Equities in Canada’s biggest market rose on Thursday as financial stocks were lifted by Bank of Canada chief's positive comments on the economy, while rising oil prices buoyed the energy sector.
The S&P/TSX Composite Index hiked 100.02 points, to greet noon at 15,609.97
The Canadian dollar retreated 0.22 cents to 77.67 cents U.S.
The largest percentage gainer on the TSX was Stantec Inc , which rose $1.27, or 4%, to $33.02 after the company initiated a strategic review of construction services provider MWH Constructors, a part of its company.
Toronto-Dominion Bank gained 78 cents, or 1.1%, to $72.07, and Royal Bank of Canada tacked on 52 cents to $97.13.
New Gold shares fell 25 cents, or 7.8% to $2.96, after the company reported first quarter results. The company was the largest decliner on TSX.
Shares of Husky Energy had fallen 78 cents, or 4.1%, to $18.31, after oil and gas producer lowered its 2018 output forecast, saying it would temporarily cut heavy oil production due to weakening prices of the commodity.
Bombardier's and Airbus SE aimed to close deal to sell majority stake in its CSeries jetliner program by late May, ahead of an initial timetable. Bombardier's shares were up two cents to $4.01.
Also among the most actively traded stocks was Precision Drilling, up 14 cents, or 3.4% at $4.31, after the Canadian rig contractor reported a smaller-than-expected loss on Thursday as its U.S. clients deployed more of its rigs to take advantage of rising oil prices.
On the economic front, Statistics Canada said average weekly earnings were of non-farm payroll employees were $997.00 in February, little changed from the previous month. Earnings were up 3.4% compared with 12 months earlier, largely the result of gains in the second half of 2017.
Bank of Canada Governor Stephen Poloz on Wednesday said the economy was "finally positive" after a long adjustment to a sharp fall in oil prices. Poloz also said that while interest rates would go up from their current low levels, moving too quickly could create a financial stability risk.
ON BAYSTREET
The TSX Venture Exchange added 1.02 points to 784.81
All 12 TSX subgroups gained ground, as information technology gained 1.2%, financials traveled 0.9%, while consumer staples acquired 0.8%
ON WALLSTREET
Stocks rose on Thursday, helped by strong quarterly results from some of the biggest U.S. companies.
The Dow Jones Industrial Average approached noon up 162.45 points to 24,246.28, with Visa as the best-performing stock in the index.
The S&P 500 spiked 19.34 points to 2,658.74, as techs rose 2.1%
The NASDAQ Composite index headed skyward 94.71 points, or 1.4%, to 7,098.45
Facebook shares surged more than 9% after the company posted better-than-expected earnings and revenue for the first quarter. The company's number of daily active users pointed to steady engagement in the platform despite backlash from the Cambridge Analytica debacle.
Advanced Micro Devices also posted earnings that topped expectations, sending its stock up about 14%.
Chipotle, meanwhile, soared 23.7% after reporting a stronger-than-expected profit, boosted same-store sales that easily topped expectations.
Of the S&P 500 companies that have reported thus far, 81% have reported better-than-expected earnings
In economic news, U.S. durable goods orders rose 2.6% in March, far more than the expected 1.6% gain. Meanwhile, weekly jobless claims totaled 209,000 last week, below a forecast of 230,000.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 3% from Wednesday’s 3.03%. Treasury prices and yields move in opposite directions.
Oil prices lost 17 cents a barrel to $67.88 U.S.
Gold prices dropped a $5.10 to $1,317.70 U.S. an ounce.
