Stocks in Canada’s biggest market made small gains on Thursday as two major insurers jumped on strong earnings and industrial stocks also rose, while gold miners and energy stocks fell with lower commodity prices.
The S&P/TSX Composite remained positive 9.87 points to greet noon at 14,769.78
The Canadian dollar dropped 0.28 cents, to 74.21 cents U.S.
The country's biggest life insurer, Manulife Financial, jumped 7.1% to $21.51 after beating profit expectations driven in part by growth in its Asian business.
Its rival, Sun Life Financial, gained 5.5% to $48.92 as it also beat expectations.
Industrials rose, with Canadian National Railway up 1.4% at $85.95.
Bombardier Inc advanced 5% to $1.88 after the plane and train maker reported a lower-than-expected adjusted net loss in the third quarter and said it expected to finish the year with improved operating margins in all of its businesses.
First Quantum Minerals Ltd jumped 8.3% to $15.56 as copper prices surged to a 16-month high as investors bet on a jump in U.S. infrastructure spending under a Republican administration.
But miners of gold fell further after surging in the immediate aftermath of Donald Trump's shock victory in the U.S. presidential election, with Barrick Gold down 6.4% at $21.58.
Canadian Tire rose 2.7% to $135.59 after reporting better-than-expected quarterly profit and increasing its quarterly dividend.
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 fell behind 4.03 points to 749.17
Eight of the 12 TSX subgroups remained negative by noon, with gold dulling in price 4.2%, consumer staples off 3%, and utilities subsiding 2.2%.
The four gainers were led by industrials, ahead 1.9%, financials, prospering 1.6%, and consumer discretionary stocks, up 0.3%.
ON WALLSTREET
U.S. equities traded mixed on Thursday as investors repositioned their portfolios following the presidential election.
The Dow Jones Industrials leaped 167.44 points to 18,757.13, on top of a 250-point-plus surge Wednesday, with IBM and Goldman Sachs contributing the most gains.
The S&P 500 eked up 0.07 points at 2,163.33, with a 2.8% fall in utilities offsetting a 2% gain in financials.
The NASDAQ composite index fell 66.8 points to 5,184.27
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 regained lost strength, lowering yields to Wednesday’s 2.08%. Treasury prices and yields move in opposite directions.
Oil prices skidded 65 cents to $44.62 U.S. a barrel
Gold prices dropped $10.60 to $1,262.90 U.S. an ounce.
