Stocks Rise on Energy Surge
Athabasca, Kinross at Centre-Stage
Equities in Canada's largest centre found the winning wind Thursday, as energy and other resources pointed upward.
The TSX added 83.93 points to close Thursday at 20,265.37.
The Canadian dollar moved lower 0.11 cents to 77.30 cents U.S.
Canadian stocks have rallied over 11% since hitting the year's lowest level in mid-July on the back of upbeat earnings and signs of cooling inflation in the United States. However, analysts question if the recovery can continue as recession fears persist.
Energy shares topped the bill Thursday, as Athabasca Oil grabbed 19 cents, or 8.2%, to $2.52, while Tamarack Valley Energy pushed 25 cents higher, or 6.3%, to $4.23.
In materials, Ivanhoe Mines heightened 44 cents, or 5%, to $9.20, while First Quantum Minerals advanced 83 cents, or 3.5%, to $24.73.
Gold stocks performed well, too, as Kinross Gold was better 15 cents, or 3,4%, to $4.51, while Sandstorm Gold improved 12 cents, or 1.6%, to $7.71.
Cannabis stocks dragged things down, however, as Canopy Growth docked 34 cents, or 6.5%, to $4.89, while Aurora Cannabis dipped eight cents, or 3.6%, to $2.17.
In consumer staples, Empire Company sank 64 cents, or 1.6%, to $39.66, while North West Company slid 57 cents, or 1.6%, to $35.84.
Utilities lost ground as well, as Fortis Inc. doffed $1.32, or 2.2%, to $60.04, while Northland Power fell 47 cents, or 1%, to $45.24.
On the economic front, Statistics Canada said its Industrial Product Price Index declined 2.1% month over month in July and increased 11.9% year over year, while its raw materials price index fell 7.4% month over month in July and was 19.1% higher compared with July 2021.
The TSX Venture Exchange gained 2.53 points to 662.61.
Eight of the 12 TSX subgroups were higher, as energy jumped 2.6%, materials took on 1`.1%, and gold, up 0.5%.
The four laggards were weighed most by health-care, down 1.8%, while consumer staples and utilities each fell 0.1%.
The S&P 500 and Nasdaq Composite rose slightly higher Thursday as traders fought to resurrect the recent market rally that slowed earlier this week.
The Dow Jones Industrials moved into the sunlight by the close, gaining 18.72 points to 33,999.04.
The S&P 500 picked up 9.7 points to 4,283.74.
The NASDAQ Composite regained 27.22 points to 12,965.34.
Thursday's moves bring the Dow up 0.7% and the S&P into positive territory for the week 0.08%. The NASDAQ is down 0.6%.
Retail earnings continued Thursday with reports from Kohl's, Bath & Body Works and BJ's Wholesale. The results offered insight into the health of the consumer. Kohl's shares slid after the company cut its guidance while BJ's Wholesale jumped after topping estimates.
More data released Thursday provided clues into the state of both the jobs and housing markets. Initial jobless claims fell to 250,000 for the week ended Aug. 13, while existing home sales dropped nearly 6% in July.
Treasury prices crept ahead, weighing yields to 2.88% from Wednesday's 2.89%. Treasury prices and yields move in opposite direction.
Oil prices hiked $2.50 to $90.61 U.S. a barrel.
Gold prices doffed $4.20 to $1,772.50 U.S. an ounce.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.