Equities in Toronto opened at a five-month high on Thursday propped up by material stocks as gold prices scaled new peaks, while plane maker Bombardier's shares slumped after it reported a surprise quarterly loss.
The S&P/TSX Composite Index gathered 37.13 points to 16,538.74.
The Canadian dollar eased 0.11 cents to 75.27 cents U.S.
Bombardier shares dropped a penny, or 2.3%, to 42 cents.
Manulife Financial on Wednesday comfortably beat analyst estimates for second-quarter core profit, which rose from a year earlier due in part to favorable policyholder experience and market impacts. Manulife shares galloped 84 cents, or 4.5%, to $19.67.
Canadian Natural Resources posted a smaller-than-expected quarterly loss on Thursday as cost cuts helped cushion the shock of the COVID-19 pandemic on its operations. Natural Resources shares acquired 15 cents to $25.18.
CIBC raised target price on Franco-Nevada to $245.00 from $235.00. Franco-Nevada improved 64 cents to $213.93.
RBC raised the target price on Norbord to $50.00 from $43.00. Norbord shares gained 32 cents to $41.35.
National Bank of Canada raised the target on Trisura Group to $110.00 from $85.00. Trisura leaped $4.90, or 5.9%, to $88.63.
ON BAYSTREET
The TSX Venture Exchange acquired 7.46 points to begin Thursday at 754.54.
Eight of the 12 TSX subgroups gained ground in the first hour, led by health-care, better by 3%, energy, climbing 0.7%, and financials, soaring 0.6%.
The four laggards were weighed most by consumer discretionary stocks, tailing off 0.6%, information technology, decreasing 0.5%, and utilities, down 0.3%.
ON WALLSTREET
Stocks were flat on Thursday as traders pored over better-than-expected unemployment data and kept an eye on Washington for clues on a new coronavirus stimulus package.
The Dow Jones Industrials moved solidly forward 36.88 points to 27,238.40.
The S&P 500 dropped three points to 3,324.77.
The NASDAQ dropped 17.01 points from Wednesday’s record high to 10,981.39.
Materials, utilities and energy were the worst-performing S&P 500 sectors. A 1.6% gain in Pfizer was offset by declines in Disney and Boeing within the Dow.
Thursday’s moves also come as lawmakers struggle to reach a deal on a new coronavirus relief package. The White House appeared to yield slightly on its opposition to continued federal support for unemployment benefits. The Trump team offered to extend extra federal unemployment insurance into December at $400 per week.
The U.S. Labor Department said initial jobless claims for the week ending Aug. 1 totaled 1.186 million. That’s well below a Dow Jones estimate of 1.423 million and the lowest claims levels since the pandemic began.
The data came a day before the government’s monthly non-farm payrolls report, which is expected to show jobs growth of 1.264 million for July.
Prices for the 10-Year Treasury moved determinely ahead, dropping yields to 0.52% from Wednesday’s 0.55%. Treasury prices and yields move in opposite directions.
Oil prices added 34 cents to $42.53 U.S. a barrel.
Gold prices leaped $26.50 to $2,075.80 U.S. an ounce.
