced 60 cents, or 1.1% to $54.53 as the bank earned $2.06 billion or $1.09 per diluted share for the quarter, compared with a profit of $2.04 billion or $1.07 per diluted share a year ago.
Revenue of $7.61 billion exceeded forecasts of $7.1 billion while adjusted earnings were $2.12 billion or $1.12 per share, which met expectations. TD also upped its quarterly dividend by four cents to 51 cents a share.
Loblaw Companies more than doubled its fourth-quarter profit, driven by its acquisition of Shoppers Drug Mart. Net income for the grocery, pharmacy and clothing retailer was $247 million or 60 cents a share.
Adjusted net earnings were $396 million or 86 cents a share while revenue was $11.4 billion, up 49% from a year ago and its shares added nine cents to $64.44.
Canadian Tire earned $206.6 million or $2.44 per diluted share in its fourth quarter compared with a profit of $191 million or $2.32 per diluted share a year ago. Revenue totalled $3.65 billion, up from $3.33 billion in the fourth quarter of 2013, which was one week shorter.
Same-store sales were up 2.8% at Canadian Tire and 4.9% at its FGL Sports banners, including a 9.4% gain at Sport Chek. Canadian Tire jumped $10.91, or 8.9%, to $133.50.
The base metals sector rose as May copper headed up five cents to $2.69 U.S. a pound. Sherritt International dipped seven cents to $2.47.
The gold sector was up while Goldcorp grew in price 45 cents, or 1.7%, to $27.25.
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 gained 1.44 points to 700.93
All but three of the 14 Toronto subgroups were positive, as information technology issues clicked 2.3% higher, gold was 1.6% better, and the metals and mining sector strengthened 1.3%.
The three laggards were energy, down 1.8%, while utilities and industrials each faltered 0.1%.
ON WALLSTREET
U.S. stocks closed narrowly mixed on Thursday, with stocks near recent highs, as lackluster economic data and oil concerns weighed on investor sentiment.
The Dow Jones Industrials retreated 10.15 points to 18,214.42
The S&P 500 settled 3.12 points to 2,110.74. The NASDAQ index gained 20.75 points to 4,987.89
Exxon Mobil, Chevron and Caterpillar each fell more than 1% as some of the greatest blue-chip laggards. The Dow briefly flirted with positive territory, led by Cisco, Johnson & Johnson and McDonald's.
In corporate earnings news, 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 per share from the prior 39 cents.
The Victoria's Secret parent L Brands reported quarterly profit of $1.89 U.S. per share, nine cents above estimates, while revenue was also above forecasts. However, its current quarter and full-year outlook are 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 down, raising yields to 2.02% from Wednesday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.14 per barrel to $48.85 U.S.
Gold prices gained $5.30 an ounce to $1,210.10 U.S.
