Toronto stocks found their way into the black early Thursday morning, shaking off uncertain news not only from China and Japan but also Brazil.
The S&P/TSX composite index acquired 42.85 points to open Thursday at 13,574.70
The Canadian dollar picked up 0.12 cents to 75.55 cents U.S.
Sun Life Financial Inc said it would buy New York-based insurer Assurant Inc's employee-benefits business for $975 million, creating the sixth largest group benefits business in the United States. The deal is expected to help Sun Life's U.S. group benefits business to grow by more than 50% to about $4 billion, the company said on Wednesday.
Sun Life shares climbed $1.06, or 2.6%, to $42.14.
Dollarama Inc’s quarterly profit surged 38.6% as customers spent more per transaction at its stores. Net income rose to $95.5 million, or 74 cents per share, from $68.9 million, or 51 cents per share, a year earlier. Revenue rose 14% to $653.3 million.
Dollarama shares bolted higher $4.07, or 5.1%, to $84.28.
Hudson's Bay Co reported a 15.2% rise in quarterly sales as the department store operator gained from its strengthening online presence. The company reported a net profit of $67 million, or 33 cents, in the second quarter ended Aug. 2, compared with a net loss of $36 million, or 23 cents per share, a year earlier. Sales rose to $2.04 billion from $1.77 billion a year earlier.
HBC shares jumped 95 cents, or 4.2%, to $23.70.
Canadian Natural Resources is cutting salaries by up to 10% for all staff in Calgary and Aberdeen, Scotland. A CNRL spokeswoman said the salary reduction is a response to low global oil prices, and would be steeper for higher-salaried individuals.
CNRL shares dipped 11 cents to $27.07.
Barclays cut the price target on Empire Company to $88.00 from $95.00 after the company reported adjusted EPS of $1.32, below consensus of $1.65 and forecast of $1.64, for a 20% shortfall.
Empire shares ditched $6.85, or 7.5%, to $84.97.
CIBC cut the target price on Sandvine Corp to $3.00 from $3.50 as the company reported that its fiscal third-quarter revenue would be approximately $27 million and market is anticipating sales of $30.4 million, below consensus of $32.8 million.
Sandvine shares lost a nickel to $2.55.
On the economic front, Statistics Canada reported that its new housing price index rose 0.1% in July, following a 0.3% increase in June.
ON BAYSTREET
The TSX Venture Exchange faded 0.24 points Thursday to 550.11
All but three of the 14 TSX subgroups were higher, as gold surged 1.4%, consumer discretionary stocks gained 1%, and industrials triumphed 0.9%.
The three laggards were consumer staples, down 0.6%, while energy and the metals and mining sectors each dipped 0.3%.
ON WALLSTREET
U.S. stocks traded in a narrow range Thursday, attempting to shake off uncertainty among investors ahead of the Federal Reserve's key meeting next week.
The Dow Jones industrial average inched lower 5.51 points to 16,248.06, with Merck leading advancers and Wal-Mart the greatest decliner.
The S&P 500 nicked up 3.52 points to 1,945.56, with health-care leading three sectors higher and energy the greatest decliner.
The NASDAQ index gained 12.48 points to 4,769.
Apple traded about 1% higher after closing lower Wednesday, when it unveiled new iPhones, the iPad Pro and other products.
On the earnings front, Lululemon Athletica beat estimates by one cent with quarterly profit of 34 cents U.S. per share, with revenue and a same store sales increase of 6% also exceeding forecasts.
The Federal Open Market Committee could raise short-term interest rates for the first time in more than nine years at its meeting next Wednesday and Thursday.
On the data front, initial jobless claims fell 6,000 to a seasonally adjusted 275,000 for the week ended Sept. 5, the U.S. Labor Department said on Thursday. It was the 27th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labour market.
Wholesale stockpiles declined 0.1% in July, missing expectations for a slight gain. Sales decreased 0.3%.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.21% from Wednesday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices took on 40 cents a barrel to $44.55 U.S.
Gold prices zoomed $9.40 to $1,111.40 U.S. an ounce.
