Equities in Toronto gathered steam on Thursday as higher oil prices supported energy issues, while financial and materials sectors also gained.
The S&P/TSX Composite Index rocketed 162.71 points, or 1.2%, to greet noon at 13,640.84
The Canadian dollar spiked 0.79 cents to 77.02 cents U.S.
The highest-profile gainers included Royal Bank of Canada, which rose 0.4% to $74.91, and Canadian Natural Resources, which advanced 1% to $36.58.
Pipeline operators also moved higher, with TransCanada Corp up 1.2% to $48.73 and Enbridge adding 1.1% to $50.84.
The materials group strengthened, including a 5.6% gain to $10.41 for Teck Resources despite having its debt rating downgraded by Fitch.
The health-care sector fell 1.2%, with Valeant Pharmaceuticals International down 6.7% at $40.90 after sources told the media that the company's creditors are preparing tough demands for default negotiations.
On the economic slate, Statistics Canada reported wholesale sales were flat in January at $57.0 billion, as gains in the machinery, equipment and supplies sub-sector were offset by lower sales in the motor vehicle and parts sub-sector. In volume terms, wholesale sales decreased 0.2% in January.
ON BAYSTREET
The TSX Venture Exchange gained 4.63 points to 580.03
All but one of the 13 TSX subgroups were higher by noon, led by metals and mining, up 4.6%, materials, surging 1.9%, and energy, up 1.6%.
Only health-care missed the party, falling 1.9%.
ON WALLSTREET
U.S. stocks traded mixed Thursday as the Federal Reserve's Wednesday announcement remained in focus amid several data releases.
The Dow Jones Industrial average climbed 84.85 points to 17,410.61, with GE leading advancers and UnitedHealth the greatest decliner.
The S&P 500 recovered 6.93 points to 2,034.15. The S&P 500 attempted gains as materials led advancers while health care weighed.
The NASDAQ index regressed 9.39 points to 4,754.58, as Apple declined
FedEx surged more than 10.5% following earnings that topped expectations.
In corporate news, Caterpillar cut its first-quarter earnings and revenue guidance, but said it remains comfortable with its prior full-year forecast. The stock held mostly higher in morning trade.
Economically speaking, weekly jobless claims in the States came in at 265,000. The March Philly Fed index was 12.4 versus minus 2.8 for February.
Fourth-quarter current account data showed a deficit of $125.3 billion U.S.
January's Job Openings and Labour Turnover Survey showed a separations rate of 3.4% versus 3.5% in December.
Prices for the 10-year Treasury gained slightly, dropping yields to 1.89% from Wednesday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.23 a barrel to $39.69 U.S.
Gold prices strengthened in price $2.67 to $1,265.24 U.S. an ounce.
