Stocks in Toronto rebounded, as investors awaited key U.S. and domestic labour market data for cues on future monetary policy.
The TSX climbed 243.15 points to end Thursday’s session at 32,378.64.
The Canadian dollar faded 0.04 cents to 72.12 cents U.S.
Market sentiment this week has been largely shaped by developments in Venezuela, home to the world's largest oil reserves, where a potential increase in production could increase competition for Canadian oil companies.
Energy stocks led the parade of winners, with Baytex Energy grabbing 30 cents, or 7%, to $4.60, while Vermilion Energy triumphing 43 cents, or 4%, to $11.27.
Shares of MDA Space jumped $2.01, or 7.4% to $29.15, after the space and defense technology company said it has been selected by the U.S. Missile Defense Agency for SHIELD, a program to expand the country's homeland missile defense.
Elsewhere in the industrial sector, Cargojet ballooned $6.77, or 7.5%, to $91.47.
In consumer staples, Saputo captured 87 cents, or 2.2%, to $40.34, while Alimentation Couche-Tard picked up $1.28, or 1.7%, to $75.49.
Utilities did not fare so well, though, with Boralex dropping 98 cents, or 3.7%, to $25.62, while Algonquin slipped 25 cents, or 2.8%, to $8.64.
On the economic beat, Statistics Canada reported Canada's monthly international trade in services surplus widened from $0.4 billion in September to $0.5 billion in October. Overall, imports of services declined 1.2% to $19.6 billion, and exports were down 0.4% to $20.1 billion.
In other news, Prime Minister Mark Carney is expected to visit China next week as Canada tries to forge new trade partnerships in the face of crippling tariffs in its main market, the U.S.
ON BAYSTREET
The TSX Venture Exchange reversed field and moved up 2.6 points to 1,038.78.
All but one of the 12 TSX subgroups were positive by the close Thursday, with energy sprinting 2.1%, industrials up 1.2%, and consumer staples better by 1.1%.
Only utilities missed the boat, decreasing 0.04%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Thursday, while the NASDAQ Composite came under pressure as investors moved away from technology stocks.
The 30-stock index strengthened 270.03 points to 49,266.11.
The S&P 500 index nicked ahead 0.52 points to 6,921.45
The NASDAQ moved positive 21.1 points to 23,480.02.
Artificial intelligence darling Nvidia was among the names investors exited, trading down more than 2%. Fellow AI play Oracle pulled back more than 1%. Shares of iPhone maker Apple were also down, on pace for its seventh day of losses.
Defense stocks were a bright spot of the day, as key names rallied after President Donald Trump called for a $1.5-trillion defense budget in 2027 — a massive increase from the $901 billion approved by Congress for 2026.
Northrop Grumman jumped about 3%, and Lockheed Martin gained around 4%. Kratos Defense popped more than 14%.
Prices for the 10-year Treasury sagged, pointing yields up to 4.18% from Wednesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.61 to $57.14 U.S. a barrel.
Gold prices added $21.10 to $4,483.60.
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