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TSX Boasts Gains at Open
Toronto stocks rose at open on Thursday, helped by energy stocks tracking higher oil prices, while investors assessed the path ahead for interest rates after the U.S. Federal Reserve's hawkish tone.
The TSX gained 56.66 points in the first hour to 19,955.73.
The Canadian dollar recovered 0.15 cents to 74.01 cents U.S.
Among company news, India's JSW Steel Ltd is considering picking up a 75% interest in Teck Resources' steelmaking coal business Elk Valley Resources, according to a Bloomberg report. Teck shares jumped $2.30, or 4.6%, to $52.66.
Economically speaking, Statistics Canada reports Canadian investors acquired $14.4 billion of foreign securities in June, the largest investment in seven months. Meanwhile, foreign investors increased their holdings of Canadian securities by $12.6 billion, following two months of strong investment.
ON BAYSTREET
The TSX Venture Exchange edged up 1.88 points to 591.36.
Seven of the 12 TSX subgroups lost ground in the first hour, with gold and information technology each down 0.6%, while consumer discretionary stock fell 0.4%.
The five gainers were led by energy, rumbling 1.8%, health-care, improving 0.8%, and materials, better 0.7%.
ON WALLSTREET
Stocks nudged higher Thursday as investors digested the latest round of earnings and economic data, while assessing the outlook for Federal Reserve monetary policy.
The Dow Jones Industrials recovered 77.04 points to close Wednesday at 34,842.78
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The S&P 500 eked higher 3.37 points to 4,407.70.
The NASDAQ index ditched 46.97 points to 13,427.66.
Computer networking company Cisco Systems gained more than 4% on a better-than-expected quarterly earnings report. Meanwhile, Walmart inched lower trading after even after reporting an earnings and revenue beat in the fiscal second quarter. The company also raised its full-year guidance and underscored strength in grocery and online sales.
Ross Stores and Applied Materials are scheduled to report quarterly results after the bell Thursday.
Jobless claims for the week ended Aug. 12 fell from the previous period and came in slightly under the Dow Jones estimate. The Philadelphia Federal Reserve also reported an uptick in its manufacturing index in August.
Prices for the 10-year Treasury staggered, raising yields to 4.31% from Wednesday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.28 to $80.66 U.S. a barrel.
Gold prices slipped $2.70 to $1,925.60 U.S. an ounce.
