The Toronto stock market registered a fairly solid advance Thursday, supported by the energy sector amid rising crude prices.
The S&P/TSX Composite Index climbed 71.95 points to end the session at 13,228.77
The Canadian dollar moved up 0.66 cents to 102.75 cents U.S.
Suncor Energy ticked eight cents higher to $38.87 and Canadian Natural Resources gained 15 cents to $40.40
The base metals sector was up with metal prices weak as the July copper contract on the Nymex moved down four cents to $4.06 U.S. a pound. Teck Resources climbed 77 cents to $47.40 and Quadra FNX Mining was up 23 cents to $13.75.
The gold sector was ahead as Kinross Gold Corp. improved by 48 cents to $15.25 while Barrick Gold Corp. lost 12 cents to $43.24.
Declines were led by blue chips with Bank of Montreal down two cents to $59.76 while Telus Corp. fell 65 cents to $51.84.
In earnings news, tourism operator Transat A.T. Inc. reported that second-quarter profits grew to $8.6 million from $6.2 million a year ago as the company booked stronger revenues but also grappled with higher fuel prices.
Revenue grew to $1.1 billion from $1.06 billion thanks to higher average selling prices for tour packages due to bigger fuel surcharges and its shares were up 28 cents at $11.14.
Grain handler Viterra Inc. said second-quarter profits grew to $33.1 million from $18.5 million a year earlier. Revenue increased to $2.7 billion from $2 billion. Its shares were ahead 13 cents to $11.08.
Dollarama Inc. shares gained 90 cents to $31.90 as the retailer handed in first-quarter net earnings of $30.4 million, up from $22.5 million a year ago. Sales rose 11% to $346.3 million.
The company also declared an initial quarterly dividend of nine cents per share.
Meanwhile, Lululemon Athletica Inc. stock was up $1.20 to $83.90 after shareholders approved two-for-one stock split. New shares expected to begin trading on Nasdaq and the Toronto Stock Exchange around the end of June. Lululemon reports quarterly earnings results on Friday.
On the economic front, Statistics Canada reported this morning that merchandise exports eased 1.9% in April, while imports also declined 0.6%. As a result, Canada's trade deficit with the world widened from $417 million in March to $924 million in April.
Elsewhere, the New Housing Index rose 0.3% in April, following no change in March. April’s jump was powered by increases in Ottawa-Gatineau, as well as hikes in Toronto and Oshawa.
ON BAYSTREET
The TSX Venture Exchange gained 6.91 points to 1,958.57 while the Nasdaq Canada index advanced 10.63 points to 606.25
In Toronto, all but three of the 14 subgroups were higher on the day. Materials surged 1.4%, while metals and mining stocks gained 1%, and gold picked up 0.9%.
The three laggards were utilities, off 0.3%, while real-estate and telecoms each shed 0.2%.
ON WALLSTREET
In New York, stocks rallied Thursday, with banks, utilities and energy shares leading the advance.
The Dow Jones Industrial Average ticked 75.42 points higher to end the day at 12,124.40
DuPont, JPMorgan Chase, and Chevron were among the biggest gainers on the Dow. Of the 30 Dow components, Verizon was the only loser, albeit by a modest 0.7%
The S&P 500 tacked on 9.44 points to 1,289. The Nasdaq Composite Index regrouped 9.49 points, to 2,684.87.
Shares of Wells Fargo and Morgan Stanley were among the biggest gainers on the S&P 500. Bank stocks are in recovery mode, after falling between 8% and 12% in the past month.
Health care stocks were also among the most solid gainers, led by shares of Aetna, UnitedHealth and Cigna
The gains offered some welcome relief for Wall Street investors, who have been feeling the heat from a six-session losing streak.
Still, market sentiment remains pessimistic. Dow and S&P are still on pace post their sixth-consecutive weekly loss.
Citigroup reported a data breach of roughly 1% -- or 210,000 -- of the bank's online accounts in North America. Shares of Citi rose 3%.
The Securities Exchange Commission is reportedly investigating Goldman Sachs' involvement in Libya. Goldman's stock gained 2% Thursday.
Shares of Fusion-io surged 32% in their public debut. Fusion-io priced its IPO at $19 U.S. a shares -- above its estimated price range.
J.M. Smucker shares rose 3.5%, after the jam and jelly maker reported a fourth-quarter profit that topped forecasts by a penny per share.
Shares of Men's Wearhouse rose 5%, after the company reported earnings more than doubled from a year ago late Wednesday.
Shares of Chevron, Exxon Mobil and Freeport McMoran were among the beneficiaries of higher commodity prices Thursday.
Economically speaking, the U.S. Labor Department released its weekly initial jobless claims, showing that 427,000 people applied for jobless benefits last week. That was slightly higher than expected.
The government also issued its monthly report on the U.S. trade balance, showing the gap narrowed to $43.7 million in April, instead of the expected widening.
Investors also got the Federal Reserve's "Flow of Funds" data, which showed Americans' net worth fell by $16.4 trillion U.S. from its peak in spring 2007.
The price on the benchmark 10-year U.S. Treasury weakened, with yields climbing to 3% from 2.96% late Wednesday. Treasury prices and yields move in opposite directions.
Oil prices gained 99 cents to trade at $101.73 U.S. a barrel.
Gold futures for August delivery rose $4 to $1,547.70 U.S. an ounce. Silver prices jumped 2% to $37.32 U.S. an ounce.
