Equities on Canada’s largest exchanges rose on Thursday supported by financials and commodity-linked stocks, while Canadian manufacturing data for November rose from the previous month.
The TSX Composite hiked 112.43 points to open Thursday at 20,565.69.
The Canadian dollar handed back 0.02 cents to 74.38 cents U.S.
Canadian Imperial Bank of Commerce and Bank of Montreal reported a slump in fourth-quarter profit as the lenders set aside bigger provisions to cover
potential loan defaults against the backdrop of an uncertain macroeconomic environment.
CIBC shares retreated $3.41, or 5.3%, to $61.38, while those for BMO skidded 72 cents to $130.66.
However, TD Bank posted a surge in fourth-quarter profit as gains from higher interest rates offset weakness in underwriting and capital markets. Shares in TD gained $1.56 to $91.09.
The federal government approved an expansion to TC Energy’s NOVA Gas Transmission pipeline system in Alberta that would help improve market access for western Canadian natural gas. TC shares picked up a dime to $59.70.
The seasonally-adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index® (PMI®) recorded 49.6 in November. That was up from 48.8 in October to signal a slower rate of contraction. Nonetheless, the PMI has now posted below the 50.0 no-change mark for four months in a row.
ON BAYSTREET
The TSX Venture Exchange gained 5.25 points to 596.25.
All but one of 12 subgroups were positive in the first hour, with gold better by 3.2%, information technology and health-care surging 2.6% each.
Only consumer staples lost out, and only 0.2% at that.
ON WALLSTREET
Stocks fell as investors awaited jobs data coming Friday.
The Dow Jones Industrials dumped 363.11 points, or 1.1% to begin Thursday at 34,226.66.
The S&P 500 gave back 23.58 points, or 0.6%, to 4,056.53.
The NASDAQ capsized 68.78 points to 11,399.22.
Dollar General dropped 8% after it cut its full-year forecast, citing higher costs. On the other hand, Okta shot up nearly 19% after the identity management software company issued an upbeat full-year financial outlook, while Five Below gained about 11% after it reported an earnings beat.
The moves departed from earlier boosts that followed the release of the Core Personal Consumption Expenditures Index, a closely watched gauge of spending. October data showed the index rose 0.2%, below the consensus estimate of 0.3% collected from economists by Dow Jones.
Investors will be watching Friday for data on the unemployment rate and non-farm payrolls.
Prices for the 10-year Treasury gained more ground, lowering yields to 3.61% from Tuesday’s 3.64%. Treasury prices and yields move in opposite directions.
Oil prices increased $2.30 to $82.85 U.S. a barrel.
Gold prices popped $51.70 to $1,811.60 U.S. an ounce.
Stocks Collapse in Advance of Friday Jobs Report