Canada's main stock index advanced on Thursday as shares of oil producers shrugged off a decline in crude prices, and positive U.S. economic data helped drive gains in most other sectors.
The S&P/TSX composite index hiked 118.46 points to approach Thursday noon ET at 15,061.01. Markets are shuttered tomorrow for Good Friday.
The Canadian dollar improved 0.19 cents to 79.41 cents U.S.
The energy sector advanced as Suncor Energy jumped 3.2% to $38.43 and was the most influential gainer on the index. Canadian Natural Resources Ltd added 1% to $39.49.
Financial shares rose with Royal Bank of Canada climbing 0.8% to $76.85, and Bank of Montreal gaining 0.8% to $76.45.
On the economic front, Statistics Canada reported that imports declined 0.7% in February while exports were up 0.4%. Consequently, our merchandise trade deficit with the world narrowed from $1.5 billion in January to $984 million in February.
ON BAYSTREET
The TSX Venture Exchange gained 0.74 points to 682.06
All but three of the 14 Toronto subgroups were higher. Energy stocks climbed 2%, while consumer discretionaries and consumer staples each took on 1.4%,
The three laggards were weighed by gold, off 1.6%, materials, down 0.4%, and global base metals, ailing 0.3%
ON WALLSTREET
U.S. stocks traded higher on Thursday, the last day of trade for the week, as investors digested economic data and set up for Friday's jobs report.
The Dow Jones Industrials trimmed its gains by noon to 32.17 points, bringing the index to 17,730.35.
The S&P 500 improved 7.44 points to 2,067.13. The NASDAQ held onto gains of 8.80 points to 4,889.03.
In corporate news, Lumber Liquidators said March sales were hurt by the "60 Minutes" report on alleged safety problems with its flooring, falling 12.8% compared to a year ago. However, it also notes that first quarter sales were up 5.6%, which puts them above Street estimates.
The CFTC sued Kraft Foods and Mondelez for alleged manipulation of wheat futures and cash wheat prices. Some of the incidents mentioned in the complaint occurred before the 2012 transaction which split Kraft and Mondelez into separate companies.
Mondelez said it does not expect any payment resulting from this case to be material to investors, and Kraft told the media that Mondelez will predominantly bear any costs related to the case.
Pfizer will shut down its vaccine sales operation in China after regulators did not renew an import license for its anti-bacterial treatment Prevenar, the only vaccine it sells in that country.
AIG has been sued by investment firm Pimco, with dozens of Pimco funds saying they suffered sizable losses during the 2008 financial crisis due to AIG's investment in "exotic securities." AIG said it would vigorously defend itself against those charges.
Economically speaking, factory orders showed an increase of 0.2% in February, beating expectations for a second month of decline.
Futures were little changed following a decline in weekly jobless claims to 268,000. February's trade deficit also came in much smaller than expected at $35.4 billion U.S.
Prices for 10-year U.S. Treasuries sagged, boosting yields to 1.91% from Wednesday’s 1.87%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.22 to $48.87 U.S.
Gold prices sifted off $10.90 to $1,197.30 U.S.
