The TSX was higher Thursday by the close, even after telecom and utility stocks took a turn for the worse, with resource and industrial shares offering continued support.
The S&P/TSX composite index moved higher 38.04 points to close Thursday at 13,569.89
The Canadian dollar picked up 0.14 cents to 75.57 cents U.S.
Industrial stocks proved the most successful subgroup on the TSX Thursday, as Transcontinental Inc. gathered 92 cents, or 5.5%, to $17.62. Bombardier was the most actively traded stock, gaining 40 cents, or 27.4%, to $1.86, on 35.8 million shares.
Base metals also proved mighty, as First Quantum Minerals advanced 50 cents, or 6.9%, to $7.70, and Orbite Technologies took on 1.5 cents, or 6.5%, to 24.5 cents.
Energy stocks were also powerful, as MEG Energy thundered ahead 66 cents, or 7.6%, to $9.37, while Canyon Services Group triumphed 35 cents, or 6.9%, to $5.43.
Consumer staples proved among the weakest of the subgroups, with Empire Company, parent of the Sobeys grocery chain, listing lower by $8.18, or 8.9%, to $83.64, and rival Loblaw sank 52 cents, or 0.8%, to $68.78
Telecoms also had a rough time of it, with Rogers Communications weaker by 34 cents, or 0.8%, to $43.96.
Disappointing economic data out of China and Japan pointed to a weakening global economy, but investors still focused on rising commodity prices and robust results from Canadian dollar-store operator Dollarama.
Dollarama said earnings for Q2 2015 grew as a result of a 14.1% increase in sales, gross margin improvement, and lower selling, general, administrative costs as a percentage of sales, and more store openings in the past 12 months. The chain’s shares soared $5.35, or 6.7% to $85.56.
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 1.07 points Thursday to 549.28
Eight of the 14 TSX subgroups were higher, as industrials hiked 1.7%, global base metals climbed 1.4%, and energy was better by 1.2%.
The half-dozen laggards were weighed mostly by consumer staples, down 0.6%, telecoms, sliding 0.5%, and utilities, off 0.3%.
ON WALLSTREET
U.S. stocks closed higher Thursday, off session highs as a bounce in oil and major stocks failed to completely offset increased uncertainty heading into the Federal Reserve's key meeting next week.
The Dow Jones industrial average prospered 76.87 points to 16,330.40, with Apple leading advancers and Wal-Mart the greatest decliner.
The S&P 500 added 10.24 points to 1,952.28,
The NASDAQ index gained 39.72 points to 4,796.25, boosted by biotechs and Apple.
Apple closed up 2.4%, recovering losses of 1.9% from Wednesday when it unveiled new iPhones, the iPad Pro and other products.
In corporate news, Lululemon Athletica plunged 16.4% after reporting that margins narrowed. Quarterly earnings did beat on both the top and bottom line, while same-store sales exceeded forecasts with a gain of 6%
Finisar and Zumiez were due to report after the bell.
Con-way surged 33.8% to boost the Dow transports 0.9% Competitor XPO Logistics said after the close Wednesday it would acquire the trucking and logistics firm for $3 billion U.S.
Shares of Avon spiked before closing 2.7% lower after a Dow Jones report the firm is in discussion with private equity firms about investment support for the struggling company.
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 2.23% from Wednesday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices took on $1.53 a barrel to $45.68 U.S.
Gold prices gained $7.80 to $1,109.80 U.S. an ounce.
