Equities in Canada’s biggest market gained in early trade on Thursday in a broad rebound led by energy stocks as oil prices rose, while embattled Valeant Pharmaceuticals International Inc dropped 10%
The S&P/TSX composite index gained 95.21 points to begin Thursday’s session at 13,799.40
The Canadian dollar gained 0.2 cents at 76.30 cents U.S.
Rogers Communications Inc reported a 39.8% jump in quarterly profit, helped by higher revenue from its media and wireless business.
Rogers said net income rose to $464 million, or 90 cents per basic share, in the third quarter, from $332 million, or 64 cents per basic share, a year earlier. Revenue rose 4% to $3.38 billion.
Rogers shares gained $1.80, or 3.6%, to $51.48.
Teck Resources swung to a quarterly loss due to a $2.2-billion asset impairment charge in its steel-making coal and other businesses.
The company reported a net loss attributable to shareholders of $2.1 billion or $3.73 per share, in the third quarter. That compared with earnings of $84 million, or 14 cents a share, a year earlier.
Excluding one-time items, Teck earned five cents per share. Analysts had expected earnings of one cent. Revenue fell 6.6% to $2.1 billion, but still beat market estimates of $1.96 billion.
Teck shares prospered 41 cents, or 4.9%, to $8.77.
RBC raised the target price on Ithaca Energy to $1.30 from $1.20 given a strengthening balance sheet ahead of Reserve Based Lend re-determination process.
Ithaca shares took on one cent to 93 cents.
National Bank Financial cut the target price on TMX Group to $49.00 from $50.00 to reflect heightened earnings uncertainty.
The company that owns the Toronto Stock Exchange saw its shares triumph 82 cents, or 1.7%, to $48.61.
Corus Entertainment reports Q4 earnings, looking for 29 cents per share. Corus shares strengthened 20 cents, or 1.6%, to $12.59.
Precision Drilling expects a Q3 loss of 11 cents per share. Precision shares screamed higher 33 cents, or 5.6%, to $6.18.
On the economic front, Statistics Canada reported that retail sales rose for the fourth consecutive month, advancing 0.5% to $43.6 billion in August.
The increase was led by higher sales at motor vehicle and parts dealers.
Excluding this sub-sector, retail sales were flat. Sales increased in four of 11 sub-sectors, representing 56% of retail trade.
Meanwhile, the number of recipients of employment insurance dropped in August, by 7,900 compared with July, down 1.4% to 536,800.
On a year-over-year basis, the number of EI beneficiaries increased by 35,600 or 7.1%.
ON BAYSTREET
The TSX Venture Exchange moved higher 3.26 points early Thursday to 547.70
All but one of the 13 TSX subgroups were higher, led by metals and mining, up 2.8%, energy, soaring 2.3%, and telecoms, ahead 1.7%
The lone laggard was health-care, sliding 2.9%.
ON WALLSTREET
U.S. stocks traded sharply higher on Thursday, as Wall Street digested the European Central Bank's rates decision, economic data and a fresh batch of earnings.
The Dow Jones industrial average bolted higher by 167.52 points, or 1%, to 17,336.13, with McDonald's leading advancers and American Express the only laggard.
The S&P 500 picked up 17.23 points to 2,036.17, with materials leading nine sectors higher and health-care lagging.
The NASDAQ index popped 43.77 points to 4,883.88
McDonald's posted earnings per share and revenue that beat expectations, sending the stock up about 7%, and accounting for about 50 points of the Dow's gains.
3M reported mixed earnings, while Caterpillar missed on both lines.
Companies scheduled to report after the bell include Amazon.com, Alphabet and Microsoft.
On the data front, investors digested weekly jobless claims and the Chicago Fed National Activity index.
Weekly jobless claims came in at 259,000, below the expected 265,000. The September Chicago Fed national activity index came in at -0.37, slightly higher than the -0.39 August reading.
The FHFA House Price index rose 0.3% in August.
Other economic data points included September existing home sales, which rose 4.7% to 5.55 million.
The ECB kept interest rates unchanged and ECB President Mario Draghi said "short-term inflation expectations have declined but more medium- to long-term inflation expectations, after some decline following our last meeting have now recovered and are basically unchanged since then," ECB President Mario Draghi said in a news conference."
Prices for 10-year U.S. Treasuries crept down, raising yields to 2.04% from Wednesday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices rebounded 47 cents a barrel to $45.67 U.S.
Gold prices gained 26 cents to $1,167.44 U.S. an ounce.
