Equities in this country rose on Thursday, with the S&P/TSX Composite Index trading at its highest level since August, as oil prices rebounded after a decline in U.S. crude supply offset Organization of Petroleum Exporting Countries producers failing to agree on a new output ceiling.
The S&P/TSX Composite Index acquired 73.45 points to close Thursday at 14,136.99. The index is up almost 9% on the year.
The Canadian dollar lost 0.16 cents to 76.31 cents U.S.
Energy producers rebounded from earlier declines of as much as 0.7%. Oil recovered to near $49 a barrel, as U.S. stockpiles dropped the third time in four weeks. A meeting of OPEC in Vienna failed to produce a supply accord, leaving production unfettered amid a global supply glut.
Baytex Energy surged 13 cents, or 2.1%, to $6.48, while Enerplus gained 39 cents, or 5.4%, to $7.60.
Among raw-material producers, Detour Gold bolted higher by 65 cents, or 2.5%, to $27.23, and Teck Resources rose 31 cents, or 2.5%, to $12.91.
Concordia Healthcare Corp. tumbled $3.77, or 9.3%, to $36.75. The stock had surged as much as 11% earlier after StreetInsider.com reported Thursday Blackstone Group LP is near an agreement to buy the drug maker.
The shares then fell, with shares briefly being halted, after the Wall Street Journal reported Blackstone and Carlyle Group LP were said to walk away from a deal.
Rival Valeant Pharmacautical lost 36 cents to $38.55.
ON BAYSTREET
The TSX Venture Exchange regained 2.31 points to 678.33
All but one of the 13 TSX subgroups made gains throughout Thursday, led by energy, boosted 1%, information technology, jumping 0.7%, and materials, gaining 0.6%.
The lone holdout was in health-care, off 2.1%.
ON WALLSTREET
U.S. stocks closed higher Thursday, with health-care stocks leading, ahead of the highly anticipated employment report due Friday morning.
The Dow Jones Industrials reversed its fortunes and gained 48.89 points to 17,838.56. Shares of Johnson & Johnson rose more than 1.5% in afternoon trade for the greatest positive impact on the Dow Jones industrial average. Earlier in the day, the firm said it would acquire Vogue International for $3.3 billion U.S.
Apple led decliners and Caterpillar was the top gainer on the Dow 30.
The S&P 500 recovered 3.15 points at 2,102.48. The index last closed above 2,100 in late April. Health-care traded more than 1% higher to lead the S&P 500
The NASDAQ gained 19.11 points to 4,971.36
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 one cent a barrel to $49.02 U.S.
Gold prices faded $2.13 to $1,210.85 U.S. an ounce.
