Equities in Canada’s largest market surged, mostly on the backs of techs and telecoms
The TSX Composite Index reached midday Thursday ahead 58.57 points to 25,621.68.
The Canadian dollar eked higher 0.37 cents to 70.3 cents U.S. early Thursday.
In corporate news, Sun Life Financial reported a fall in its fourth-quarter profit on Wednesday, as weakness in U.S. business took away gains made in Asian markets.
Sun Life shares lost $7.49, or 8.8%, to $77.15.
ON BAYSTREET
The TSX Venture Exchange grabbed 2.82 points to 644.44
Seven of the 12 subgroups were higher by noon EST, led by telecoms and information technology, each better by 1.7%, and energy, stronger 0.5%.
The five laggards were weighed most by financials, poorer by 0.5%, while materials faltered 0.4%, and industrials, off 0.3%.
ON WALLSTREET
Stocks rose on Thursday as traders weighed slightly hotter-than-expected inflation data and lingering global trade tensions.
The Dow Jones Industrials recovered 90.93 points to pause for lunch Thursday at 44,459.49
The S&P 500 index regained 28.19 points to 6,080.16
The tech-heavy NASDAQ leaped 157.86 points to 19,807.81.
The producer price index, which measures what producers get for their goods and services, reflected a 0.4% increase for January. That’s higher than the Dow Jones consensus estimate for 0.3%. Core PPI, which excludes food and energy, was up 0.3% for the month and in-line with the forecast.
Stocks rose on the data because despite the hotter number on the surface, the latest PPI report and Wednesday’s consumer price index data point to a softer PCE price index than traders feared. That measure, which will be released in February, is what the Federal Reserve closely tracks.
A jump in big-name tech stocks also fueled Thursday’s gains. Nvidia gained more than 3.5% after Hewlett Packard Enterprise said it shipped its first solution using Nvidia’s Blackwell chip. AppLovin, the best-performing U.S. tech stock last year, soared by roughly 30% on earnings. Tesla rose more than 6%.
Prices for the 10-year Treasury won new life, lowering yields to 4.54% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices traced back five cents to $71.32 U.S. a barrel.
Prices for gold acquired $14.20 an ounce to $2,942.80 U.S.
