Canada's main stock index gained back some lost strength midday Thursday, even as a fall in oil prices weighed on energy stocks and financials retreated on data pointing to weak domestic economic growth.
The S&P/TSX Composite moved into positive territory 17.38 points to greet noon Thursday at 14,054.12,
The Canadian dollar fell 0.39 cents to 76.93 cents U.S.
Markets will be closed in Canada on Friday for Canada Day
The most influential weights were its biggest banks, with Royal Bank of Canada down 0.5% to $76.49, Toronto-Dominion Bank off 0.3% at $55.40, and Bank of Nova Scotia fell 0.8% to $63.29.
Canadian Imperial Bank of Commerce, which on Wednesday said it was buying a U.S. bank, fell 0.9% to $97.06.
Brookfield Asset Management fell 1.1% to $42.45 after reporting a 12.13% stake in TerraForm Power Inc, one of the two units of bankrupt solar company SunEdison Inc.
The energy group retreated 1.1% as oil slipped on rising supplies and lingering concern about the economic fallout from the Brexit referendum vote.
Superior Plus rose 0.7% to $10.35 after terminating a deal to buy Canexus. Canexus advanced 4.7% to $1.34.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength
Barrick Gold Corp advanced 1.4% to $27.32 and Goldcorp Inc gained 0.3% to $24.46.
It’s a busy day on the economic slate, with average weekly earnings reported by Statistics Canada for April at $956.00 in April, down 0.3% from the month before and 0.2% from 12 months earlier.
The agency also reported its industrial product price index progressed 1.1%, in May, mostly due to higher energy prices, while its raw materials price index rose 6.7% in the same month, also due to higher energy prices.
Finally, gross domestic product edged up 0.1% in April, after falling in February and March. Gains, notably in manufacturing, utilities and the public sector were largely offset by sharp drops in non-conventional oil extraction.
ON BAYSTREET
The TSX Venture Exchange gained 3.24 points to 724.34
Nine of the 13 subgroups were higher by noon, what with utilities brighter by 1%, telecoms and gold picking up 0.9% each.
The four laggards were weighed most by energy and financials, down 0.3% each, and real-estate, off 0.2%.
ON WALLSTREET
U.S. stocks traded higher Thursday, amid oil losses, as the major indexes tried to extend a massive rally following the United Kingdom's vote on European Union membership.
The Dow Jones Industrials shot ahead 176.45 points, or 1%, to 17,871.13, with 3M and Goldman Sachs contributing the most gains. Visa proved the greatest laggard.
The S&P 500 strengthened 20.12 points at 2,090.89, with consumer staples leading all 10 sectors higher.
The NASDAQ Composite Index hiked 44.07 points to 4,823.41, as Apple advanced 1%.
In corporate news, film studio Lions Gate said it would buy Starz for $4.4 billion U.S. in a cash-and-stock deal.
Hershey shares surged more than 10% amid talks of a possible takeover bid from Mondelez.
On the data front, weekly jobless claims came in at 268,000, slightly above the expected 267,000. The Chicago Purchasing Managers’ Index reading for June came in at 56.8, well above a May reading of 49.3.
Prices for the 10-year Treasury were higher, weighing yields to 1.48% from Wednesday’s 1.51%. Treasury prices and yields move in opposite directions.
Oil prices swooned $1.14 a barrel to $48.74 U.S.
Gold prices shaved off five dollars to $1,321.90 U.S. an ounce.
