Scratching out gains

Canadian stocks extended gains on Thursday as favorable economic data abroad and corporate earnings at home supported investors' risk appetite.

The S&P TSX Composite Index moved higher by 30.02 points to end the day at 12,731.28

The Canadian dollar gained 0.21 cents to 100.24 U.S. cents

SXC Health Solutions Corp. rose $3.61, or 5.7%, to $67.05. The pharmacy benefits manager reported a 60% jump in quarterly profit and said it predicted this year's revenue to grow 38%.

Tim Hortons Inc. was up $1.79, or 3.5%, to $52.45 after the coffee and doughnut chain raised its quarterly dividend by 24%, although its fourth-quarter profit fell by 73%.

Pan American Silver Corp. was up 53 cents, or 2.1%, to $25.76. The Vancouver-based gold and silver miner raised its dividend by 50% as the fourth-quarter profit and sales jumped.

Materials rose, with Yamana Gold Inc. advancing 54 cents, or 3.1%, to $17.90.

Still, the Canadian stock index was pressured by a loss in the consumer staples subsector, with shares of Loblaw Cos Ltd. sliding $2.10, or 5.6%, to $35.26 on its latest earnings report.

The Montreal-based supermarket retail chain, Metro Inc., dipped $1.24, or 2.4%, to $50.77.

Home hardware and gardening retailer Rona Inc. posted a loss of more than $151 million in the fourth quarter as the company took restructuring charges to reflect weak markets and a plan to refocus the company.

The showing compared with a profit of about $20 million a year earlier. Quarterly sales rose 2.6% to $1.17 billion and Rona shares fell five cents, or 0.5%, to $9.34.

Forest products maker Cascades Inc. had a net loss excluding special items of $4 million or four cents a share in the three months ended Dec. 31. That compared with net earnings of $17 million or 17 cents a share for the same period the previous year. Sales in the quarter rose 17% to $913 million. Cascades shares dropped 14 cents, or 3.2%, to $4.30.

Alamos Gold Inc. increased its semi-annual dividend 43% to 10 cents per share. The miner also reported an increase in fourth-quarter earnings to $21.3 million U.S. or 18 cents per share, compared with $18.3 million U.S. or 16 cents per share in the same prior-year period. Its shares rose 15 cents, or 0.8%, to $20.10.

On the economic calendar, Statistics Canada reported this morning that average weekly earnings of non-farm payroll employees grew in December to $888.26, up 0.7% from November. On a year-over-year basis, earnings rose 2.4%.

ON BAYSTREET

The TSX Venture Exchange was positive 9.18 points to 1,694.13, while the Nasdaq Canada index tacked on 4.81 points to 423.33

Eight of the 14 Toronto subgroups finished the day in the green. Health-care stocks were 1.9% more solid, while energy issues spiked 1%, and utilities were 0.6% better.

The half-dozen laggards were weighed by consumer staples, off 1.9%, telecoms, down 0.6%, and the metals and mining group, sliding 0.1%.

ON WALLSTREET

In New York, stocks traded slightly higher Thursday, paring earlier losses, as investors digested better-than-expected news in the jobs sector.

The Dow Jones Industrials climbed 46.02 points to end the day at 12,984.70

The S&P 500 lifted itself 5.79 points to 1,363.45, while the Nasdaq added 23.81 points to 2,956.98

The Dow is up 6% from the start of the year, the S&P 500 has gained nearly 8% and the Nasdaq has jumped 13%.

On the Dow, IBM, Travelers and Disney offset declines, the bulk of which came from Hewlett-Packard. As PC sales swooned, HP's profit fell by a dramatic 44% and sales sank 7% in its latest fiscal quarter, which ended on Jan. 31

T-Mobile, owned by Germany's Deutsche Telekom, said "not carrying the iPhone led to a significant increase in contract deactivations in the fourth quarter of 2011." The company lost 526,000 customers during the quarter, compared to adding 126,000 during the third quarter of 2011.

Meanwhile, AT&T's board cut CEO Randall Stephenson's 2011 pay by $2 million U.S., as a direct response to the failed T-Mobile takeover bid.

Sears Holdings reported earnings that fell far short of forecasts. Shares of the retailer spiked after the company said it planned to sell of some of its stores in an effort to raise $400 million to $500 million U.S. The retailer -- which also owns Kmart as well as the Kenmore, Craftsman and Lands' End brands -- has been struggling for months.

Target reported better-than-expected fourth-quarter earnings, and said it expects profit growth of 3% to 8% this year.

Apple holds its shareholder meeting in Cupertino, Calif., on Thursday.

While worries about Greece continue to loom in the background, investors were encouraged by a reading on Germany's business conditions that rose for a fourth straight month in February -- the highest level since July, according to the Munich-based Ifo institute.

Meanwhile, the European Commission said Thursday that it expects the euro-zone will likely face a mild recession in 2012, thanks to negative growth in Greece, Portugal, Spain and four other countries.

One expert said markets are "more resilient" to negative economic data now than in the past, when stocks would have wild 100-point swings on the tiniest negative (or positive) headline.

Economically speaking, the number of workers filing for unemployment in the United States was 351,000, the U.S. Labor Department reported before markets opened. That's slightly better than analysts' forecasts and unchanged from the week prior, which was revised up from 348,000.

Treasury prices for the 10-year note strengthened late in the day, lowering yields to 1.98% from Wednesday's 2.00%. Treasury prices and yields move in opposite directions.

Oil for February delivery leaped $1.74 to $108.05 U.S. a barrel.

Gold futures for April delivery rose $16 to $1,787.30 U.S. an ounce.