Mining stocks boost TSX, oil continues slide
Miners were among the leaders of gains on the main TSX index Thursday as many resources saw stronger prices. Oil though, was not among them and energy stocks subdued the gains.
Canada outperformed many other global equity markets though, not least Wall Street where all three main indexes closed lower, snapping the recent run of highs for the Dow.
Asian markets closed mostly higher on expectation that there could be a large-scale stimulus package on the way for Japan.
European equities were mixed as the ECB held Eurozone interest rates steady at zero per cent while its president warned that challenges for the region should not be underestimated.
The S&P/TSX Index closed up 32.26 (0.22 per cent)
The Dow Jones closed down 77.80 (0.42 per cent)
Oil is trending lower (Brent $46.08, WTI $44.57 at 4.50pm)
Gold is trending higher (1331.20 at 4.50pm)
The loonie is valued at U$0.7640
Wholesale trade up 1.8 per cent
There was a rise in Canada’s wholesale trade in May, the most recent month’s figures released by Statistics Canada. Gains were led by motor vehicles and parts (up 3.6 per cent) and the overall 1.8 per cent rise took the total value to $55.9 billion.
Six of the seven subsectors gained with food and beverages seeing the second biggest rise (3.2 per cent).
Quebec and Ontario led gains in 9 provinces.
Profit better-than-expected at Rogers
Rogers Communications reported quarterly earnings Thursday and revealed an 8.5 per cent rise in profit, better than expected. The $394 million net income means 77 cents per share.
Wireless service and internet revenue were up 5 and 15 per cent respectively and the firm reported strong increases in new customers during the three months to the end of June 2016.
Fort McMurray fires drove up EI claimants
The number of people receiving employment insurance benefits was up 0.9 per cent in May with the Fort McMurray wildfires partly responsible.
There were 12.1 per cent more people claiming in May compared to April in Alberta, Statistics Canada said, with a third of those from the Wood Buffalo region which includes Fort McMurray.
Claims were also higher in Newfoundland and Labrador (up 2.9 per cent) and BC (up 1.8 per cent following 6 months of declines).