Markets Remain Higher

Element, Suncor in Focus

Equity markets in Toronto extended gains on strong results reported by Canada Goose on resilient luxury demand, a day after softer-than-expected U.S. inflation data lifted market sentiments.

The TSX remained buoyant 133.28 points to 20,019.22.

The Canadian dollar picked up 0.19 cents to 78.47 cents U.S.

Element Fleet Management jumped $1.63, or 10.8%, to $16.78, after beating earnings estimates.

Keeping gains in check among financials was a decline of 23 cents, or 1%, in Manulife, which reported only a marginal beat in earnings expectations. Manulife approached noon at $23.96.

As for Canada Goose, the luxury goods concern jumped 36 cents, or 1.3%, to $28.01 on strong quarterly results, benefiting from inflation-resilient consumer demand.

In the energy sector, Suncor added $1.14, or 2.9%, to $40.53, as it considers spinning off its Petro-Canada gas business that accounts for 13% of Canada's retail fuel market.

If the deal is given a green light by Canada's antitrust body, it could reap over $8 billion and boost returns to unhappy shareholders.

Suncor's poor safety record and lackluster stock performance prompted a demand for changes from activist Elliott Investment Management, following which it replaced its chief executive officer in July.


The TSX Venture Exchange gathered 7.67 points, or 1.2%, to 677.39.

Seven of the 12 TSX subgroups were positive by noon hour, with energy hiking 3.5%, consumer staples better by 1.4%, and health-care 1.1% to the good.

The five laggards were weighed most by gold, down 0.7%, industrials, sliding 0.4%, and real-estate, off 0.3%.


Stocks jumped for a second day Thursday as investors cheered another better-than-expected inflation report.

The Dow Jones Industrials stayed positive 190.79 points to break for lunch Thursday at 33,500.30

The S&P 500 advanced 22.08 points to 4,232.32.

The NASDAQ Composite acquired 29.49 points to 12,884.30.

Earnings reports were also boosting the major averages. Disney shares jumped more than 7% after the media giant posted stronger-than-anticipated subscriber numbers for the last quarter, along with earnings and revenue that topped expectations. Disney also said it would raise prices for Disney+.

Investor sentiment got a boost when the July producer price index showed a surprise decline from June. PPI dropped 0.5%, compared to an estimate of a 0.2% gain, according to a Dow Jones survey. The PPI reading excluding food and energy rose less than expected.

Treasury prices were lower, raising yields to 2.84% from Wednesday’s 2.79%. Treasury prices and yields move in opposite directions.

Oil prices grew $2.62 to $94.55 U.S. a barrel.

Gold prices dropped $8.40 to $1,805.30 U.S. an ounce.