Equity markets in Canada’s largest centre opened higher on Thursday, lifted by energy shares, while investors turned their focus to corporate earnings.
The TSX inched higher 22.57 points to kick off Thursday at 25,592.41.
The Canadian dollar deleted 0.11 cents at 69.74 cents U.S.
Bombardier reported a 1.5% rise in quarterly revenue on aftermarket business strength and delayed its 2025 forecast, citing uncertainty related to U.S. President Donald Trump’s tariffs. Bombardier shares doffed $3.32, or 3.9%, to $81.39.
Suncor Energy surpassed analysts’ expectations for fourth-quarter profit, benefiting from increased oil production and robust sales of refined products. Shares in Suncor corralled 68 cents, or 1.2%, to $56.12.
Canada Goose Holdings missed quarterly revenue estimates, signaling choppy sales in the key luxury goods market China. Canada Goose shares lost 78 cents, or 5.1%, to $14.48.
Economically speaking, the IVEY School of Business presented its Purchasing Managers Index for January. The index backed off sharply last month to 47.1 from 54.7 in December and from 56.5 in January 2024.
ON BAYSTREET
The TSX Venture Exchange dropped 1.87 points to 640.08.
Eight of the 12 subgroups lost ground in the first hour, weighed most by communications, losing 1.7%, real-estate, sliding 1.1%, and information technology, off 0.9%.
The four gainers were led by consumer discretionary, up 1%, industrials, headed higher 0.7%, and financials, better by 0.6%.
ON WALLSTREET
The S&P 500 climbed on Thursday after the major averages posted back-to-back winning sessions, as investors weighed the latest batch of corporate earnings.
The Dow Jones Industrials lost 72.11 points to 44,801.17.
The much-broader index gained 6.95 points to 6,068.43
The tech-heavy NASDAQ acquired 22.51 points to 19,714.84.
Semiconductor names slid, with Qualcomm and Arm declining 5% and 7%, respectively. Skyworks Solutions lost 25% after reporting their latest quarterly results. Ford Motor also fell 4% after the automaker forecast a difficult 2025.
Honeywell shares were also down 4% after the company issued full-year earnings guidance that fell short of what analysts anticipated. The company also announced it would split into three companies.
By contrast, Philip Morris shares surged 8% on the heels of the international tobacco company reporting better-than-expected earnings and revenue for the fourth quarter. The gain put the stock on track for a record high close.
Prices for the 10-year Treasury eased a bit, raising yields to 4.44% from Wednesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices backed off 23 cents to $70.80 U.S. a barrel.
Prices for gold fell $24.60 an ounce to $2,868.40 U.S.
