Equities in Canada’s largest market opened higher on Thursday, helped by strong gains for energy company stocks as oil prices rose, while banks and gold miners also lent support.
The S&P/TSX Composite recovered from Wednesday’s 90-point loss to charged ahead 75.39 points to open Thursday at 15,905.61.
The Canadian dollar gained 0.37 cents at 76.33 cents U.S.
Canadian Imperial Bank of Commerce reported a 13% rise in first-quarter earnings, buoyed by growth in its retail, wealth management and capital markets businesses.
CIBC shares jumped $2.38, or 2%, to $120.58.
Loblaw Cos reported a 57% rise in quarterly profit, helped partly by a drop in expenses in its retail segment and improved performances in its financial services and property businesses.
Loblaw shares hiked $1.15, or 1.7%, to $70.07.
Crescent Point Energy reported a bigger quarterly loss from a year earlier, mainly hurt by one-time charges of about $457 million. Crescent Point shares leaped 64 cents, or 4.1%, to $16.14.
Canaccord Genuity raised the target price on Barrick Gold to $30 from $29.00, with a buy rating. Barrick shares took on 36 cents, or 1.4%, to $26.46.
CIBC raised the target price on Maple Leaf Foods to $35.00 from $34.00. Maple Leaf shares gained 72 cents, or 2.4%, to $30.66.
CIBC raised the target price on West Fraser Timber to $59.00 from $50.00. West Fraser shares were better by 19 cents to $54.95.
On the economic ledger, Statistics Canada reported that average weekly earnings for Canadian non-farm workers grew 1% in December from the month before to $971.00, a hike of 1.2% from December 2015.
ON BAYSTREET
The TSX Venture Exchange recovered 5.25 points to 841.98
All but one of the 12 subgroups were in the green, primarily gold, up 1.6%, energy, gushing 1.3%, and materials, stronger 1.1%.
The lone laggard was information technology, slipping 0.1%.
ON WALLSTREET
U.S. equities kicked off Thursday trading slightly higher on the back of remarks made by newly-minted Treasury Secretary Steve Mnuchin.
The Dow Jones Industrials gained 32.6 points above Wednesday’s all-time high to 20,806.62, with Chevron and IBM contributing the most gains.
The S&P 500 recovered 1.66 points to 2,364.48, with energy leading all sectors higher.
The NASDAQ slid 14.04 points to 5,846.58.
In corporate news, Tesla reported mixed quarterly results, topping revenue estimates but falling short of profit forecasts.
Meanwhile, Victoria's Secret parent company L Brands reported weak forward-looking guidance Wednesday after the close, sending its stock tanking more than 12%.
Weekly jobless claims remain near their lowest levels in more than 40 years. The IHS Markit flash read on U.S. services is due out later this morning.
Mnuchin told the media Thursday morning he wants to see "very significant" tax reform passed before Congress' August recess. The prospect of tax reform has been one of the key catalysts in the U.S. stock market's post-election rally, along with deregulation and government spending.
Prices for the benchmark 10-year Treasury note gained, dropping yields to 2.4% from Wednesday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.06 to $54.65 U.S. a barrel
Gold prices gained $15.70 to $1,249.00 U.S. an ounce.
