Equities on this side of the border wiped out a loss in afternoon trading on Thursday, as oil rebounded and investors weighed better-than-expected earnings from companies including Canadian Imperial Bank of Commerce and packaging company CCL Industries Inc.
The S&P/TSX Composite Index eked higher 13.33 points to close Thursday at 12,753.60
The Canadian dollar gained 0.85 cents to 73.82 cents U.S.
The index has dropped 0.5% in February, poised for a fourth monthly decline. Including February, the S&P/TSX will have posted losses in nine of the past 10 months.
Even so, the TSX remains among the best-performing markets in the developed world this year, trailing only New Zealand and besting returns from markets in the U.S., U.K. and Germany.
Valeant Pharmaceuticals International Inc. fell in price after an analyst questioned the drugmaker’s finances and the company said it will restate some earnings, posting the biggest drop in health-care stocks. Valeant ended the day at $114.73, down 69 cents from Wednesday.
CIBC added $2.21, or 2.5%, to $89.66, after posting higher profit driven by retail and business banking. The lender also raised its dividend.
Toronto-Dominion Bank added 69 cents, or 1.4%, to $51.92, after saying fiscal first-quarter profit rose 7.9%on gains in its Canadian and U.S. retail businesses. The lender also raised its quarterly dividend by 7.8% to 55 cents a share.
Among 20 S&P/TSX companies to report earnings Thursday, CCL Industries advanced $12.76, or 6.5%, to $209.50, after beating expectations, while grocery store owner Loblaw Cos. lost 35 cents to $67.19 as earnings missed.
Kinross Gold Corp. slumped 30 cents, or 6.9%, to $4.04, after announcing a deal to sell shares at a discount to raise $250 million. The cash will be used to strengthen the company’s balance sheet and pay down debt.
Semafo Inc. climbed 42 cents, or 9.6%, to $4.82, headed for a September 2014 high, after posting a feasibility study for its Natougou gold project in Burkina Faso. During the first three years, average annual production will be more than 226,000 ounces, according to a statement Thursday.
ON BAYSTREET
The TSX Venture Exchange found its way upward 0.57 points to 534.31
All but three of the 13 TSX subgroups were lower to end the session, as energy sagged 0.8%, real-estate descended 0.6%, and gold dulled in price 0.5%.
The three gainers were financials, up 0.6%, consumer staples, ahead 0.3%, telecoms, up 0.2%.
ON WALLSTREET
Stocks on Wall Street traded higher Thursday, following the prior day's massive intraday reversal, as oil prices gained.
The Dow Jones industrial average galloped 212.3 points, or 1.3%, to 16,697.29, with United Technologies and Goldman Sachs contributing the most to gains.
The S&P 500 tacked on 21.23 points, or 1.1%, to 1,951.03, with financials up more than 1%. Energy was the only sector trading a shade lower.
The NASDAQ index recovered 39.6 points to 4,582.21, as Apple and other major tech stocks erased earlier losses.
On the economic beat, January orders for durable goods jumped 4.9%, topping expectations with the largest increase since March and reversing December's revised 4.6% plunge.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 3.9% after tumbling by a revised 3.7% in December
Prices for the 10-year Treasury gained, lowering yields to 1.71% from Wednesday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices reversed themselves and gained 78 cents a barrel to $32.93 U.S.
Gold prices pared gains, but still prospered $6.64 to $1,235.39 U.S. an ounce.
