Canada's main stock ?index enjoyed hearty gains on Thursday, boosted by mining stocks tracking higher precious metal prices, while the U.S Federal Reserve's reaffirmed focus on fighting inflation lifted broader risk appetite.
The TSX popped 382.99 points, or 1.1%, to finish off Thursday at 35,874.26.
The Canadian dollar inched down 0.02 cents to 71.49 cents.
Discovery Mining took on 86 cents to $111.38, and AbraSilver Resource gained 87 cents, or 6.5%, while Barrick Mining was up $1.69, or 2.8%, to $61.16.
First Majestic Silver surmounted breakeven $1.67, or 6.5%, to $27.28.
In the gold patch, Americas Gold and Silver captured 69 cents, or 10.8%, to $7.10, NovaGold grew 69 cents, or 7.1%, to $10.45.
Utilities were in the spotlight, with Capital Power soaring $2.42, or 4.1%, to $61.98, while TransAlta gained 44 cents, or 2.6%, to $17.17.
Telecoms did not fare so well, as Rogers faded $1.15, or 2.3%, to $49.13, while Quebecor dipped 97 cents, or 1.5%, to $63.74.
In consumer discretionary stocks, Restaurant Brands International swooned $2.68, or 2.6%, to $102.17, while Dollarama gave back $1.91, or 1.1%, to $172.65.
In consumer staples, North West Company retreated 51 cents, or 1%, to $51.98, while Maple Leaf Foods lost 38 cents, or 1.4%, to $26.15.
Bank of Canada Governor Tiff Macklem said on Wednesday inflation is likely to remain elevated in the near term and reiterated the central bank's readiness to raise rates if price pressures persist.
Prime Minister Mark Carney was to address the European Parliament on Thursday, amid tensions with Washington over the EU's plans to grant Canada associate member status.
On the economic lineup, Statistics Canada reported foreign investors purchased $20.6 Billion worth of Canadian securities in July, compared with the net sale of $30.6 Billion of foreign instruments by Canadians
In August, the agency’s industrial product price index gained 1.3%, and 13.5% year-over-over. Its raw materials price index tacked on 3.1%, and 13.5% year-over-year.
ON BAYSTREET
The TSX Venture Exchange regained 23.51 points, or 2.6%, to 919.61.
All but three 12 subgroups were in the green by the close, led by gold and materials, each up 3.1%, while utilities perked 1.2%.
The three laggards proved to be telecoms, down 1.1%, while consumer discretionary stocks lost 0.6%, while consumer staples eased 0.04%.
ON WALLSTREET
U.S. equities climbed on Thursday, supported by a drop in Treasury yields and oil prices as well as gains in key technology stocks, with traders trying to claw back some of the prior day’s losses incited by the first Federal Reserve interest rate hike in three years.
The Dow Jones Industrials jumped 316.14 points to 51,778.04
The S&P 500 index perked 85.95 points, or 1.1%, to 7,637.76.
The NASDAQ Composite restocked 439.87 points, or 1.7%, to 26,418.30.
Tech drove the broader market higher. “Magnificent Seven” names Nvidia and Amazon rose 2% each, while fellow member Microsoft gained 1.5%. Other stocks related to the artificial intelligence trade such as Qualcomm popped 2% and Intel advanced 7%.
Prices for the 10-year Treasury sprang up, lowering yields to 4.93% from Thursday’s 5.02%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.24 to $101.19 U.S. a barrel.
Gold prices shrank $2.10 to $4,385.40 U.S. an ounce.
