Stocks in Canada’s financial capital were marginally higher on the last day of the first quarter, as commodity-related stocks and financials advanced, while data showed the domestic economy expanded more than expected in January.
The S&P/TSX Composite Index squeaked higher 9.47 points to open Thursday at 13,513.45.
The index remains on track for a second straight month of gains, something it hasn’t accomplished since February 2015.
The Canadian dollar leaped 0.42 cents to 77.56 cents U.S.
Cara Operations Ltd, owner of the Swiss Chalet casual dining chain and Harvey's burger outlets, said on Thursday it would buy St-Hubert BBQ, one of Quebec's largest casual dining chains, for $537 million.
Cara shares skyrocketed $3.85, or 14.5%, on the news, to $30.50.
Desjardins raised the target price on Dollarama to $97.00 from $91.00.
Dollarama shares gained 80 cents to $89.71.
Desjardins raised the rating on Detour Gold to buy from hold.
Detour shares hiked 63 cents, or 3.1%, to $20.90.
On the economic ledger, Statistics Canada reported that January’s Gross Domestic Product rose 0.6%, a fourth consecutive monthly increase. The agency attributes the rise to manufacturing, retail trade, and mining, quarrying, and oil and gas extraction.
Moreover, StatsCan said, average weekly earnings of non-farm payroll employees were $953 in January, down 0.7% from December. Compared with 12 months earlier, average weekly earnings were up 0.4%.
ON BAYSTREET
The TSX Venture Exchange faded 0.33 points to 576.88
All but two of the 13 TSX subgroups were positive on the day, as consumer staples gained 1.6%, industrials strengthened 1.2%, and consumer discretionaries picked up 1.1%.
The two laggards were gold, down 2.2%, and materials, off 1.1%
ON WALLSTREET
U.S. stocks tried for gains Thursday, the final trading day of the quarter, as investors awaited Friday's jobs report.
The Dow Jones Industrials notched 3.46 points higher to 17,720.12, with IBM gaining most and Boeing sliding worst.
The S&P 500 eked up 0.16 points to 2,064.11, with utilities leading five sectors higher and information technology the greatest laggard.
The NASDAQ index gained 8.31 points to 4,877.61.
In economic news, initial jobless claims came in at 276,000. Chicago Purchasing Managers’ Index numbers rose to 53.6 in March from 47.6 in February.
Prices for the 10-year Treasury were unchanged, keeping yields at Wednesday’s 1.83%.
Oil prices gained only 25 cents a barrel to $38.57 U.S.
Gold prices moved higher $13.40 to $1,238.42 U.S. an ounce.
