Canada's main stock index shook off the cobwebs and climbed the equity ladder yet again, even though comments by U.S. Commerce Secretary Wilbur Ross regarding Sino-American trade put a damper on things.
The S&P/TSX Composite Index gained back 72.45 points to close Thursday at 15,280.78
The Canadian dollar skidded 0.09 cents to 74.86 cents U.S.
Health-care stocks proved the star of the show, as Canopy Growth acquired 82 cents, or 1.4%, to $58.97, while rival Aurora Cannabis muscled ahead 53 cents, or 6.4%, to $8.79.
Energy stocks also figured prominently, as Canadian Natural Resources galloped 71 cents, or 2.1%, to $34.96, and Suncor Energy rumbled higher 59 cents, or 1.7%, to $42.17.
In the real-estate sector, Colliers International Group skyrocketed $2.26, or 2.8%, to $82.08, while units of Allied Properties REIT gained 18 cents to $46.53.
Communications stocks floundered, though, as Rogers Communications dwindled two dollars, or 2.8%, to $70.61, while Shaw Communications forked over 11 cents to $26.39.
Consumer staples fell just short of the breakeven line, as Saputo forfeited a dime to $38.60. Metro dumped 21 cents to $49.18.
On the economic slate, Statistics Canada said those drawing regular employment insurance was virtually unchanged in November from a month earlier at 439,000, following three consecutive months of declines.
ON BAYSTREET
The TSX Venture Exchange eked up 0.68 points to 593.38
All but two of the 12 TSX subgroups were positive on the day, with health-care vaulting 2.3%, energy up 1.4%, while real-estate was stronger by 0.8%.
The two laggards were communications, off 0.8%, while consumer staples removed 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Thursday amid lingering concern over U.S.-China trade negotiations.
The 30-stock index demurred 22.38 points to wrap up Thursday at 24,553.24, led by losses in Merck and Pfizer.
The S&P 500 gained 3.63 points to 2,642.33, as chip stocks lifted the technology sector.
The NASDAQ Composite gained 47.69 points to 7,058.33
Intel climbed nearly 4% while Lam Research surged 14%.
Both the Dow and S&P 500 initially traded lower after Commerce Secretary Wilbur Ross said China and the U.S. were not close to striking a trade deal.
Ross told the media that the U.S. is “miles and miles” from a trade deal with China, adding the two countries have “lots and lots of issues.”
His comments come as China and the U.S. try to strike a trade deal before the beginning of March. If they don’t, additional U.S. tariffs on Chinese goods will come into effect. The two countries have been engaged in a trade war since last year.
Solid earnings reports helped lessen the blow from Ross’ comments on Thursday. American Airlines and JetBlue were among the companies that posted better-than-expected earnings. Texas Instruments also topped estimates.
American Airlines and JetBlue both rose more than 5%. Texas Instruments surged 6.9%.
The earnings season continues later on Thursday, with Intel and Starbucks among the companies scheduled to report after the close.
Investors also kept an eye on Washington as the U.S. government shutdown entered its 34th straight day.
House Speaker Nancy Pelosi said Wednesday that Democrats would block President Donald Trump from delivering his State of the Union address until the government reopened — an announcement that Trump complied with.
For now, the U.S. labour market appears to be holding up well. Weekly jobless claims fell to 199,000 last week, their lowest in 49 years.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 2.71% from Wednesday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices inched up 57 cents to $53.19 U.S. a barrel.
Gold prices slid $3.80 to $1,280.20 U.S. an ounce.
