American Market News

Stocks Pop on Tech, Financial Gains

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Apr 26 2018 04:19 pm EST

Equities in Canada''s biggest market rose grandly on Thursday as financial stocks were lifted by Bank of Canada chief''s positive comments on the economy, while telecoms and tech stocks added muscle.

The S&P/TSX Composite Index hiked 127.84 points, to close Thursday at 15,637.59

The Canadian dollar retreated 0.27 cents to 77.62 cents U.S.

The largest percentage gainer on the TSX was Stantec Inc., which rose $1.27, or 4%, to $33.02 after the company initiated a strategic review of construction services provider MWH Constructors, a part of its company.

BlackBerry climbed 28 cents, or 2.1%, to $13.58.

In telecoms, BCE gained 55 cents, or 1%, to $54.68, while Rogers Communications roared ahead 86 cents, or 1.4%, to $61.53.

Toronto-Dominion Bank gained 93 cents, or 1.3%, to $72.22, and Royal Bank of Canada tacked on 65 cents to $97.26.

New Gold shares fell 21 cents, or 6.5%, to $3.00, after the company reported first-quarter results.

Shares of Husky Energy fell $1.31, or 6.9%, to $17.78, after oil and gas producer lowered its 2018 output forecast, saying it would temporarily cut heavy oil production due to weakening prices of the commodity.

Bombardier''s and Airbus SE aimed to close deal to sell majority stake in its CSeries jetliner program by late May, ahead of an initial timetable. Bombardier''s shares were up three cents to $4.02.

Also among the most actively traded stocks was Precision Drilling, up 22 cents, or 5.3% at $4.39, after the Canadian rig contractor reported a smaller-than-expected loss on Thursday as its U.S. clients deployed more of its rigs to take advantage of rising oil prices.

On the economic front, Statistics Canada said average weekly earnings were of non-farm payroll employees were $997.00 in February, little changed from the previous month. Earnings were up 3.4% compared with 12 months earlier, largely the result of gains in the second half of 2017.

Bank of Canada Governon Stephen Poloz on Wednesday said the economy was "finally positive" after a long adjustment to a sharp fall in oil prices. Poloz also said that while interest rates would go up from their current low levels, moving too quickly could create a financial stability risk.


The TSX Venture Exchange slid 0.74 points to end Thursday at 784.81

All 12 TSX subgroups gained ground, as information technology gained 1.3%, while telecoms and financials traveled 1.2% each


Stocks rose sharply on Thursday, helped by strong quarterly results from some of the biggest U.S. companies.

The Dow Jones Industrial Average leaped 238.51 points, or 1%, to conclude the session at 24,322.34, with Visa as the best-performing stock in the index.

The S&P 500 vaulted 27.54 points, or 1%, to 2,666.94

The NASDAQ Composite index 114.94 points, or 1.6%, to 7,118.68

Facebook shares surged more than 9.1% after the company posted better-than-expected earnings and revenue for the first quarter. The company''s number of daily active users pointed to steady engagement in the platform despite backlash from the Cambridge Analytica debacle.

Advanced Micro Devices also posted earnings that topped expectations, sending its stock up about 14%.

Chipotle Mexican Grill, meanwhile, soared 24.4% after reporting a stronger-than-expected profit, boosted same-store sales that easily topped expectations.

Of the S&P 500 companies that have reported thus far, 80% have reported better-than-expected earnings. Amazon rallied 4% ahead of their earnings release Thursday after the close.

In economic news, U.S. durable goods orders rose 2.6% in March, far more than the expected 1.6% gain. Meanwhile, weekly jobless claims totaled 209,000 last week, below a forecast of 230,000.

Investors are also awaiting data on first-quarter Gross Domestic Product, which is set for release Friday at 8:30 a.m. ET.

Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.99% from Wednesday''s 3.03%. Treasury prices and yields move in opposite directions.

Oil prices regained 15 cents a barrel to $68.20 U.S.

Gold prices dropped $3.90 to $1,318.90 U.S. an ounce.