Stocks in Toronto successfully ran their winning streak to four straight days Thursday, digging out of the rubble of last week’s sharp selloff, as energy powered the upward momentum.
The S&P/TSX Composite grew 112.84 points to conclude Thursday at 16,384.49
The Canadian dollar inched forward 0.06 cents to 75.21 cents U.S.
Energy really packed on the muscle, as Ensign Energy rocketed 32 cents, or 11.6%, to $3.08, while MEG Energy jumped 38 cents, or nearly 8%, to $5.16.
Consumer discretionary stocks also had a spring in their step, as BRP Inc. soared $6.04, or 15%, to $46.21, while Martinrea International grew 29 cents, or 2.9%, to $10.20.
Financials were also richer, as ECN Capital gathered 14 cents, or 3.2%, to $4.59. Home Capital Group climbed 69 cents, or 2.8%, to $25.11
Gold was the hardest-hit of the losing groups, as Detour Gold surrendered $1.49, or 6%, to $23.43, while Centerra Gold docked 63 cents, or 5%, to $12.05.
Among materials, First Majestic Silver shed 60 cents, or 4%, to $14.31, while MAG Silver let go of 56 cents, or 3.2%, to $17.01.
In real-estate, units of Riocan REIT dipped 42 cents, or 1.6%, to $26.35, while Brookfield Property Partners docked 34 cents, or 1.3%, to $25.23.
On the economic front, Statistics Canada reported that average weekly earnings by non-farm employees averaged $1,026 in June, down 0.5% from the previous month, and up 2.5% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange gave up 2.63 points to 581.19
All but three of the 12 Toronto subgroups were more prosperous as the closing bell sounded, with energy perking 2.7%, consumer discretionary and financial stocks each better by 1.2%.
The three laggards were gold, down 2.7%, materials, sliding 1.5%, and real-estate, off 0.3%.
ON WALLSTREET
Stocks jumped on Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a “calm” attitude.
The Dow Jones Industrial Average added 326.15 points, or 1.3%, to finish Thursday at 26,362.25.
The S&P 500 grew 36.64 points, or 1.3%, to 2,924.58
The NASDAQ popped 116.51 points, or 1.5%, to 7,973.39
This summer’s escalation in the trade war sent the major averages lower this month. The Dow and S&P 500 were both down around 2% in August through Thursday’s close, while the NASDAQ has lost 2.5%.
When asked about its ongoing trade war with the U.S., China’s commerce ministry said Thursday that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.
Trade bellwethers Boeing and Caterpillar rose at least 0.8% each while Deere traded 2.5% higher. Micron Technology gained 3.5%.
In economic news, second-quarter U.S. gross domestic product growth was revised down to 2% from 2.1%. The revision was in line with analyst expectations. Pending home sales fell 2.5% in July month to month and were 0.3% lower compared with July 2018.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.50% from Wednesday’s 1.47%. Treasury prices and yields move in opposite directions
Oil prices gained 78 cents to $56.56 U.S. a barrel.
Gold prices dropped $11.60 to $1,537.50 U.S. an ounce.
