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Toronto Gains with Oil Prices
Stocks in Toronto were winners at the midpoint of Thursday’s trading day, as higher oil prices drove gains by energy companies, offsetting losses for miners after the value of copper and other base metals fell.
The S&P/TSX Composite Index climbed 39.63 points to greet noon at 15,166.44
The Canadian dollar dropped 0.18 cents to 82.01 cents U.S.
Empire Co, the parent company of the Sobeys grocery chain, soared 12.1% to $22.13 after reporting adjusted earnings and revenue that beat analyst expectations.
The energy group climbed with Encana Corp adding 3.6% to $12.85 and Suncor Energy advancing 1.1% to $41.41.
The materials group, which includes precious and base metals miners and fertilizer companies, lost ground, with Teck Resources falling 2.6% to $26.00 and Ivanhoe Mines down 4.1% to $4.17.
Copper prices hit a four-week low as disappointing data from China pointed to slowing demand from the metal’s top consumer.
Eldorado Gold Corp fell 0.4% to $2.78 after the miner received an arbitration notice from Greece.
On the economic slate, Statistics Canada’s new housing price index gained 0.4% in July, market conditions in Vancouver contributing to ongoing strength in that census metropolitan area, proving the main agent of price hikes.
China posted a rare flurry of disappointing data - including its slowest growth in investment in nearly 18 years - suggesting the world's second-largest economy is finally starting to lose some momentum as borrowing costs rise.
ON BAYSTREET
The TSX Venture Exchange regained 3.34 points to 774.50
Eight of the 12 TSX subgroups were in positive country midday, with energy and consumer staples each rumbling 1.2% higher, while consumer discretionaries advanced up 0.8%.
The three laggards were weighed most by telecoms, subsiding 1.1%, real-estate, off 0.2%, and materials, inching downward 0.03%.
Health-care stocks were unchanged approaching noon hour.
ON WALLSTREET
U.S. equities traded mostly lower on Thursday after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve.
The Dow Jones Industrials gained 18.67 points to a new intraday record of 22,176.85, with Boeing contributing the most to the gains. The aerospace company said late Wednesday it will raise production of its 787 Dreamliner jets to 14 per month in 2019.
The S&P 500 faltered 2.2 points from Wednesday’s record high to 2,496.17, with consumer staples leading decliners and energy outperforming.
The NASDAQ also dropped 15.42 points from Wednesday’s record high to 6,444.90
The U.S. Consumer Price Index rose 1.9% in August on a year-over-year basis. Economists expected an increase of 1.8%. Lifting consumer prices higher were gasoline and rent costs.
Prices for the benchmark 10-year Treasury note gained back some ground, lowering yields to Wednesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices gained 92 cents to $50.22
Gold prices recovered $1.50 to $1,329.50 U.S. an ounce.
