Equities in Canada’s biggest market rose on Thursday to a nine-day high as financials gained ground, while lower oil prices weighed on energy stocks.
The S&P/TSX Composite climbed 72.66 points to open Thursday at 14,832.57
The Canadian dollar dropped 0.5 cents, to 73.99 cents U.S.
Bombardier reported a lower-than-expected adjusted net loss and said it expected to finish the year with improved operating margins in all of its businesses.
Bombardier shares ballooned 12 cents, or 6.7%, to $1.91.
Canadian Tire’s quarterly profit fell 11.7% as lower gasoline prices hurt petroleum retail revenue. Net income attributable to the company fell to $176.4 million, or $2.44 per share, from $199.7 million, or $2.62 per share, a year earlier.
Canadian Tire gained $3.02, or 2.3%, to $135.02.
Crescent Point Energy reported a smaller quarterly loss, helped by lower costs. The company's net loss narrowed to $108.5 million, or 21 cents per share, from $201.3 million, or 40 cents per share, a year earlier.
Crescent Point shares collapsed 71 cents, or 4.6%, to $14.91.
Manulife Financial reported a better-than-expected quarterly profit, primarily driven by growth in Asia. Core earnings in its Asia business rose 16.6% in the third quarter, from a year earlier.
Manulife shares rocketed $1.43,or 7.1%, to $21.52.
Sun Life Financial reported a better-than-expected quarterly profit on Wednesday, fueled by strong growth in the United States and Canada.
Sun Life shares bolted, well, sunward, $2.65, or 5.7%, to $49.00
Valeant Pharmaceuticals International said on Wednesday it received an investigative subpoena from the California Department of Insurance in September over its ties to pharmacies and marketing.
Valeant shares gained 72 cents, or 3.4%, to $22.22.
Barclays raised the price target on CGI Group to $75.00 from $68.00, saying ongoing organic revenue and margin improvement should drive earnings and FCF growth.
CGI shares dropped $1.22, or 1.8%, to $65.80.
National Bank Financial cut the rating on Newalta Corp. to sector perform from outperform. Newalta shares faded 10 cents, or 4.5%, to $2.11.
On the economic slate, Statistics Canada’s new housing price index rose 0.2% in September compared with the previous month.
Prices rose in 11 census metropolitan areas, with the indexes from the combined region of Toronto and Oshawa and from Vancouver contributing the most to the monthly increase.
ON BAYSTREET
The TSX Venture Exchange poked up eight points to 753.28
Seven of the 12 TSX subgroups were negative to start, with gold dulling in price 3.9%, consumer staples off 1.4%, and materials sliding 1.2%.
The five gainers were led by financials, strengthening 1.7%, industrials, ahead 1.6%, and consumer discretionary stocks, up 1.5%.
ON WALLSTREET
U.S. equities traded mixed on Thursday, with the three major indexes on track for their best week of the year, as investors repositioned their portfolios following the presidential election.
The Dow Jones Industrials jumped 100.53 points to 18,690.22, on top of a 250-point-plus surge Wednesday. JPMorgan Chase led advancers and Procter & Gamble was the top decliner.
The S&P 500 shed 2.4 points, or 1.1%, at 2,160.86, with a 3.7% fall in utilities offsetting a 2.7% gain in financials.
The NASDAQ composite index fell 51.96 points to 5,199.11
On the data front, weekly jobless claims totaled 254,000, below the expected 260,000. Federal budget data for October is also due at 2 p.m. ET
Prices for the 10-year Treasury dipped, sending yields up to 2.09% from Wednesday’s 2.08%. Treasury prices and yields move in
opposite directions.
Oil prices skidded 35 cents to $45.04 U.S. a barrel
Gold prices dropped $7.90 to $1,265.60 U.S. an ounce.
