Canada's main stock index managed to hang onto morning gains Thursday, even as a rise in coronavirus cases in some U.S. states and China dampened hopes of a swift economic recovery, with poor domestic trade data further denting sentiment.
The S&P/TSX Composite Index regained 50.13 points to greet noon Thursday at 15,478.82.
The Canadian dollar lost 0.06 cents at 73.66 cents U.S.
The largest percentage gainer on the TSX was Shopify, which jumped $58.74, or 5.3%, to $1,168.58, after RBC raised its target price for the stock, followed by Empire Company which rose $1.27, or 4.1%, to $32.46, after its quarterly results beat expectations.
Hexo fell four cents, or 3.6%, the most on the TSX, to $1.07, after the pot producer announced the sale of its Niagara facility.
The second-biggest decliner was Brookfield Business Partners L.P, down 36 cents to $45.41.
On the economic beat, Statistics Canada reported that, as the effect of the COVID-19 pandemic continued to spread throughout the economy, wholesale sales plummeted 21.6% to $49.8 billion in April, the lowest level since July 2013.
The agency’s new housing price index edged up 0.1% at the national level in May following no change in April.
ON BAYSTREET
The TSX Venture Exchange fell 0.3 points to 559.49.
Seven of the 12 TSX subgroups were lower in the first hour, with financials and communications each down 0.5%, and health-care off 0.4%.
The five gainers were led by information technology, up 0.7%, gold, ahead 0.4%, and energy, better by 0.3%.
ON WALLSTREET
Stocks clawed back most of their earlier losses on Thursday as shares of companies benefiting from the economy recovered.
The Dow Jones Industrials remained negative 60.77 points, but off its lows of the morning, to reach midday at 26,058.84. This, fter falling 271 points to start the day.
The S&P 500 dipped 2.29 points to 3,111.20.
The NASDAQ stayed buoyant 18.05 points to 9,928.58.
United picked up 0.7% and Delta Air Lines surged 0.2%, while Royal Caribbean and Norwegian Cruise Line advanced at least 2.8% each.
Several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record-high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with COVID-19 on Wednesday.
In China, the country’s capital city has reportedly closed schools and canceled flights to contain the latest wave of coronavirus cases.
However, a disease expert in China announced the latest outbreak of coronavirus cases in Beijing had been brought under control.
Initial U.S. weekly jobless claims rose more than expected last week, coming in at 1.508 million. Economists polled by Dow Jones expected a print of 1.3 million.
Prices for the 10-Year Treasury gained, lowering yields to 0.70% from Wednesday’s 0.73%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $38.58 U.S. a barrel.
Gold prices faded $5.60 to $1,730.00 U.S. an ounce.
