Stocks in Canada’s biggest market seesawed Thursday, heading into a long weekend after several turbulent sessions following the U.K. Brexit vote.
The S&P/TSX Composite gained 27.8 points to close a short week at 14,064.54
The Canadian dollar inched up 0.08 cents to 77.40 cents U.S.
Markets will be closed in Canada on Friday for Canada Day
Metals and mining stocks led the way upward, with Potash Corp. of Saskatchewan progressing 19 cents to $21.00, and Teck Resources climbing 70 cents, or 4.3%, to $17.01.
Gold stocks also made headway, with Barrick Gold marching ahead 64 cents, or 2.4%, to $27.58, and Goldcorp up 34 cents, or 1.4%, to $24.72.
Financials wilted a bit, with CIBC falling 88 cents to $97.04, and Scotiabank falling $1.20, or 1.9%, to $63.31.
Health-care stocks also slipped as Valeant Pharmaceutical lost 24 cents to $26.05.
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 rocketed 9.34 points, or 1.3%, to 730.44
All but three of the 13 subgroups were higher on the day, with metals and mining plowing ahead 1.5%, gold brighter 1.2%, and materials soaring 1.1%.
Financials and health-care slid 0.3% as the lone laggards, while energy stocks were flat on the day.
ON WALLSTREET
U.S. stocks leaped Thursday in their third-straight day of recovery from the post-Brexit selloff.
The Dow Jones Industrials shot ahead 235.51 points, or 1.3%, to 17,929.99, with General Electric leading advancers and Visa the only decliner.
The Dow gained nearly 300 points on Wednesday and had recovered about 80% of its post-Brexit losses intraday Thursday.
The S&P 500 strengthened 28.09 points, or 1.4%., at 2,098.86, led higher by consumer staples. Staples gained about 2% as Hershey shares surged more than 10% amid talks of a possible takeover bid from Mondelez.
However, Hershey's board unanimously rejected Mondelez's offer Thursday afternoon.
The NASDAQ Composite Index hiked 63.43 points, or 1.3%, to 4,842.67, as Apple advanced 1%.
Stock markets in the States will be shuttered Monday for Independence Day.
In corporate news, film studio Lions Gate said it would buy Starz for $4.4 billion U.S. in a cash-and-stock deal.
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 $1.53 a barrel to $48.35 U.S.
Gold prices shaved off three dollars to $1,323.90 U.S. an ounce.
