TSX Picks up Thursday Where it Left off Wednesday

Canada Goose in Focus


Canada's main stock index on Thursday rose at the open, helped by strong quarterly results from Canada Goose Holdings on resilient luxury demand, while extending gains after lower-than-expected U.S. inflation data.

The TSX grabbed 177.82 points to 20,063.76.

The Canadian dollar picked up 0.17 cents to 78.45 cents U.S.

Early on Thursday, Canada Goose was reported to have beaten Wall Street estimates for quarterly revenue as affluent consumers remained undeterred by decades-high inflation.

Canada Goose shares improved $1.98, or 7.2%, to $29.63.

Manulife Financial slightly beat estimates for second-quarter core profit but saw earnings drop from a year earlier. Manulife docked four cents to $24.15.

Suncor Energy is considering a spinoff of its Petro-Canada gas station business, which could reap more than $8 billion. Suncor shares hiked 76 cents, or 1.9%, to $40.15.


ON BAYSTREET

The TSX Venture Exchange gathered 6.66 points, or 1%, to 676.38.

All but one of the 12 TSX subgroups were in the green to begin Thursday, with energy rumbling 2.7%, while information technology and health-care each soaring 2.3%.

Only utilities faltered, and only 0.1% at that.

ON WALLSTREET

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

The Dow Jones Industrials ballooned 267.45 points to commence Thursday at 33,576.96

The S&P 500 advanced 38.5 points to 4,248.74.

The NASDAQ Composite jumped 135.38 points, or 1%, to 12,990.19.

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 static, keeping yields at Wednesday’s 2.79%.

Oil prices grew $1.05 to $92.98 U.S. a barrel.

Gold prices sank 60 cents to $1,813.10 U.S. an ounce.