Stocks fought their way into the plus column in Toronto Thursday, as cannabis issues overcame weakness real-estate and gold.
The S&P/TSX Composite Index held onto gains of 5.71 points to end Thursday at 21,937.89.
The Canadian dollar gained 0.2 cents to 79.82 cents U.S.
Real-Estate stocks waned in the final hours, with Dream Office REIT stumbling 78 cents, or 2.7%, to $28.25, while Northwest Health Properties REIT off 34 cents, or 2.4%, to $13.93.
In gold stocks, Alamos Gold gave up seven cents to $10.49, while Eldorado Gold lost eight cents to $14.42.
In tech issues, Tecsys dropped 88 cents, or 2.7%, to $31.79, while Dye & Durham handed over 91 cents, or 3.1%, to $28.73.
On the other side, health-care stocks ruled the few groups of gainers, as Tilray picked up $1.12, or 15.6%, to $8.30, while Canopy Growth moved up 75 cents, or 8.4%, to $9.66.
In consumer staples, Alimentation Couche-Tard picked up 99 cents, or 1.9%, to $53.36, while Metro tacked on 68 cents, or 1%, to $69.90.
Financials moved forward, too, Fairfax Financial Holdings accumulated $14.01, or 2.3% to $634.20, while Canaccord Financial strengthened 27 cents, or 2.2%, to $12.33.
Saskatchewan on Wednesday forecast a deficit of a $463 million in the 2022-23 fiscal year, less than a fifth of last year’s $2.6-billion deficit, as stronger oil and potash prices bring in more revenue.
ON BAYSTREET
The TSX Venture Exchange added 7.5 points to 883.70.
Eight of the 12 TSX subgroups were lower on the day, with real-estate caving 1.2%, while gold and information technology each losing 0.6%.
The four gainers were led by health-care, jumping 4.7%, while consumer staples acquired 0.2%, and financials nosed up 0.1%.
ON WALLSTREET
Stocks rallied Thursday, clawing back the previous session’s losses, as falling jobless claims added to confidence in the U.S. economic recovery.
The Dow Jones Industrials popped 349.44 points, or 1%, to 34,707.94.
The S&P 500 progressed 63.92 points, or 1.4%, to 4,520.16
The NASDAQ Composite leaped 269.24 points, or 1.9%, to 14,191.84.
Stocks have seesawed this week, alternating between up and down days. The S&P 500 and NASDAQ are on track to close the week higher.
All three major averages are on track to close the month higher. The S&P 500 is up 3.3% in March, the NASDAQ is 3.2% higher and the Dow is up 2.4%.
Thursday’s rally gained steam as the day went on, with technology and materials stocks leading the way.
Chip stocks climbed Thursday, with shares such as Nvidia among the favorites of traders to buy in market upswings. These chip companies also stand to benefit in a continuing global economic recovery from the pandemic. Nvidia jumped 9.8%. Intel added 6.9%, and AMD rose 5.8%.
Materials was the second-best-performing S&P 500 sector Thursday. Nucor added 4.3%, and Freeport-McMoRan rose about 3.3%.
Uber gained nearly 5% after the company announced a deal to list all New York City taxis on its app.
Investors are continuing to monitor the war in Ukraine and weigh the Federal Reserve’s rate hikes amid persistent inflation.
NATO leaders met in Brussels Thursday to discuss increasing pressure on Russia, as Ukraine appears to be retaking ground in the war.
On the data front, initial jobless claims last week totaled 187,000, the lowest level since 1969, the U.S. Labor Department reported Thursday.
Treasury prices sagged, raising yields to 2.37% from Wednesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices faded $3.56 to $111.37 U.S. a barrel.
Gold prices jumped $24.90 to $1,962.00 U.S. an ounce.