Gains to be Seen in TSX’s First Hour

Equities in Canada’s biggest market rose on Thursday, helped by a slew of strong quarterly results and a jump in commodities as crude and metal prices rose

The TSX gained 64.84 points to start Thursday at 19,319.40.

The Canadian dollar eased 0.10 cents to 78 cents U.S.

Gold stocks led the march upward, with Alamos Gold up 68 cents, or 7.5%, to $9.76, while Equinox Gold advanced 27 cents, or 4.9%, to $5.83.

Health-care stocks also did well, with Tilray jumping 32 cents, or 7.7%, to $4.50, while Cronos Group climbed eight cents, or 2.1%, to $3.87.

On the economic calendar, Statistics Canada reported the number of employees receiving pay or benefits from their employer decreased by 26,100 (or 0.1%) in May, the first decline since May 2021.

ON BAYSTREET

The TSX Venture Exchange pushed higher 8.54 points, or 1.4%, to 628.30.

All but three of the 12 TSX subgroups moved higher, with gold brighter 3%, materials stronger 2.4%, and health-care haler 1.3%.

The three laggards were communications, down 0.3% in the first hour, while information technology and financials each fell 0.2%.

ON WALLSTREET

Stocks slid on Thursday as the latest GDP report added to fears about a recession and investors continued to digest a slew of corporate earnings.

The Dow Jones Industrials sank 135.94 points to begin the week’s penultimate session at 32,060.65.

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The S&P 500 removed 22.16 points to 4,001.45

The NASDAQ stumbled 108.8 points to 11,923.62.

The moves came after the Bureau of Economic Analysis reported U.S. economic growth fell 0.9% in the second quarter. The Dow Jones estimate was for a gain of 0.3%. First-quarter GDP declined by 1.6%.

Investors also continued to monitor companies’ second-quarter results Thursday. Shares of Meta Platforms dipped 5.9% on the back of disappointing quarterly results.

Shares of Comcast slid more than 9% after reporting it failed to add broadband subscribers for first time ever. Charter Communications fell 7%. The communication services sector was down by 2%, after posting its best daily performance since April 2020 on Wednesday.

Stanley Black & Decker shares tumbled about 15% after the manufacturing company missed earnings and revenue estimates and cut its earnings guidance.

Investors are looking ahead to results from Apple, Amazon, Intel and Roku slated for after the bell.

Treasury prices rose sharply, lowering yields to 2.66%, from Wednesday’s 2.79%. Treasury prices and yields move in opposite directions.

Oil prices gained 51 cents to $97.77 U.S. a barrel.

Gold prices gathered $31.10 to $1,750.20 U.S. an ounce.