(CORRECTS ERROR IN TSX, DOLLAR, VENTURE GRAFS)
Stocks in Toronto opened higher, as gains in the materials sector, led by gold miners, offset weakness led by the industrial group.
The S&P/TSX composite index gained 13.55 points to open Thursday at 14,994.72
The Canadian dollar gained 0.22 cents to 83.84 cents U.S.
Bombardier plans to announce 1,800 job cuts in its aerospace division on Thursday, according to a newspaper report. Bombardier shares were unchanged at $2.55.
National Bank Financial raised the rating on Trican Well Services to outperform from sector perform. Trican gained 13 cents, or 3%, to $4.45.
Canaccord Genuity raised the target price on Bird Construction to $9.50 from $8.50. Bird shares gained 12 cents to $5.05.
BMO raised price target on Element Financial Corp to $21.00 from $19.00. Element shares gained 52 cents, or 3%, to $17.80
Canadian financial authorities are unlikely to raise the country's inflation target after a review this year given the risk to the central bank's credibility and widespread support for the existing benchmark
On the economic scene, Statistics Canada revealed its new housing price index was unchanged in March, following a 0.2% increase in February
Economists expected new home prices to have risen 0.1% in March.
ON BAYSTREET
The TSX Venture Exchange eked up 3.41 points to 696.52
Nine of the 14 Toronto subgroups were positive to begin the trading day, with gold soaring 1.8%, metals and mining up 1.5%, and materials better by 1.3%.
The five laggards were weighed by utilities, off 0.4%, financials, down 0.2%, and health-care, sliding 0.1%.
ON WALLSTREET
U.S. stocks traded higher on Thursday, bouncing from the prior day's muted trade, as investors eyed further dollar declines and calmer bond markets.
The Dow Jones Industrials popped 159.08 points to 18,219.57, with DuPont and Microsoft leading advancers. JPMorgan Chase hit a 15-year high.
The S&P 500 index gained 11.47 points to 2,109.95. Information technology led gains in the S&P 500 as tech stocks such asApple, Microsoft and Cisco advanced.
The NASDAQ gained 28.21 points to 5,009.90
Cisco posted earnings after the close Wednesday that beat on both the top and bottom lines. In a conference call, outgoing CEO John Chambers said product orders in Russia, Brazil and China declined year-over-year, with China orders falling 21%. Orders for the Americas gained 2% from the same period last year.
Cosi, the fast casual chain, reported a loss of 12 cents U.S. a share, narrowing the 17 cent loss from the same period last year. Revenue came in at $17.9 million U.S., below $18.4 million U.S. in the year-ago period. Comparable store sales rose 4.4% in company-owned stores, while franchises saw a decrease of 2.7%.
Kohl's reported earnings per share of 63 cents, a 5% increase from the year-ago period, on revenue of $4.12 billion, a 1.3% gain from last year. First-quarter same-store sales rose 1.4% contrasting with a 3.4% decline in the first quarter of 2014.
Sterne Agee initiated the used-car retailer CarMax at "buy," citing the firm's dominance in the sector and long-term opportunities to triple its share in existing markets and double its footprint amid increased supply of recent-model used vehicles.
Weekly jobless claims came in at 264,000, a touch below last week's reading and below expectations for a slight increase. The initial filings for unemployment benefits per week remain near 15-year lows.
The producer price index for April fell 0.4%, with the core figure down 0.2%. The report was expected to show a slight uptick. The monthly measure of input costs is a secondary factor in determining the rate of change in prices, after the consumer price index.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.24% from Wednesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices eked up 17 cents a barrel to $60.67 U.S.
Gold prices gained $4.10 to $1,222.30 U.S.
