Canada’s main stock index opened higher on Thursday, lifted by mining stocks, after China’s assurance of more stimulus buoyed investor sentiment while markets also assessed U.S. economic data.
The TSX Composite Index recovered 115.75 points to kick off Thursday at 24,021.63.
The Canadian dollar sank 0.02 cents to 74.15 cents U.S.
In corporate news, Fortis announced a new $26-billion five-year capital plan and declared a 4% increase in fourth-quarter dividend. Shares in Fortis began Thursday up 37 cents to $61.07.
In the economic docket, the number of employees receiving pay and benefits from their employer—measured as “payroll employment” in the Survey of Employment, Payrolls and Hours—increased by 32,800 (+0.2%) in July, following a decline in June (-22,900; -0.1%) and five consecutive monthly increases from January to May.
ON BAYSTREET
The TSX Venture Exchange regained 5.93 points, or 1%, to 597.34.
All but one of the 12 TSX subgroups were higher, with consumer discretionary stocks soaring 1.8%, materials, ahead 1.6%, and information technology better by 1.3%.
Only energy stocks missed the party, dropping 2%.
ON WALLSTREET
Stocks rose Thursday, regaining their footing after a mixed session, following the release of upbeat U.S. economic data.
The Dow Jones Industrials regained 216.97 points to 42,131.72
The S&P 500 index recovered 28.21 points to 5,750.47, led higher by gains in Micron Technology
The NASDAQ Composite popped 111.17 points to 18,192.38.
Micron traded 18% higher after issuing strong guidance for the current quarter. Results for Micron’s fiscal fourth quarter also topped analysts’ estimates. Fellow semiconductor-linked stocks Applied Materials and Lam Research both rose 6% in sympathy.
Weekly jobless claims fell more than expected, pointing to a steady labor market. Durable goods orders for August were unchanged versus economists’ expectations for a decline. And the final reading of second-quarter GDP was unrevised at a strong 3%.
Prices for the 10-year Treasury dropped, lifting yields to 3.81% from Wednesday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.73 at $67.96 U.S. a barrel.
Gold prices nicked ahead $1.70 to $2,686.40 U.S. an ounce