Equities in Canada’s biggest market edged higher on Thursday as financials firmed, while losses for oil weighed on the energy sector after a group of major oil producers left their output policy unchanged.
The S&P/TSX Composite Index moved into the green 38.41 points to greet noon at 14,101.95
The Canadian dollar lost 0.04 cents to 76.43 cents U.S.
Shares of Bank of Montreal rose 0.2% to $482.62. The bank said it would acquire Greene Holcomb Fisher, a U.S.-based merger and acquisition advisory firm, in a push to strengthen its investment banking business in the United States, particularly in the Midwest.
Canadian Western Bank reported a 37% decline in second-quarter profit, reflecting a ramp-up in funds set aside to cover loans to oil & gas companies that have turned sour amid a prolonged slump in oil prices.
Still, the bank’s shares rose 0.2% to $25.87, while the overall financials group advanced.
Health-care stocks advanced, led by a 3% gain for Valeant Pharmaceuticals International Inc to $40.08.
Oil prices fell after the Organization of the Petroleum Exporting Countries ended its meeting without setting a ceiling for its production.
ON BAYSTREET
The TSX Venture Exchange fell 0.04 points to 675.98
All but one of the 13 TSX subgroups made gains throughout Thursday morning, led by health-care, haler by 2.3%, materials, up 0.8%, and gold, up 0.5%.
The lone holdout was in telecoms, down 0.1%.
ON WALLSTREET
U.S. stocks traded lower Thursday as traders awaited the employment report due Friday morning. The major indexes pared losses in late-morning trade amid a reversal in oil prices.
The Dow Jones Industrials remained negative 26.4 points by noon to 17,763.27, with Exxon Mobil leading decliners and UnitedHealth the top advancer.
The S&P 500 dipped 2.27 points at 2,097.06. Energy and utilities led S&P 500 decliners in late-morning trade.
The NASDAQ Composite slumped 10.16 points to 4,942.09.
In U.S. economic news, the private sector ADP payroll report was 173,000 in May, a touch below expectations for 175,000 jobs. The April report was revised up to 166,000 from 156,000.
OPEC agreed to no change in policy and no output ceiling, according to media reports, citing a delegate.
Prices for the 10-year Treasury hiked, lowering yields to 1.8% from Wednesday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices peeked ahead 13 cents a barrel to $49.14 U.S.
Gold prices added four cents to $1,213.02 U.S. an ounce.
