Stock markets in Canada’s biggest centre jumped nearly 2% shortly after the open, as investor appetite for riskier assets returned.
The S&P/TSX composite index skyrocketed 251.54 points, or 1.9% to kick off Thursday’s trading at 13,633.13
The Canadian dollar moved up 0.17 cents to 75.39 cents U.S.
Canadian Imperial Bank of Commerce reported a higher third-quarter profit that topped market estimates on Thursday, helped by growth in its retail and wealth management businesses. Net income in the quarter was $978 million, or $2.42 cents per share, compared with $921 million, or $2.26 per share, a year ago. Excluding items, its profit rose to $2.45. Analysts on average had expected earnings of $2.31 a share.
CIBC shares grew $3.82, or 4.2%, to $94.13.
Toronto Dominion Bank reported higher third-quarter earnings that topped market estimates, boosted by gains in its domestic retail and capital markets divisions. Net income rose to $2.27 billion, or $1.19 per share, from $2.11 billion, or $1.11 per share, a year ago.
Excluding items, profit climbed to $1.20 per share. Analysts on average had expected earnings of $1.18 per share.
TD shares gained 43 cents to $52.23.
A top court in Greece ruled on Thursday in favour of Eldorado Gold over its disputed goldmine project in the north of the country, though the project was expected to remain on ice for the time being. The decision comes after Prime Minister Alexis Tsipras's leftist government announced last week that it was halting the $1-billion gold mine project run by Eldorado, one of the biggest foreign investments in the country, arguing that the company had violated contractual terms.
Eldorado shares tailed off three cents to $3.83.
Barclays raised target price on Alimentation Couche-Tard to $55.00 from $53.00, saying investors have found solace in owning the stock, despite its relatively healthy valuation, given certain factors which provide earnings downside protection.
Shares in the convenience store chain tacked on 24 cents to $56.76.
RBC cut the rating on Just Energy Group to sector perform from outperform on share price appreciation, believe the risk/return profile is less attractive at current levels.
Just Energy lost 12 cents, or 1.6%, to $7.63.
ON BAYSTREET
The TSX Venture Exchange added 9.32 points, or 1.8%, to 539.02
All 14 TSX subgroups were in the green to start the session, as metals and mining shot 5.5% higher, global base metals improved 4.9%, and energy was 4.2% more energetic.
ON WALLSTREET
U.S. stocks attempted a bounce for a second consecutive day on Thursday, amid continued signs of strength in the U.S. economy, following the recent plunge in global markets that sent the major averages into correction territory.
The Dow Jones industrial average progressed 201.29 points, or 1.2%, to open at 16,486.60, with Walt Disney and Chevron leading all blue chips higher.
The S&P 500 hiked 21.47 points, or 1.1%, to 1,961.98, with energy leading all 10 sectors higher.
The NASDAQ index leaped 55.34 points, or 1.2%, to 4,752.88
Apple jumped more than 1.5% but remains in correction territory. The stock closed out of a bear market on Wednesday.
Some major earnings were also due for release Thursday, including Dollar General, Tiffany and Signet Jewelers before market open. Autodesk, GameStop, Smith & Wesson and Splunk are due after the bell.
Tiffany earned an adjusted 86 cents U.S. per share for its latest quarter, missing estimates by five cents. Revenue was also below forecasts, with the luxury goods retailer pointing to the negative effects of a strong dollar and challenging economic conditions in certain markets.
Dollar General beat estimates by one cent with quarterly profit of 95 cents U.S. per share, though revenue was slightly below forecasts. The discount retailer said both customer traffic and average purchases grew during the quarter.
The second estimate of second-quarter GDP came in at 3.7%, topping the first read of an annualized 2.3%
Weekly jobless claims came in slightly lower than expected at 271,000, marking the first decline in five weeks and indicating continued improvement in the labour market.
July pending home sales rose 0.5%, holding steady from an upwardly revised June reading of a 0.5% increase.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.18% from Wednesday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices ballooned $1.56 a barrel to $40.16 U.S.
Gold prices tumbled $5.10 to $1,119.50 U.S. an ounce.
