Equities in Canada’s largest market edged higher on Thursday, led by energy shares as oil rose, with Suncor Energy leading the pack with momentous news.
The S&P/TSX Composite rocketed 104.97 points to open Thursday at 14,838.19
The Canadian dollar picked up 0.1 cents at 74.52 cents U.S.
Bombardier priced its offering of $1.4 billion senior notes at 8.75%, as the Canadian aircraft and train maker raises funds to refinance some of its debt.
Bombardier shares took on four cents, or 2.1%, to $1.95.
Suncor said it expected production to rise by more than 13% next year and spending to fall by more than $1 billion. Suncor set a budget for capital spending of $4.8 billion-$5.2 billion for 2017 and forecast average production of 680,000-720,000 barrels of oil equivalent per day.
Suncor shares gained 78 cents, or 1.9%, to $41.79.
CIBC cut the target price on DH Corp. from $23.00 from $28.00, citing several near-term overhangs on the stock, including tax loss selling, the risk of a potential dividend cut, and the uncertainty around the 2017 outlook.
DH shares vaulted 36 cents, or 2.5%, to $14.53.
CIBC cut the target price on Metro Inc to $43.00 from $46.00, to reflect competitive challenges and a less favorable macro environment.
Metro shares advanced 16 cents to $41.87.
Barclays raised the rating on Teck Resources to overweight from underweight, based on the result of the company’s substantial EBITDA and free cash leverage to higher coal prices.
Teck shares strengthened 66 cents, or 2.1%, to $32.10.
On the economic slate, Statistics Canada reported that foreign investment in Canadian securities amounted to $11.8 billion in September. New issues of bonds placed abroad by Canadian private corporations accounted for the bulk of this activity.
At the same time, Canadian investment in foreign securities was $1.8 billion, led by acquisitions of non-U.S. foreign shares.
ON BAYSTREET
The TSX Venture Exchange regained 3.08 points to 744.93
All 12 TSX subgroups were positive in the first hour, with energy gushing 1.8%, real-estate stronger 1%, and utilities 0.9% to the good.
ON WALLSTREET
U.S. equities kicked off Thursday trading little changed, as investors digested a host of economic data while waiting for Federal Reserve Chair Janet Yellen to testify in front of Congress.
The Dow Jones Industrials gathered 15.99 points to begin Thursday at 18,884.13, with Wal-Mart and Cisco Systems contributing the most losses.
The S&P 500 forged ahead 6.01 points at 2,182.95, with energy rising 1% to lead advancers.
The NASDAQ composite index moved higher 13.69 points to 5,308.23
In corporate news, retail giant and Dow component Wal-Mart reported mixed quarterly results, beating earnings estimates but missing sales expectations. Wal-Mart shares fell around 3%. Best Buy, on the other hand beat both top and bottom-line estimates, lifting its shares rise 5.5%
Yellen, the head of the Federal Reserve, began her testimony to Congress at 10 a.m. She was scheduled to testify on the economy at the hearing, but is now expected to be asked about President-elect Donald Trump's plans to cut taxes and launch a hefty infrastructure spending program.
Housing starts soared more than 25% in October, while weekly jobless claims dropped to their lowest level since November 1973. Meanwhile, October CPI rose 0.4%, in line with expectations.
Treasury prices for the 10-year note were lower, raising yields to 2.26% from Wednesday’s 2.22%. Treasury prices and yields move in opposite directions
Oil prices regained 88 cents to $46.45 U.S. a barrel
Gold prices bolstered $1.70 to $1,225.60 U.S. an ounce.
