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Stocks Recover from Wednesday Beating

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Canada's main stock index opened higher on Thursday, aided by gains in energy shares, although a slew of mixed corporate earnings limited further gains.

The TSX Composite recovered from Wednesday’s shellacking, gaining 58.03 points to open Thursday at 21,013.02.

The Canadian dollar gained 0.11 cents to 80.94 cents U.S.

Bombardier posted a smaller second-quarter loss on Thursday, as demand for private jets from corporations and wealthy buyers returned after the pandemic crimped sales last year.

Bombardier added three cents, or 1.4%, to $2.14.

Suncor Energy doubled its dividend on Wednesday as a rebound in crude prices from pandemic-driven lows helped it post a third-quarter profit compared with a year-ago loss.

Suncor shares vaulted $2.38, or 8.4%, to $30.60.

National Bank of Canada raised the price target on Allied Properties REIT to $52.00 from $50.00. Units of Allied dropped 15 cents to $43.50.

ATB Capital Markets raised the target price on Topaz Energy to $24.00 from $22.00. Topaz shares were unchanged at $17.75.

ATB Capital Markets raised the price target on Trican Well Service to $4.00 from $3.75. Trican shares docked 2.5 cents to $3.54.

On the economic front, Statistics Canada reported payroll employment increased by 59,700 , or 0.4%, in August, driven by gains in the services-producing sector in Ontario and Quebec.


The TSX Venture Exchange gained 4.72 points to 951.51

Eight of the 12 TSX subgroups started the day in the green, with energy gushing 1.4%, industrials up 0.5%, and health-care stocks ahead 0.4%.

The four laggards were weighed most by gold, down 0.4%, while real-estate and information technology were each off 0.1%.


Stocks moved higher on Thursday morning as strong earnings from major companies bolstered the equity markets.


The Dow Jones Industrials sprinted 175.46 points to 35,666.15

The S&P 500 regained 27.81 points to 4,579.49.

The NASDAQ Composite hiked 108.47 points to 15.344.21.

The S&P 500 has gained 5.6% in October, on pace to post its best month since November 2020. The Dow is up 4.9% this month, while the tech-heavy NASDAQ has rallied 5.5%.

Ford was a standout in early trading, as its shares jumped more than 9% on blockbuster earnings while also raising guidance. The automaker said increased availability of semiconductors during the quarter allowed it to ramp up production. Mastercard, Merck and Caterpillar also moved higher following earnings beats.

The move for stocks came despite a disappointing economic report on Thursday. Gross Domestic Product growth for the third-quarter came in at 2.0%, below the 2.8% expected. The reading marks a slowdown from 6.7% growth in the second quarter.

On a more positive note for the economy, weekly initial jobless claims came in at 281,000. Economists surveyed by Dow Jones were expecting 289,000 claims.

Earnings season has seen some weak spots. Shares of Twilio and eBay were under pressure on Thursday after disappointing quarterly reports. The market will be getting more big earnings news later in the day, with tech giants Amazon and Apple reporting after the closing bell.

Wall Street was also monitoring events in Washington, where Democrats and President Joe Biden appear to have reached a deal on a $1.75-trillion social spending bill.

Prices for 10-year Treasurys swooned, raising yields to 1.56% from Wednesday’s 1.54%. Treasury prices and yields move in opposite directions.

Oil prices weakened 16 cents to $82.50 U.S. a barrel.

Gold prices recovered $6.30 to $1,805.10 U.S. an ounce.

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