Canada's main stock index was higher in extremely choppy trading on Thursday as a solid rebound in energy stocks due to bargain hunting and oil prices bouncing off recent lows offset disappointing earnings.
The S&P/TSX composite index recovered 74.08 points to greet noon at 14,375.88, after a jump Wednesday of more than 220 points.
The Canadian dollar slid 0.48 cents to 76.77 cents U.S.
Among the most influential movers on the index were Suncor Energy, which rose 5.6% to $36.55, and Canadian Natural Resources, which advanced 2.5% to $31.52.
Cenovus shares climbed 2.9% to $19.15 despite the company slashing its quarterly dividend by 40% and announcing another round of job cuts.
Open Text was the second-biggest driver for the TSX bounce, surging 19.2% to $58.08 after the company revenue beat estimates for the first time in four quarters and raised its fiscal 2016 operating margin forecast.
Disappointing many investors was Bombardier Inc, which announced it was delaying delivery of its latest Global business jet. It also reported lower earnings and greater cash burn. Shares sank 8.7% to $1.78 after plunging as much as 15.9% earlier.
First Quantum Minerals earnings also fell short of expectations, which sent shares tumbling 11.7% to $9.98.
ON BAYSTREET
The TSX Venture Exchange gained three points to 587.76
The 14 TSX subgroups were evenly divided between gainers and losers, with energy sprinting ahead 3.2%, while the telecom and information technology sectors each improved 1.5%
The seven laggards were weighed most by metals and mining, down 5.7%, global base metals, off 1.9%, and utilities, sliding 1.6%.
ON WALLSTREET
U.S. stocks traded mixed on Thursday as investors digested more earnings and second quarter GDP, a day after the Federal Reserve left interest rates unchanged.
The Dow Jones industrial average was off its lows of the morning, but still down 18.94 points midday to 17,732.45, with Procter & Gamble leading decliners and United Technologies the greatest advancer.
The S&P 500 lost 2.74 points to 2,105.83, with health-care leading seven sectors lower and utilities the greatest advancer.
The NASDAQ index reversed fortunes and eked up 2.66 points to 5,114.39
Facebook fell more than 4% to weigh on the NASDAQ. The social media giant reported earnings after the close Wednesday that beat on both the top and bottom line, but investors were disappointed by an 82% surge in expenses.
Other firms reporting earnings before the bell were Cigna and AB InBev. Companies reporting after the close include Amgen, LinkedIn and Expedia.
Insurance company Cigna also posted mixed quarterly results, posting earning per share of $2.55 U.S., above the estimated $2.31 U.S., but revenue came in below forecasts.
AB InBev saw its latest profit fall short of analyst estimates, with sales in key markets weaker. The company said poor weather and weak economic conditions weighed on its results.
In economic news, the Commerce Department said U.S. gross domestic product expanded at an annual rate of 2.3%, slightly below economists' estimates.
The department revised its first-quarter GDP reading to a 0.6% increase from a 0.2% contraction.
U.S. weekly jobless claims increased by 12,000 week-over-week, but came in below expectations at 267,000, the U.S. Labor Department said.
On Wednesday, the central bank kept rates unchanged and gave no hint of liftoff coming in the next meeting. The decision on the rates was unanimous. Policymakers said the economy is expanding moderately and made no mention of recent volatility around Greece or China.
Prices for 10-year U.S. Treasuries were slightly higher, lowering yields to 2.27% from Wednesday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices regained 24 cents a barrel to $49.03 U.S.
Gold prices fell $1.30 to $1,092 U.S. an ounce.
