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TSX Shows Some Pep at Noon
Score, Bombardier in Vogue
Canada's main stock index rose on Thursday as strong earnings from Bombardier Inc, and Thomson Reuters as well as a billion-dollar merger sparked an upbeat sentiment, while energy stocks got a boost from higher oil prices.
The TSX Composite index gained 70.71 points to stop for lunch Thursday at 20,400.44.
The Canadian dollar jumped 0.35 cents to 80.07 cents U.S.
In earnings, Bombardier jumped eight cents, or 5.3%, to $1.58 after it raised its full-year estimates for revenue and aircraft deliveries, while Thomson gained over $7.89, or 5.9%, to $140.58, as it reported better-than-expected quarterly results and raised its annual revenue forecast.
Score Media and Gaming soared $17.55 or 77.1%, to $40.30, after Penn National Gaming agreed to buy the company in a cash-and-stock deal worth nearly $2 billion.
The largest percentage gainers on the TSX were Spin Master, which jumped $2.86, or 5.9%, to $51.04, and Torex Gold Resources, which rose 62 cents, or 4.6%, to $14.04, after reporting results.
Cascades lost $1.41, or 8.8%, the most on the TSX, to $14.63,
after it reported quarterly results. The second biggest decliner was Sleep Country Canada Holdings, which descended 16 cents to $32.69, after results.
On the economic slate, Statistics Canada reported that a sharp increase in exports resulted in Canada's merchandise trade balance returning to a surplus position, reaching $3.2 billion.
This follows a $1.6-billion deficit in May. Exports of goods rose 8.7% in June, while imports decreased 1.0%.
ON BAYSTREET
The TSX Venture Exchange lost 2.3points to 922.33.
All but three of the 12 TSX subgroups were higher to begin Thursday, as health-care stocks were haler by 3.5%, energy improved 1.6%, and information technology clicking 0.8% higher.
The three laggards were gold, duller by 1.7%, materials, backtracking 0.8%, and consumer discretionary stocks, falling 0.3%.
ON WALLSTREET
The major U.S. equity indexes rose Thursday as energy and travel stocks bounced back ahead of a key labor market report.
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The Dow Jones Industrials sprinted 194.27 points to 34,986.94.
The S&P 500 regained 17.22 points to 4,419.88,
The NASDAQ gained 95.3 points to 14,875.47.
Travel stocks, including airlines, bounced on Thursday after struggling over the past week amid the spread of the delta variant of COVID 19. American Airlines rose more than 6%, while casino stock Caesars Entertainment jumped more than 4%.
Energy stocks also performed well as the price of oil moved back toward $70 per barrel. Shares of Chevron rose 1.8%, making it one of the best stocks in the Dow for the session.
Shares of Roku dropped more than 4% after the company issued quarterly results. Etsy fell 6% after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boom may be coming to an end.
However, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook.
Weekly initial jobless claims came in at 385,000 on Thursday, in-line with expectations. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.
The jobless claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists about what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.
Prices for 10-Year Treasurys dipped, raising yields to 1.21% from Wednesday’s 1.18%. Treasury prices and yields move in opposite directions.
Oil prices jumped 74 cents to $68.89 U.S. a barrel.
Gold prices slid $7.40 to $1,807.10 U.S. an ounce.
