The Toronto stock market turned positive Thursday amid encouraging U.S. economic data and higher oil prices.
The S&P/TSX composite index closed Thursday 76.97 points stronger, at 14,136.15
The Canadian dollar was flat at 101.5 cents U.S.
Suncor Energy gained $1.03 to $44.48 while Canadian Natural Resources was up 68 cents to $47.23.
Among gold issues, Barrick Gold Corp. reported that its fourth-quarter profit rose to a record $896 million U.S. or 90 cents U.S. a share, helped by higher production and lower cash costs.
Barrick shares gained 93 cents to $49.91.
On Wednesday, Agnico-Eagle Mines Ltd. shares declined $3.66 to $71.73 after it reported quarterly net income of $88 million U.S. or 51 cents per share, up sharply from $47.9 million U.S. or 30 cents per share for the same period in 2009.
Elsewhere in the sector, Richmont Mines Inc. reported a “significant increase” in the estimated resource base for its Wasamac gold property in eastern Quebec and its shares climbed eight cents to $4.90.
Financial stocks continued to edge higher ahead of the start of the quarterly reporting season by the big banks next week. CIBC rose $1.16 to $82.46.
An exception was Sun Life Financial Inc. Its shares lost 89 cents to $33.02 after it said Wednesday it earned $508 million in its latest quarter. Revenue totaled $4.03 billion, down from $4.99 billion.
Copper prices turned around following two days of sharp declines after the metal reached another record high reached on Monday. The March copper contract in New York edged two cents higher to $4.49 U.S. a pound. Teck Resources declined $1.65 to $55.87 and Equinox Minerals down 21 cents to $6.49.
In other earnings news, Penn West Exploration deepened its losses in the fourth quarter on higher spending. The oil and gas producer, formerly Penn West Energy Trust, said losses reached $21 million or five cents a share.
Penn West stock declined eight cents to $26.61.
Elsewhere, Montreal cheese maker Saputo Inc. says it has signed an agreement to acquire Fairmount Cheese Holdings Inc., the parent of U.S.-based DCI Cheese Company Inc., for $270.5 million U.S. Saputo says the takeover will increase its presence in the specialty cheese market in the United States and its shares gained 83 cents to $41.13.
Paladin Energy Ltd. said a severe shortage of diesel fuel availability in Malawi has affected supply to its Kayelekera mine, and while it expects supply to resume on Feb. 21, the company has moved ahead with maintenance originally planned for March. Paladin shares were down 10 cents to $5.06.
On the economic front, Statistics Canada reported this morning that wholesale sales darted higher for a fifth consecutive month in December, rising by 0.8% to $45.9 billion.
ON BAYSTREET
The TSX Venture Exchange was up 22.47 points to 2,421.89, while the Nasdaq Canada index succeeded 10.26 points to 838.33.
In Toronto, eight of the 14 subgroups were higher. Energy fared the best, gaining 1.3%, consumer staples and industrials were co-runners-up at 0.9%.
The half-dozen laggards were weighed by metals and mining stocks, down 1.8%, health-care issues, off 1%, and global base metals, sliding 0.6%.
ON WALLSTREET
In New York, stocks continued to head higher Thursday as investors weighed the latest reports on inflation, unemployment claims and regional manufacturing activity.
The Dow Jones industrial average moved 29.97 points into the green at 12,318.10. Shares of Intel Corp. led the advances, while American Express lagged.
The S&P 500 reclaimed 4.11 points to 1,340.43, with with MasterCard among the losers and among the losers and Sears Holding Corp. among the biggest gainers.
The tech-rich Nasdaq Composite Index gained back 6.02 points to 2,831.58, with eBay and Research in Motion jumping more than 1%
Investors have been in a bullish mood so far this year, as the outlook for the U.S. economy improves. While inflationary concerns are now creeping into the picture -- with key readings on inflation this week showing that prices are rising more than expected -- investors remain assured that the Federal Reserve remains willing to step in if conditions deteriorate.
Redbox is planning a subscription movie streaming service to compete with Netflix, according to news reports. Shares of Coinstar, Redbox's parent company, gained 8%.
Shares of Timberland surged 24% after the outdoor goods maker logged a jump in fourth-quarter profit that widely beat economists' expectations.
Weight Watchers International also reported a solid quarter, posting earnings per share that blew past expectations. Shares of the weight loss company soared more than 42% following the news. The better-than-expected earnings also benefited NutriSystem, with shares of the company rising more than 5%.
Shares of Dr. Pepper Snapple Group rose 5% after the soft drink company reported an 11% jump in earnings per share. The company's net sales rose 4% to more than $1.4 billion U.S.
Shares of Williams Partners -- a company focused on natural gas transportation, processing and storage -- jumped 8% after the company said it would hike its dividend and split into two entities. The company also raised its guidance for 2011-2012.
The stock price for Cliffs Natural Resources climbed more than 7% after the company reported that it doubled its full-year revenue to $4.7 billion U.S.
Economically speaking, the government's weekly report on the number of people filing for jobless benefits jumped to 410,000 for the week ended Feb. 12, which was close to expectations. The report was expected to show an uptick to 408,000, from 383,000 in the previous week.
The consumer price index for January rose 0.4% month-to-month seasonally adjusted, compared to expectations of a 0.3% increase. The core CPI -- which excludes food and energy prices -- rose 0.2% month-to-month, compared to an expected increase of 0.1%.
The preliminary Philadelphia Fed index, a regional reading on manufacturing, surged to 35.9 in February from 19.3 in January. The index was forecast to rise modestly to 21.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering the yield to 3.57% from Tuesday and Wednesday’s 3.62%. Treasury prices and yields move in opposite directions,
Oil for February delivery hiked $1.55 to $86.54 U.S. a barrel.
Gold futures for April delivery rose $8.90 to $1,384 U.S. an ounce.
