Equities in Toronto gained ground midday on Thursday, even as a second wave of coronavirus infections dented optimism around an economic revival, while the government's pledge to boost public spending had little effect on investor sentiment.
The TSX progressed 34.92 points to move up toward noon hour at 15,852.03.
The Canadian dollar fell 0.05 cents to 74.64 cents U.S., near a seven-week low against the greenback as investors worried about another global economic hit from the coronavirus pandemic and Ottawa's pledge of further
economic aid failed to lift the currency.
The largest percentage gainers on the TSX were BlackBerry, which jumped 43 cents, or 6.7%, to $6.86, after it beat earnings estimates,
and InterRent REIT, which rose 27 cents, or 2.2%, to $12.53.
Aurora Cannabis recovered from earlier losses and acquired three cents to $6.93, while Ballard Power Systems, down 85 cents, or 4.3% to $19.13.
The most heavily traded shares by volume were BlackBerry, Just Energy
Group, picking up 39 cents a share, or 111.6%, to 73 cents, and Bombardier, down two cents, or 5.6%, to 34 cents,
In the economic docket, Statistics Canada reported the Survey of Employment, Payrolls, and Hours as payroll employment, rose by 739,700, or 5.1%, in July.
The agency also said this figure followed an increase of 665,500 (or 4.9%) in June, and brought the total payroll employment change since February to a decrease of 1.9 million (or 11.3%).
ON BAYSTREET
The TSX Venture Exchange resumed its downward plunge, saying goodbye to 9.65 points, or 1.4%, to 667.39.
The 12 TSX subgroups were evenly split between gainers and losers, with materials heading higher 0.7%, information technology up 0.3%, and consumer staples inching ahead 0.2%.
The half-dozen laggards were weighed by health-care, skidding 1.8%, energy, 0.7% less energetic, and communications, clicking 0.4% lower.
ON WALLSTREET
Stocks alternated between gains and losses on Thursday as traders weighed the latest batch of economic data and tech tried to recover from its recent losses.
The Dow Jones Industrial Average hesitated 68.18 points late Thursday morning to 26,694.95.
The S&P 500 dipped 0.63 points to 3,236.29.
The NASDAQ hung onto gains of 34 points to 10,666.99
Shares of Apple gained 0.7%. Microsoft and Alphabet were also up 0.7% each. Amazon traded 0.3% higher.
So far in September the S&P 500 has declined 7.5%, while the Dow has shed 5.8%. The NASDAQ has been the relative outperformer, registering a loss of 9.7% as investors rotate out of Big Tech. Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft are all down at least 11% in September.
Wall Street is also grappling with a lack of new fiscal stimulus, which several economists and the Federal Reserve argue is needed for the economic recovery to continue.
This lack of a stimulus bill led Goldman Sachs to slash its fourth-quarter GDP forecast to 3% from 6% on an annualized basis.
Comments from President Donald Trump that he would not commit to a peaceful transfer of power should he lose the election appeared to hit sentiment, raising concern about a drawn-out election result.
The weekly report in claims highlights that job creation in the aftermath of the pandemic is stalling out, raising further fears about the shape of the U.S.’s return to normality.
Jobless claims rose 4,000 to 870,000, the U.S. Labor Department said Thursday, reflecting that slightly more Americans applied for state unemployment benefits in the week ended Sept. 19 than in the prior week.
Prices for the 10-Year Treasury gained, driving yields down to 0.66% from Wednesday’s 0.68%, Treasury prices and yields move in opposite directions.
Oil prices forfeited 11 cents to $39.82 U.S. a barrel.
Gold prices dropped $5.90 to $1,862.50 U.S. an ounce.
