Equity markets in Toronto rose broadly on Thursday, led by healthy gains among bank shares and forecast-beating results from Canadian Natural Resources Ltd., the country's second-biggest oil and gas producer.
The S&P/TSX composite index added 71.51 points, to approach the midday point at 15,154.35
The Canadian dollar tailed off 0.43 cents to 80.07 cents U.S.
Stocks worldwide were supported by the European Central Bank's latest effort to boost the struggling euro-zone economy.
The heavily weighted financial stocks were the most influential, as Royal Bank of Canada led the rise, with a 0.8% gain to $77.72. Toronto-Dominion Bank rose just over 1% to $54.71.
Energy stocks were up modestly, helped in large part by Canadian Natural's 4.5% jump to $38.42 after the company reported earnings of 69 cents per share, higher than the 67 cents analysts had expected. Crude prices were also up moderately.
The company, which slashed its 2015 capital budget by 28% and postponed a heavy oil project in January due to low crude prices, also announced salary cuts for management as well as other budget-trimming measures.
The materials group rose while the price of gold climbed on the ECB news.
Goldcorp, the world's biggest gold producer by market value, was up 2.7% at $26.14. Barrick Gold climbed 2.7% to $15.50.
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 asks 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 sidled back 2.23 points to 695.86
All but one of the 14 Toronto subgroups were higher midday, with metals and mining surging 1.2%, gold shinier 1%, and consumer staples soaring 0.9%.
The lone laggard was in global base metals, down 0.4%.
ON WALLSTREET
U.S. stocks traded mildly higher on Thursday, breaking a two-day decline with a boost from details on quantitative easing in the euro-zone, ahead of Friday's jobs report.
The Dow Jones Industrials recouped 43.63 points to 18,140.53, with IBM leading gains and McDonald's the greatest decliner
The S&P 500 remained positive 2.45 points to 2,100.98, with utilities leading gains and energy the greatest of four laggards.
The NASDAQ index was in the green 13.95 points to 4,981.09.
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 dipped, raising yields back to Wednesday’s 2.12%. Treasury prices and yields tend to move in opposite directions.
Oil prices cooled 24 cents to $51.29 U.S.
Gold prices gained two dollars to $1,202.90 U.S.
