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S&P/TSX Composite Index

15,303.83 real time data change up
Change: 92.61 (0.61%)

S&P/TSX Venture Composite Index

595.51 real time data change up
Change: 0.88 (0.15%)
2:11 PM EST, November 30, 2017
Stocks Up with Energy

Equities in Toronto rose on Thursday, with energy shares rallying as hopes for a deal to extend output cuts pushed oil prices higher, while a miner sank on a lowered outlook and two big banks moved in opposite directions after reporting earnings.

The S&P/TSX Composite Index leaped 84.5 to greet noon Thursday at 16,052.22

The Canadian dollar faded 0.15 cents to 77.58 cents U.S.

Toronto-Dominion Bank was down 2.9% at $72.88 as lower investment banking revenue contributed to a fourth-quarter earnings miss, while Canadian Imperial Bank of Commerce rose 2% to $117.10 after its earnings exceeded expectations.

The energy group climbed, as oil producers, whether members of the Organization of the Petroleum Exporting Countries or not, looked poised to extend output cuts until the end of 2018 to finish clearing a global crude glut. Enbridge was up 6.4% at $48.68 after providing a strategic update including asset sale and dividend payment plans.

Lundin Mining slumped 18.9% to $7.27 in heavy volume after the diversified base metals miner lowered production guidance for 2018 at a flagship copper mine and several analysts cut their recommendations and target prices on the stock.

On the economic front, Statistics Canada reported Thursday that average weekly earnings of non-farm workers in Canada were $986 in September, up 1.0% from the previous month. Compared with 12 months earlier, earnings increased 3.1%


The TSX Venture Exchange gained 6.92 points to 786.76

Eight of the 12 TSX subgroups had turned negative by noon hour ET, as utilities and gold faded 0.4% each, and materials sank 0.3%.

The four gainers were led by health-care, soaring 2.5%. energy, gushing 2.2%, and industrials, stronger by 1.1%.


Stocks traded higher on Thursday as the Senate got closer to voting on a bill aimed at overhauling the U.S. tax code.

The Dow Jones Industrials climbed 226.28 points, or 1%, to 24,166.96, breaking above 24,000 for the first time, with Goldman Sachs leading advancers on the 30-stock index.

The S&P 500 gained 19.37 points to 2,645.94, with information technology and energy among the best-performing sectors.

The NASDAQ Composite hiked 46.74 points to 6,871.12, rebounding from a 2% decline in the previous session. Tech giants like Facebook, Amazon, and Apple all traded higher.

In corporate news, Gap shares fell more than 1% after analysts at Citi downgraded the retailer to sell from neutral, citing valuation concerns following the stock's 40% jump in the past three months.

The Senate is expected to vote later on Thursday. If the upper chamber's bill passes, the House and Senate would have to work on a new bill they can send to President Donald Trump. The chances of the bill passing increased after Sen. John McCain said he would support the bill.

Wall Street also looked to Vienna as OPEC members and other oil-producing countries met to discuss whether to extend production cuts currently in place. Saudi Energy Minister Khalid al-Falih told the media that OPEC's consensus was "almost complete," adding he doesn't expect an exit from the production cuts soon.

OPEC and other countries had previously agreed to cut production by approximately 1.8 million barrels per day until March.

Prices for the benchmark 10-year Treasury note faded, raising yields to 2.4% from Wednesday's 2.38%. Treasury prices and yields move in opposite directions.

Oil prices dropped 16 cents a barrel to $57.14 U.S.

Gold prices dipped $8.10 to $1,278.10 U.S. an ounce.

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