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Stocks Continue in the Green
Equity indexes in Toronto rose on Thursday as a slew of earnings and CCC International Holding Ltd’s acquisition of Aecon Group Inc drove gains.
The S&P/TSX Composite Index strengthened 51.08 points to break for lunch Thursday at 15,905.85
The Canadian dollar dropped 0.18 cents to 77.93 cents U.S.
Aecon Group surged 16.6% to $19.26 on news that it agreed to be bought by the Chinese construction firm in a deal with an enterprise value of $1.51 billion.
Suncor Energy rose 2.1% t to $43.02, while Husky Energy added 1.7% to $16.53 after both companies reported better-than-expected third-quarter profits.
Telecom stocks were up as Telus Corp extended its previous session’s gains, rising 1.4% to $47.76.
The materials group, which includes precious and base metals miners and fertilizer companies, lost ground weighed down by Barrick Gold Corp and Teck Resources Ltd.
Barrick sank 5.5% to $19.08 after disappointing quarterly results and uncertainty surrounding its gold mine in Tanzania, which is embroiled in a multi-billion-dollar tax dispute.
Teck slumped 6.8% to $27.30 after reporting weaker-than-expected third-quarter results and forecasting softer prices for its coal in the fourth quarter.
Potash Corp was down 1.3 to $24.81 after the fertilizer producer posted a smaller-than-expected quarterly profit and narrowed its full-year forecast.
Unexpectedly better quarterly results for Agnico Eagle Mines and Goldcorp tempered some of the mining losses. Agnico gained 6.9% to $60.05 and Goldcorp was up 5.3% to $17.37.
On the economic beat, Statistics Canada said average weekly earnings were $975 in August, up 0.9% from the previous month. Compared with the previous August, earnings increased 1.7%.
ON BAYSTREET
The TSX Venture Exchange stayed 1.17 points to 784.68
Seven of the 12 TSX subgroups were positive midday, as industrials popped 1.2%, telecoms improved 0.8%, and energy muscled 0.6% higher.
The five laggards were weighed most heavily by materials, down 1.1%, health-care, skidding 0.8%, and real-estate, dipping 0.7%
ON WALLSTREET
U.S. stocks traded higher on Thursday as the latest set of earnings reports gave investors a positive surprise.
The Dow Jones industrial average climbed 105.64 points Thursday to 23,435.10, after registering Wednesday its biggest one-day fall since Sept. 5.
Nike added to its Wednesday gains after the company raised growth targets at its investor day. Shares were up more than 3.5% to lead the index higher.
The S&P 500 recouped 8.17 points to 2,565.20. Union Pacific rose 4.1% after the company reported better-than-expected quarterly earnings.
The NASDAQ moved forward 6.29 points to 6,570.18. Tech giants Alphabet, Microsoft and Amazon are all scheduled to report quarterly results Thursday after the close.
Twitter's stock rose 17.3% in early trade after the social media company posted earnings per share and revenue that beat Wall Street expectations. The stock was also on track for its best day since September 2016.
Automaker Ford also reported better-than-expected quarterly results; its stock rose nearly 1%. The company also raised its full-year guidance.
Time Warner shares rose 0.4% after the company posted earnings that easily beat expectations
Prices for the benchmark 10-year Treasury note were unchanged early Thursday, keeping yields at Wednesday’s 2.44%.
Oil prices added 23 cents a barrel to $52.41 U.S.
Gold prices shed $5.20 an ounce to $1,273.80 U.S.
