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Positive Open for TSX
Canada's main stock index opened higher on Thursday, driven by gains in shares of precious metal miners amid an increase in gold prices.
The S&P/TSX Composite Index acquired 46.9 points to open for business Thursday at 15,074.18
The Canadian dollar improved 0.44 cents to 76.44 cents U.S.
Encana said it would buy Newfield Exploration for $5.5 billion, for greater access to North America's biggest oil patches and making it one of the largest shale oil producers in the region.
Encana shares plummeted $2.03, or 15.1%, to $11.41.
Canadian Natural Resources’ quarterly profit more than doubled and beat analysts' estimates, helped by higher production and average realized prices. Natural Resources rocketed $2.75, or 7.6%, to $38.87.
Suncor Energy reported a higher third-quarter profit on Wednesday on better oil prices and increased refinery margins, along with higher sales and output. Suncor stock gained 41 cents to $44.57.
National Bank of Canada started coverage on BSR REIT with an outperform rating. BSR units inched up three cents to $9.04.
CIBC cut the rating on Maxar Technologies to neutral from outperform. Maxar sank 54 cents, or 2.7%, to $19.15.
CIBC cut the target price on Roots Corp. to $7.00 from $10.00. Roots shares advanced 13 cents, or 2.5%, to $5.31.
On the economic beat, IHS Markit Canada said its Purchasing Managers’ Index sagged in October to 53.9, from 54.8 in September.
The latest reading signaled the weakest improvement in manufacturing conditions since January 2017. Softer rates of output and new business growth were the main factors weighing on the headline index in October
ON BAYSTREET
The TSX Venture Exchange docked 0.4 points to 640.96
Eight of the 12 subgroups began the session positive, with gold shining brighter by 1.7%, materials better by 1.3%, and energy improving 1.2%
The four laggards were led by information technology, down 0.7%, while health-care and industrials each declined 0.4%.
ON WALLSTREET
Stocks traded higher on Thursday to start off November as Wall Street continued to pare steep losses from last month, led by stronger-than-expected earnings from DowDuPont.
The Dow Jones Industrials perked 145.99 points to 25,261.75, as DowDuPont outperformed.
The S&P 500 added 11.35 points to 2,723.09, with materials rising 2.3%
The NASDAQ gained 22.53 points to 7,328.43
Thursday's moves come after investors capped off a volatile October with a strong two-day rally that saw the Dow surge more than 650 points.
But despite the recent rally, the Dow closed last month down 5.1 percent, its biggest one-month fall since January 2016. The S&P 500 lost $1.91 trillion in October, in its worst month since September 2011.
On Thursday, sentiment was lifted by better-than-forecast earnings from DowDuPont and Cigna. Shares of DowDuPont rose 5.3% while Cigna gained more than 2%.
Tech giant Apple is scheduled to report earnings after the bell Thursday. The company's stock slipped 0.3%.
In economic data, initial U.S. weekly jobless claims fell to 214,000 last week while continuing claims remained at their lowest levels since 1973. The data come ahead of the monthly jobs report, which is set for release Friday morning.
Prices for the benchmark for the 10-year U.S. Treasury lost a bit, inching yields up to 3.16% from Wednesday’s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices capitulated 43 cents to $64.88 U.S. a barrel.
Gold prices jumped $16.80 an ounce to $1,231.80
