Canada’s main resource-heavy stock index gained at the market open as a rise in oil prices lifted energy stocks, while shares of Stantec Inc surged as the construction company beat fourth-quarter profit estimates.
The TSX recovered 29.6 points to begin trading Thursday at 20,222.93.
After a strong start to 2023, the TSX has fallen 2.8% so far in February as signs of strength in major global economies spurred fears that central banks would stick to their aggressive monetary tightening.
In company news, First Quantum Minerals said its unit had suspended ore processing operations at the Cobre Panama mine, with the miner locked in a long-standing dispute with the Panamanian government. First Quantum shares handed back 83 cents, or 3.2%, to $25.13.
In earnings, Loblaw Cos topped Wall Street estimates for quarterly revenue helped by resilient demand for its groceries and drugs. Loblaw climbed $2.86, or 2.5%, to $119.23.
Lundin Mining beat profit estimates for the fourth quarter but earnings declined on a year-on-year basis due to lower metal prices and higher operating costs. Shares in Lundin grabbed a nickel to $8.45.
On the economic slate, Statistics Canada unveiled payroll numbers for December. The agency said employees receiving pay or benefits from their employer—measured as “payroll employees” in the Survey of Employment, Payrolls and Hours—rose by 91,400 (+0.5%) in December, bringing cumulative gains since September to 240,600 (+1.4%).
ON BAYSTREET
The TSX Venture Exchange let go of 0.37 points, or 1%, to 618.81.
The 12 subgroups evenly split, with health-care improving 3.3%, while energy gushed 1.4%, and industrials rumbled ahead 0.4%.
The half-dozen laggards were weighed most by consumer discretionary issues, which fell 0.7%, while communications and gold each lost 0.3%.
ON WALLSTREET
Stocks rose Thursday, with chipmaker Nvidia leading tech gains, while traders assess future potential Federal Reserve moves.
The Dow Jones Industrials raced 139.98 points to begin Thursday’s session at 33,185.07,
The S&P 500 moved ahead, finally, by 25.01 points, to 4,016.06.
The NASDAQ Composite grew 72.18 points to 11,579.25. NASDAQ got a boost from Nvidia, which rose more than 13% on better-than-expected fourth-quarter earnings and revenue.
The moves came after the Federal Reserve released the minutes of its most recent meeting, which concluded Feb. 1, showing that members of the central bank are resolved to keep fighting inflation with rate hikes.
Prices for the 10-year Treasury eked up, lowering yields to 3.91% from Wednesday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.68 to $75.63 U.S. a barrel.
Gold prices drooped $9.10 to $1,833.10 U.S. an ounce.