Equities in Canada’s largest centre resumed their winning ways Thursday, as markets took good vibes from news out of China.
The TSX Composite Index hiked 127.95 points to end Thursday at 24,033.83.
The Canadian dollar inched up 0.04 cents to 74.20 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 wrapped up Thursday ahead 43 cents to $61.13.
The consumer discretionary sector posted among the biggest of the sectoral gains, supported by the shares of auto parts supplier Magna International, which lifted off $4.26, or 4.5%, to $56.84.
Elsewhere, BlackBerry bounced 22 cents, or 6.8%, to $3.45, while fellow tech entry Converge acquired 28 cents, or 6.7%, to $4.48.
In materials, Capstone Copper jumped 64 cents, or 6.2%, to $10.90, while Hudbay Minerals took on 90 cents, or 7.6%, to $12.70.
In consumer stocks, Canada Goose Holdings towered $1.34, or 9.2%, to $15.99, while Spin Master leaped $1.48, or 4.7%, to $32.99.
Energy let the side down a bit, however, as Tamarack Valley Energy weakened 25 cents, or 6.2%, to $3.80, while CES Energy Solutions capsized 47 cents, or 6.1%, to $7.23.
In communications, Quebecor let go of 29 cents to $34.74, while Rogers dipped 26 cents to $54.00
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.
China on Thursday vowed “necessary fiscal spending” to meet its growth target and announced plans to issue special sovereign bonds worth about two trillion yuan ($284.43 billion U.S.) this year, following the central bank’s policy easing earlier in the week.
ON BAYSTREET
The TSX Venture Exchange regained 2.92 points to 594.33.
All but two of the 12 TSX subgroups were higher, with information technology shooting higher 1.8%, while materials and consumer discretionary stocks jumped 1.5% each.
Energy stocks flopped 3%, which communications dipped 0.04%.
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 rushed forward 260.36 points to 42,175.11
The S&P 500 index recovered 23.11 points to 5,745.37, hitting a fresh record, led higher by gains in Micron Technology.
The NASDAQ Composite grabbed 68.2 points to 18,150.40.
Micron traded 14% 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 rose 4% and Lam Research rose 5% 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 3.80% from Wednesday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices sank $2.37 at $67.32 U.S. a barrel.
Gold prices surged $10.60 to $2,695.30 U.S. an ounce