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Stocks Move Higher
Stocks in Canada’s largest market ticked higher early on Thursday, helped by gains in its heavyweight energy sector led by Canadian Natural Resources after it reported better-than-expected quarterly profit and plans to cut capital spending.
The S&P/TSX Composite Index started Thursday by gaining 25.15 points to 15,269.66
The Canadian dollar dropped 0.14 cents to 79.41 cents U.S.
Canadian Natural Resources posted a higher quarterly profit that topped Street estimates and said it would cut capital expenditure for the year by about $180 million, becoming the latest oil and gas company to do so.
The stock, which trades under the symbol CNQ, gained $1.70, or 4.4%, to $40.29.
Enbridge Inc., North America's largest pipeline operator, reported a quarterly profit that more than tripled, helped partly by its purchase of natural gas pipeline company Spectra Energy Corp.
Enbridge shares gained 17 cents to $52.69.
Home Capital Group reported a bigger-than-expected second-quarter loss on Wednesday but said issues relating to its ability to continue as a going concern had been resolved.
Home Capital shares plummeted 74 cents, or 5.4%, to $13.03.
Canaccord Genuity cut the target price on Cineplex to $51.00 from $59.00. Cineplex shares dipped 22 cents to $45.21
National Bank of Canada cut the target price on Imperial Oil to $36.00 from $40.00. Imperial shares inched up two cents to $36.82.
National Bank of Canada cut the target price on Trinidad Drilling to $2.60 from $3.25. Trinidad shares gave back a cent to $1.68.
ON BAYSTREET
The TSX Venture Exchange faded 0.84 points to 768.46
Eight of the 12 TSX subgroups were higher to start the day, with gold soaring 1%, energy better 0.7%, and materials up 0.4%.
The four laggards were weighed most by health-care, ailing 1.3%, telecoms, down 0.3%, and information technology off 0.1%.
ON WALLSTREET
U.S. traded slightly lower on Thursday following a record-breaking session for the Dow Jones industrial average.
The Dow fell 0.40 points to 22,015.84, with Apple contributing the most losses.
The S&P 500 skidded 4.91 points to 2,472.66, with information technology leading decliners.
The NASDAQ dropped 18.73 points to 6,343.91.
Overall, calendar second-quarter earnings have been strong, with most major companies reporting better-than-expected results. Among them, electric car maker Tesla reported a smaller-than-expected loss Wednesday, sending the stock surging as much as 6% in pre-market trade.
Allergan, Global Payments, and Kellogg also posted quarterly results before the bell Thursday. Heinz, Motorola Solutions, Viacom and Western Union will report after the bell.
Wall Street also set its sights on U.S. economic data. U.S. jobless claims totaled 240,000 versus expectations of 242,000 according the U.S. Labor Department's Thursday report.
Looking ahead to Friday, investors may be taking a break ahead of the U.S. Bureau of Labor Statistics' its monthly employment report. Analysts expect the U.S. economy will have added 185,000 jobs in July.
Meanwhile, the IHS Markit Services Purchasing Managers’ Index hit 54.7 in July, slightly higher than in June. But the Institute for Supply Management non-manufacturing index showed growth in the services sector slowed last month.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.24% from Wednesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices gained four cents to $49.63 U.S. a barrel
Gold prices slid $3.70 to $1,274.70 U.S. an ounce.
