Canada's main index opened higher on Thursday as strong results from Enbridge boosted the energy sector, while gold miners gained with higher prices for the precious metal.
The S&P/TSX Composite Index tacked on 34.6 points to start Thursday at 15,945.41
The Canadian dollar added 0.43 cents to 78.23 cents U.S.
Enbridge's first-quarter profit handily topped analysts' forecasts on Thursday, as Canada's largest pipeline operator transported higher volumes of crude oil and natural gas.
Enbridge took on 96 cents, or 2.3%, to $42.44
Magna International Inc raised its full-year sales and profit forecasts on Thursday after posting higher sales across its businesses in the first quarter.
Magna climbed $1.73, or 2.2%, to $79.89.
Telus Corp reported a 2.4% drop in first-quarter profit on Thursday, hurt by higher operating expenses. Telus shares lost 56 cents, or 1.2%, to $45.37.
Canadian Tire said on Thursday it would buy Norway-based sportswear and work-wear brand Helly Hansen for $985 million, including debt.
Canadian Tire shares dove $11.12, or 6.3%, to $164.25.
National Bank of Canada raises target price on Franco-Nevada to $107.50 from $105.00. Franco shares dipped $1.11, or 1.4%, to $95.27.
Barclays raised the target price on Open Text Corp. to $59.00 from $57.00. Open Text shares faltered $4.50, or 9.5%, to $42.76.
On the economic beat, Statistics Canada reported that in March, new house prices for Canada were unchanged, reflecting mixed results across the country. Rising prices in 13 census metropolitan areas (CMAs) were offset by flat or declining prices in the other 14 surveyed CMAs
ON BAYSTREET
The TSX Venture Exchange gained 3.03 points to 777.08
Seven of the 12 TSX subgroups were higher to start the session, led by materials, up 0.8%, consumer staples, ahead 0.6%, and the real-estate, up 0.3%,
The five laggards were weighed most by information technology, down 1.5%, telecoms, off 0.5%, and utilities, off 0.3%.
ON WALLSTREET
Stocks traded higher on Thursday following the release of weaker-than-expected U.S. inflation data.
The Dow Jones Industrial Average hiked 106.59 points to 24,649.13, with Boeing as the best-performing stock in the index.
The S&P 500 gained 12.22 points to 2,710.10, with real estate and telecommunications rising 1% and 0.8%, respectively.
The NASDAQ picked up 35.42 points to 7,375.32
In corporate news, Booking Holdings dropped more than 4% after giving weaker-than-expected quarterly guidance. The company reported better-than-forecast earnings and revenue for the previous quarter, however.
The U.S. Labor Department said before the open its consumer price index rose 0.2% in April, with economists expecting a 0.3% bump. The lighter-than-forecast number eased concerns about the Federal Reserve tightening monetary policy at a faster rate than the market is expecting.
As of Thursday, market expectations for rate hikes in June are 100%, and 76% for September, according to the CME Group's FedWatch tool.
This is in line with the Fed's interest-rate projections released in March, when the central bank last raised rates.
The U.S. Labor Department also reported Thursday that weekly jobless claims remained near a 48-year low at 211,000.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 2.96% from Wednesday’s 3.01%. Treasury prices and yields move in opposite directions.
Oil prices 43 cents a barrel to $70.71 U.S.
Gold prices dropped $6.10 to $1,319.10 U.S. an ounce.
