Canada’s benchmark index sprinted for a fifth straight session on Thursday, boosted by gains in Filo Mining following a brokerage’s bullish view on the stock, while easing worries over the banking sector turmoil also helped lift the mood.
The TSX remained 85.64 points above breakeven to pause for lunch Thursday at 19,923.29.
The Canadian dollar added 0.18 cents to 73.88 cents U.S.
Filo shares rose $1.15, or 5.3%, to $22.77 after CIBC started the coverage of the miner with an “outperform” rating and a target price of $38.00.
Among stocks, Atco rose 65 cents, or 1.5%, to $43.27 after agreeing to transfer ownership of an unfinished pipeline that has been bogged down in a dispute with the Mexican state power company.
Pet Valu Holdings added 44 cents, or 1.2%, to $36.68 after TD Securities started covering the pet-related retailer with a “buy” rating and a price target of $45.00.
On the economic front, Statistics Canada reported the number of employees receiving pay or benefits from their employer—measured as “payroll employees” in the Survey of Employment, Payrolls and Hours—rose by 71,100 (+0.4%) in January, following an increase of 53,700 (+0.3%) in December 2022.
ON BAYSTREET
The TSX Venture Exchange edged higher 0.58 points to 624.19.
All but one of the 12 TSX subgroups were higher, with real-estate, consumer staples and utilities each up 0.9%.
The lone laggard proved to be health-care, down 1.1%.
ON WALLSTREET
Stocks rose Thursday, building on the sharp gains from the previous session, as traders bet the regional banking crisis has stabilize
The Dow Jones Industrials came off their highs of the morning, but maintained gains of 38.53 points to 32,756.13.
The S&P 500 remained buoyant 18.71 points, to 4,046.52.
The NASDAQ stayed green 88.01 points to 12,014.24.
Regional bank stocks were on the rise, as such equities warmed to an apparent improvement of the situation. Shares of Western Alliance and PacWest gained more than 2% each.
Weekly jobless claims increased by 7,000 to 198,000, adding to hopes that the Fed could slow down its tightening campaign because the labour market is cooling. Elsewhere, Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.
Prices for the 10-year Treasury were unchanged, maintaining yields at Wednesday 3.57%
Oil prices regained $1.04 to $74.01 U.S. a barrel.
Gold prices improved $7.60 to $1,992.10 U.S. an ounce.