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Markets hang onto morning gains
Equities in Canada’s biggest market rose on Thursday, as energy stocks gained from slightly higher oil prices.
The S&P/TSX Composite Index gained 71.21 points to roll into noon hour ET at 16,548.61
The Canadian dollar chucked 0.52 cents at 75.41 cents U.S.
Shares of Enbridge, which added $1.73, or 3.8%, to $46.75, and TransCanada Corp, up three dollars, or 5.3%, to $59.37, were the two top boosts to the energy sector.
As earnings season kicked off, Canada's largest wireless provider, Rogers Communications, topped analysts' average estimate for profit, while pipeline operator Kinder Morgan Canada on Wednesday posted a quarterly profit that nearly halved.
Rogers shares deducted $1.34, or 2%, to $65.76, while Kinder gathered 41 cents, or 2.6%, to $16.48.
Activist investor John Paulson's hedge fund urged Detour Gold to call a special shareholder meeting to push for change in the Canadian miner's board.
Detour shares tailed off five cents to $13.65.
The biggest percentage gainers on the TSX were shares of Paramount Resources, which jumped 36 cents, or 2.4% to $15.15, and Russel Metals, which rose 60 cents, or 2.2%, after a rating upgrade.
First Quantum Minerals toppled $1.26, or 6.6%, to qualify as top decliner on the TSX, followed by shares of Lucara Diamond Corp, down six cents, or 2.8%, to $2.10.
On the economic front, Statistics Canada found 454,100 people received regular Employment Insurance benefits during May, virtually unchanged from April.
What’s more, a report from ADP suggests Canada lost 10,500 jobs in June, driven by a decline in hiring in the finance and real estate sector.
ON BAYSTREET
The TSX Venture Exchange docked 1.94 points to 715.64.
All but three of the 12 TSX subgroups were stronger, with industrials climbing 0.9%, information technology clicking 0.8% higher, and utilities, better by 0.7%.
The three laggards were health-care and telecoms, off 0.7% each, and materials, swooning 0.6%.
ON WALLSTREET
Stocks traded lower on Thursday as investors digested the latest batch of corporate earnings, while trade fears simmer.
The Dow Jones Industrials stayed negative 63.46 points to stop for noon hour at 25,135.83, with Travelers Cos. and American Express lagging.
The S&P 500 lost 6.45 points to 2,809.17, with materials and financials underperfoming.
The NASDAQ stayed red 10.98 points to 7,843.46
IBM shares rose more than 4% after the Dow component reported earnings and revenue that surpassed expectations. American Express, another Dow member, posted a profit that was just above estimates, while sales came in slightly below estimates. Shares of American Express fell 2.7%.
Shares of eBay fell more than 9% after the company posted revenue and guidance that disappointed investors. Earnings, however, topped estimates. Tech giant Microsoft is scheduled to report earnings after the close.
Just over 13% of S&P 500 companies have reported calendar second-quarter earnings thus far, with 85.1% of those firms surpassing analyst expectations.
Investors have high expectations for this earnings season, with analysts expecting 20% year-over-year profit growth for the second quarter.
The earnings season comes as tensions between the U.S. and some of its key trade partners are simmering. On Thursday, European Union Trade Commissioner Cecilia Malmstrom said the EU is making a list of goods it could target as a way to retaliate against potential tariffs on European cars.
Malmstrom’s comments come after U.S. President Donald Trump threatened to hike tariffs on European car imports to 20% from 2.5% last month. Commerce Secretary Wilbur Ross said, however, it was "too early" to say whether the U.S. will impose tariffs on cars.
Prices for the benchmark for the 10-year U.S. Treasury gained a bit of ground, lowering yields to 2.86% from Wednesday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices stayed afloat 94 cents to $69.70 U.S. a barrel.
Gold prices doffed $11.30 at $1,216.00 U.S. an ounce.
