Canada’s main stock index remained largely unchanged on Thursday, as higher commodity prices offset broader market caution and disappointing earnings after the benchmark’s strongest session in three weeks.
At 9:57 a.m. ET, Toronto’s S&P/TSX composite index was down 0.1% at 30,075.80, after closing 1.1% higher on Wednesday, marking its biggest single-day gain since October 14.
The rally was underpinned by upbeat U.S. economic data, with services sector activity rising to an eight-month high in October and private payrolls beating expectations.
The data helped ease investor concerns after top Wall Street banks warned of stretched valuations, dragging the TSX to a one-month low on Tuesday.
“I don’t think there’s much direction. It’s a bit of a pause and it’s tough to say where the next catalyst is going to come from. We don’t know what’s going to take this market higher,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
Miners was up 2%, outperforming peers, as copper prices rebounded after a four-day decline, with selling pressure easing.
Gold went above the $4,000-per-ounce level due to concerns over a prolonged U.S. government shutdown, while oil prices also edged higher.
On the tariff front, U.S. Supreme Court justices raised doubts over the legality of U.S. President Donald Trump’s sweeping tariffs in a case that could have implications for markets across the globe.
Among other corporate news, Bombardier shares fell 1.6% despite topping Wall Street’s third-quarter revenue forecasts, while Canada Goose slumped 14% on a revenue miss. TC Energy edged down 0.6% after disappointing profit.
TransAlta fell 16% to the bottom of the S&P/TSX composite index after the power generation firm reported a decreased revenue in the third quarter.
Meanwhile, Equinox Gold jumped 15.9% to the top of the index after BMO raised the target price on the stock to C$20 from C$18.
Comments
Comments are closed for this article.