Stocks in Toronto perked Thursday morning, helped by rises in petroleum prices.
The S&P/TSX Composite Index gained 41.91 points to begin Thursday at 13,673.91.
The Canadian dollar regained 0.19 cents to 77.88 cents U.S.
Manulife Financial reported a 45% jump in first-quarter earnings, boosted by strong insurance sales in Asia and gains from interest rate movements.
Manulife shares gained 33 cents, or 1.8%, to $18.40.
Telus said it would sell a 35% stake in outsourcing service provider Telus International in a deal that values the unit at $1.2 billion.
Telus shares dropped 13 cents to $39.53.
Canadian Natural Resources reported a smaller quarterly loss as cost cuts paid off amid a slump in oil prices.
Natural Resources rocketed $1.07, or 3%, to $37.01.
National Bank Financial raised the target price on Gildan Activewear to $43.00 from $42.00, with an outperform rating. Gildan shares hiked $1.93, or 5%, to $40.78.
TD Securities raised the target price on Imperial Oil to $51.00 from $47.00. Imperial shares zoomed 73 cents higher, or 1.8%, to $41.10.
TD Securities raised the target price on Russel Metals to $21.00 from $19.50, with a hold rating. Russel shares gained 33 cents, or 1.6%, to $21.33.
On the economic slate, Statistics Canada reported that the total value of building permits issued by Canadian municipalities was down 7.0% to $6.9 billion in March, marking the second decline in three months.
The agency said the dip, which followed a 15.3% gain in February, was largely the result of lower construction intentions for commercial buildings in Alberta, Ontario and B.C.
ON BAYSTREET
The TSX Venture Exchange picked up 6.2 points to Thursday to 659.57
Seven of the 13 TSX subgroups were higher, as gold shone brighter 2.6%, energy, up 2.4%, to materials, up 1.8%.
The five laggards were weighed most by health-care, 2.5% less healthy, telecoms, down 0.4%, and metals and mining, easing 0.2%. Information technology shares were unchanged in the first hour of trading.
ON WALLSTREET
Stocks south of the border traded higher Thursday as higher oil prices supported a more risk-on tone, ahead of the key employment report due Friday.
The Dow Jones Industrials reversed and gained 70.95 points to 17,722.21, with IBM leading advancers and Merck the greatest laggard.
The S&P 500 tacked on 5.47 points to 2,056.59, with energy leading eight sectors higher and consumer discretionary and telecoms the only decliners.
The NASDAQ Composite Index reacquired 16.77 points to 4,742.41.
Crude oil futures were up more than 4% near $45.70 U.S. a barrel as a huge wildfire near Canada's oil sands and escalating tensions in Libya raised concerns of a near-term supply shortage.
In economic news, weekly jobless claims rose to 274,000. Earlier, Challenger, Gray & Christmas reported layoffs by U.S.-based companies accelerated in April, sending year-to-date job cuts to the highest level since 2009.
Prices for the 10-year Treasury faded, raising yields to 1.8% from Wednesday’s 1.77%. Treasury prices and yields move in opposite directions
Oil prices popped $1.58 a barrel to $45.36 U.S.
Gold prices increased $1.41 to $1,281.09 U.S. an ounce.
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