Equities in Canada’s biggest markets rose on Thursday, led by a substantial gain for the energy group as oil extended its rally on a deal by the Organization of the Petroleum Exporting Countries to cut output.
The S&P/TSX Composite picked up 21.89 points to begin Thursday at 15,104.74
The Canadian dollar acquired 0.29 cents at 74.71 cents U.S.
Canadian Western Bank reported a 9.7% fall in its fourth-quarter earnings as low commodity prices weighed on its oil and gas loan portfolio.
CWB shares tailed off 26 cents to $28.90.
Canadian Imperial Bank of Commerce reported a better-than-expected quarterly profit, driven by strong performance in its capital markets business. The bank's total net income rose to $931 million, or $2.32 per share, from $778 million, or $1.93 cents per share, a year earlier.
CIBC shares began the day stronger by $1.90, or 1.8%, to $107.88.
Toronto-Dominion Bank reported a rise in fourth-quarter earnings, driven by strong growth in the United States. The bank said its earnings rose to $1.22 per share in the fourth quarter to Oct.31, up from $1.14 in the same period the year before. Analysts on average had expected earnings of $1.22.
TD shares faded 62 cents, or 1%, to $62.95.
Performance Sports Group said bankruptcy courts in the United States and Canada have approved the stalking horse bid for the company, made by Sagard Capital Partners LP and Fairfax Financial Holdings Ltd. Sagard and Fairfax intend to buy most of the Bauer ice hockey gear maker's assets and its North American units for $575 million.
CIBC raised the target price on Continental Gold to $5.00 from $4.50, recognizing a positive development in receiving an environmental permit for the Buritica project in Antioquia.
Continental shares rocketed 53 cents, or 15.8%, to $3.88.
CIBC raised the target price on Lundin Mining to $7.00 from $6.00, citing the company’s improved production and costs guidance.
Lundin shares gained 26 cents, or 4%, to $6.85.
CIBC raised the target price on Tourmaline Oil to $45.00 from $40.00, following the close of acquisition of Shell's Alberta Deep Basin and NEBC Montney lands.
Tourmaline shares gushed $1.81, or 5%, to $38.05.
In economic news, the RBC Markit Canada Manufacturing PMI increased to 51.5 in November of 2016 from 51.1 in October, reaching the highest in four months. Any reading over 50 indicates expansion in the manufacturing sector.
ON BAYSTREET
The TSX Venture Exchange progressed 2.84 points to 739.81
All but two of the 12 TSX subgroups were lower, with gold slumping 1.6%, while telecoms and materials sliding 0.5%.
The two gainers were energy, hiking 2%, and consumer discretionary stocks, better by 0.4%
ON WALLSTREET
U.S. equities traded on Thursday as investors digested economic data while oil prices built on sharp gains from the previous session.
The Dow Jones Industrials raced ahead 64.42 points to 19,188, with Goldman Sachs contributing the most gains.
The S&P 500 regained 1.40 points to 2,200.21, with energy rising more than 1% to lead advancers.
The NASDAQ composite index dropped 3.13 points to 5,300.55
In corporate news, Land's End and Dollar General both reported quarterly results before the bell. Meanwhile, Clarcor is being bought by Parker Hannifin for $4.3 billion U.S. in cash and assumed debt, or $83.00 U.S. per share.
In economic news, The IHS Markit U.S. Manufacturing index reading for November came in at 54.1.
The Institute for Supply Management manufacturing index came in at 53.2 for November, while construction spending rising 0.5% for October. Before the bell, initial jobless claims came in at 268,000, above an expected 253,000. Thursday's litany of data will build up towards Friday's November jobs report.
Treasury prices for the 10-year note slumped, raising yields to 2.44% from Wednesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices spiked $1.39 to $50.83 U.S. a barrel
Gold prices stumbled $6.80 to $1,167.10 U.S. an ounce.
