Equities in Canada’s biggest centre opened higher on Thursday, as higher crude prices helped lift energy stocks for the third straight session.
The S&P/TSX composite index was positive 65.96 points to open Thursday at 15,138.79
The Canadian dollar subtracted 0.17 cents to 81.73 cents U.S.
Manulife Financial is seeking to list some of its U.S. property assets in Singapore in the second half of the year in an initial public offering worth $450 million. Manulife shares poked up 15 cents to $23.09.
Pacific Rubiales Energy Corp has agreed to the $6.50-per-share cash offer from Mexico's Alfa Sab de CV and investment firm Harbour Energy Ltd. The transaction is expected to close in the third quarter of 2015. Rubiales shares added 13 cents, or 2.1%, to $6.32
CIBC reinstated coverage of AG Growth International at sector perform following the company’s acquisition of Vicwest's Westeel division and debt and equity raise. AG shares gained $2.54, or 4.9%, to $54.14.
NBF initiated coverage of Kicking Horse Energy with an outperform rating citing the company’s robust growth profile & relative financial flexibility. Kicking Horse shares ballooned 13 cents, or 4%, to $3.39.
CIBC started Oryx Petroleum with an outperform rating to reflect the company’s largely positive drilling results in Kurdistan over the past two years. Oryx gained a penny to $4.00.
On the economic beat, Statistics Canada said the number of Canadians drawing employment insurance in March, totaled 517,900 people, up 5,900 or 1.1% from February. Compared with March 2014, the number of EI beneficiaries rose 2,600, the first year-over-year increase since February 2010.
ON BAYSTREET
The TSX Venture Exchange gained 4.32 points to 699.74
The 14 Toronto subgroups were evenly split between gainers and losers, as energy bolted 1.3% higher, industrials grew 0.7%, and financials were 0.4% richer.
The seven laggards were weighed mostly by information technology issues, down 2.3%, metals and mining, shedding 0.7%, and gold, off 0.5%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Thursday as investors digested existing home sales and other data reports.
The Dow Jones Industrials eked up 2.57 points to 18,287.97, with UnitedHealth the greatest laggard and Chevron leading gains.
The S&P 500 index hesitated 0.44 points to 2,125.41, with health-care leading eight sectors lower and energy and telecommunications the only two advancing sectors.
The NASDAQ slid 1.83 points to 5,069.91
Amazon.com jumped more than 2% following the announcement that Amazon Prime Now is offering one-hour delivery from local stores In New York's Manhattan, including groceries, meals, and baked goods.
Shake Shack surged more than 7% on a trademark filing that indicated the burger chain might be adding chicken to its menu.
Existing home sales for April fell 3.3%, missing an expected 1% gain to 5.24 million units. Earlier in the week, reports showed home builder sentiment fell in May, but housing starts for April came in much better than expected.
Manufacturing PMI came in at 53.8 for May, below expectations of 54.5. The initial read showed slowing growth for the second straight month, with new orders increasing at their slowest pace since January last year, financial research firm Markit said.
The Conference Board's leading indicator index, which forecasts future economic activity, for April showed a gain of 0.7%. The index was expected to register the 15th consecutive increase, given a decline in initial unemployment claims.
Weekly jobless claims came in at 274,000, above expectations of an increase to 271,000 from the prior week's 264,000. The four-week moving average remains the lowest since April 2000.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.21% from Wednesday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices added 93 cents a barrel to $59.91 U.S.
Gold prices erased $3.70 to $1,205 U.S. an ounce.
