Equity markets in Toronto opened broadly higher on Thursday, helped in part by gains in the materials sector and forecast-beating results from Canadian Natural Resources.
The S&P/TSX composite index added 62.66 points, to begin Thursday at 15,145.50
The Canadian dollar tailed off 0.3 cents to 80.23 cents U.S.
Canadian Natural Resources posted a better-than-expected quarterly profit, helped by higher production, and the country's number-two oil and gas producer raised its dividend. CNQ shares leaped $1.05, or 2.9%, to $37.83.
Encana Corp., Canada's largest natural gas producer, said on Wednesday it plans to raise up to $1.44 billion through a secondary share issue as the company looks to bolster a balance sheet weakened by low oil and natural gas prices. Encana ducked back 62 cents, or 4.1%, to $14.58.
RBC cut the price target on Kinross Gold to $3.25 from $4.00. Kinross shares dropped a nickel, or 1.5%, to $3.32.
Canaccord Genuity cut the rating on Linamar Corp to hold from buy. Linamar shares sank $2.09, or 2.7%, to $76.32.
CIBC raised the price target on Semafo Inc. to $5.50 from $5.00. Semafo shares inched up two cents to $3.64.
The Ivey Purchasing Managers Index rolled out of London, Ontario’s Western University, showing a reading last month of 49.7. This compares to 45.4 in January, and 57.2 in February 2014.
The monthly survey of purchasing managers asked whether they increased or decreased purchases, or kept them the same. A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange regained 0.70 points to 698.79
All but three of the 14 Toronto subgroups were higher in the first hour of trading, with consumer staples soaring 0.9%, metals and mining stronger by 0.8%, and utilities improving 0.7%.
The three laggards were energy, staggering 0.7%, global base metals, fading 0.5%, and consumer discretionaries, dipping 0.1%.
ON WALLSTREET
U.S. stocks traded higher on Thursday, breaking a two-day decline with a boost from details on quantitative easing in the euro-zone ahead of domestic data.
The Dow Jones Industrials recouped 47.32 points to 18,144.22, with UnitedHealth leading gains and Caterpillar the greatest laggard.
The S&P 500 regained 3.53 points to 2,102.60, with utilities leading gains and energy the greatest of three declining sectors.
The NASDAQ index reacquired 20.65 points to 4,987.79.
In corporate news, food and general bulk merchandise retailer Costco Wholesale reported better-than-expected quarterly profit early Thursday, boosted by a tax benefit related to its special cash dividend last month.
Costco, the third-largest U.S. retailer, said net income rose to $598 million U.S., or $1.35 per share, for the second quarter ended Feb. 15, from $463 million U.S., or $1.05 per share a year earlier.
Simon Property is mulling a bid for rival mall owner Macerich, said an initial report by the Wall Street Journal. Simon hasn't made a formal offer as yet, although it did reveal a 3.6% stake in Macerich last year.
Piper Jaffray downgraded McDonald's to neutral from overweight, saying that the stock is appropriately valued after a recent 12% increase, and that initiatives to increase sales may work more slowly many expect.
Cooper Cos., Diamond Foods, Esterline Tech and Fresh Market report after the close.
The European Central Bank will start its trillion-euro ($1.1-trillion U.S.) bond-buying program on Monday, with expectations to end in September 2016, President Mario Draghi said during a press conference.
U.S. monthly jobless claims rose 7,000 to a seasonally adjusted 320,000 for the week ended Feb. 28, above estimates.
Other data reports came in slightly negative, mostly due to seasonal factors, analysts said.
Factory orders declined 0.2%, missing estimates of a 0.1% gain. Productivity topped estimates with a decline of 2.2% versus estimates of a 2.3% decline but below the 1.8% pace it had reported last month.
Traders are also waiting for Friday's February U.S. jobs report, expected to be show about 240,000 non-farm payrolls, below the 257,000 last month.
Prices for 10-year U.S. Treasuries were slightly higher, lowering yields to 2.11% from Wednesday’s 2.12%. Treasury prices and yields tend to move in opposite directions.
Oil prices cooled 32 cents to $51.21 U.S.
Gold prices gained $1.80 to $1,202.70 U.S.
