Equities in Toronto turned positive late morning Thursday as consumer discretionary stocks vied with telecoms for the lead among gaining subgroups.
The S&P/TSX composite index reversed gears and moved higher 39.45 points to greet noon at 15,063.34
The Canadian dollar plummeted 0.69 cents to 82.33 cents U.S.
Among discretionaries, Linamar Corporation galloped $9.32, or 12.8%, to $82.31, while Magna International gained $2.89, or 4.5%, to $66.50.
In the telecom sector, Manitoba Telecom Services gained $1.14, or 4.4%, to $26.79.
Metals and mining stocks continued to suffer, however, as Lundin Mining collapsed 24 cents, or 3.8%, to $6.09, and HudBay Minerals gave back 24 cents, or 2%, to $11.65.
On the economic slate, Statistics Canada came out with building permits news this morning, which reported that the total value rose 11.6% from a month earlier to $6.9 billion in March. This was the first increase in three months.
The agency goes on to say higher construction intentions for non-residential buildings in British Columbia and Alberta, and for multi-family dwellings in Ontario and B.C., were responsible for much of the advance.
ON BAYSTREET
The TSX Venture Exchange moved lower 1.42 points to 685.88
Nine of the 14 Toronto subgroups were in positive country, with consumer discretionary and telecom stocks each rising 1.8%, while health-care picked up 1.3%.
The five laggards were weighed mostly by metals and mining stocks, down 1.6%, while energy trailed 1.1% and global base metals listed lower by 0.7%.
ON WALLSTREET
U.S. equities held mostly higher in choppy trade on Thursday as investors were on edge ahead of Friday's jobs report and yields eased slightly from recent highs.
The Dow Jones Industrials surged 112.90 points to 17,954.88
The S&P 500 index moved upward 7.57 points to 2,087.72
The NASDAQ grew 19.53 points to 4,939.17.
Alibaba earned an adjusted 48 cents U.S. per share for its latest quarter, six cents above estimates, and revenue also beat Street forecasts. Alibaba also announced that Chief Operation Officer Daniel Zhang will become CEO as of May 10.
Priceline Group reported quarterly profit of an adjusted $8.12 U.S. per share, above estimates of $7.72 U.S., with revenue also beat consensus. Priceline cited strong growth in bookings for hotel rooms and rental cars, among other factors.
Procter & Gamble's hair care business is drawing interest from a variety of private equity firms, according to the New York Post, and that the business could bring in as much as $5 billion U.S.
Costco reported flat same-store sales for April, compared to estimates of a 0.3% increase.
Investors also eyed several U.S. data points ahead of the bell, including weekly U.S. jobless claims, which came in much weaker than expected.
Initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 265,000 for the week ended May 2, the U.S. Labor Department said on Thursday. Claims for the prior week were unrevised at 262,000, which was the lowest reading since April 2000.
One commentator said this number could be a sign that Friday's jobs report for April could come in better than expected. In March, the U.S. added 126,000 jobs versus and expected 245,000.
Prices for 10-year U.S. Treasuries gained ground, dropping yields to 2.20% from Wednesday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices eased $1.26 to $59.67 U.S.
Gold prices slid $7.80 to $1,182.50 U.S.
