TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a sixth straight session Thursday, tracking rising global equity markets, after energy stocks rebounded as oil prices ticked higher. Oil shed over six percent in the biggest single day decline in two months yesterday.

Nearly every sector of the market ended in positive territory, with the exception of some weakness in gold and mining stocks. Energy stocks are among the biggest gainers, as crude oil prices settled higher.

Markets in Europe ended in the green Thursday. The Bank of England kept its key rate unchanged at a historic low, as widely expected, amid fears of a looming deflation threat ahead of the general election in May.

Investors continued to monitor the situation in Greece, even as Athens kept its commitment of 459 million euros loan repayment to the IMF today.

Meanwhile, Germany's exports and industrial production recovered at a faster-than-expected pace in February, boosting hopes of strong recovery.

Markets in the United States also closed in positive territory. The S&P 500 and the Dow Jones have pulled back into positive territory and the Nasdaq also holding on to gains. The minutes from the most recent Fed meeting on Wednesday showed Fed officials were divided about when to begin raising interest rates, with some calling for a rate hike in June while others suggested waiting until next year.

Economic data out of the U.S. came in better than anticipated, following last Friday's disappointing jobs data for March, A Labor Department report on Thursday showed a rebound in first-time claims for U.S. unemployment benefits in the week ended April 4.

Separately, a U.S. Commerce Department report on Thursday showed U.S. wholesale inventories to have risen slightly more than expected in February, although wholesale sales continued to decline.

The benchmark S&P/TSX Composite Index closed Thursday at 15,326.31, up 112.71 points or 0.74 percent. The index scaled an intraday high of 15,359.30 and a low of 15,216.21.

On Wednesday, the index closed up 24.76 points or 0.16 percent, at 15,213.60. The index scaled an intraday high of 15,249.52 and a low of 15,175.35.

Gold futures ended lower as the dollar strengthened and investors opting for the riskier equity assets after the U.S. Federal Reserve remained divided over the timing of an interest rate hike, evident from the minutes of its March policy meet.

The Gold Index dipped 0.05 percent, with gold for June delivery dropping $9.50 or 0.8 percent to settle at $1,193.60 an ounce on the New York Mercantile Exchange Thursday.

Goldcorp Inc. (G.TO) moved up 0.04 percent, after the company announced a first-quarter gold production of 724,800 ounces.

Yamana Gold Inc. (YRI.TO) gained 2.99 percent. The company announced plans of a going public event for its subsidiary, Brio Gold Inc., in the third quarter of 2015.

Among other gold stocks, Kinross Gold Corp (K.TO) shed 0.69 percent, Eldorado Gold Corp. (ELD.TO) fell 1.17 percent, and Barrick Gold Corp. (ABX.TO) gathered 1.36 percent.

Crude oil rebounded to end higher, after a plunging about 6.6 percent yesterday following the official weekly oil inventory report from the Energy Information Administration showed an upsurge in crude stockpiles last week.

A weekly report from the U.S. Energy Information Administration showed U.S. crude oil inventories to have surged 10.9 million barrels in the week ended April 3, while analysts expected an increase of 3.2 million barrels. The report showed U.S. crude oil inventories at 482.4 million barrels end last week. Stockpiles are at its highest in about 80 years and have been climbing for the 13th straight week since the week ended January 9.

The Energy Index gained 1.51 percent, with U.S. crude oil futures for May delivery, the most actively traded contract, gaining $0.37 or 0.7 percent to settle at $50.79 a barrel on the New York Mercantile Exchange Thursday.

Among energy stocks, Canadian Oil Sands Limited (COS.TO) jumped 4.46 percent, Suncor Energy Inc. (SU.TO) moved up 1.36 percent, and Canadian Natural Resources Limited (CNQ.TO) improved 1.33 percent.

Crescent Point Energy Corp. (CPG.TO) moved up 0.99 percent, while Cenovus Energy Inc. (CVE.TO) added 1.42 percent. Bonterra Energy (BNE.TO) advanced 2.13 percent, while Legacy Oil + Gas Inc. (LEG.TO) dipped 1.04 percent.

Encana Corp. (ECA.TO) moved up 0.41 percent, while Pacific Rubiales Energy Corp. (PRE.TO) surrendered 4.29 percent.

The Diversified Metals & Mining Index added 1.18 percent, as First Quantum Minerals Ltd. (FM.TO) down 1.07 percent and Lundin Mining Corp. (LUN.TO) surrendered 3.09 percent.

Teck Resources (TCK.B.TO) inched up 0.06 percent, while Capstone Mining (CS.TO) fell 3.79 percent, and Finning International (FTT.TO)gathered 1.43 percent. Sherritt International (S.TO) dropped 0.46 percent.

The Capped Materials Index shed 0.02 percent, mainly on declining gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) down 1.28 percent and Agrium Inc. (AGU.TO) gaining 1.39 percent.

The heavyweight Financial Index moved up 0.73 percent, as Bank of Nova Scotia (BNS.TO) gained 0.83 percent and Bank of Montreal (BMO.TO) added 1.10 percent.

National Bank of Canada (NA.TO) slipped 0.06 percent, Royal Bank of Canada (RY.TO) added 0.87 percent. Toronto-Dominion Bank (TD.TO) gathered 1.10 percent, while Canadian Imperial Bank of Commerce (CM.TO) advanced 1.16 percent.

The Capped Health Care Index added 2.00 percent, as Extendicare (EXE.TO) moved up 2.01 percent, Valeant Pharmaceuticals International, Inc. (VRX.TO) gathered 0.29 percent, and Catamaran Corp. (CCT.TO) gained 0.57 percent.

The Capped Industrials Index moved up 1.04 percent, as Bombardier Inc. (BBD.B.TO) ended flat at $2.60, after announcing the retirement of Pierre Alary, Senior Vice President and Chief Financial Officer. Canadian Pacific Railway Limited (CP.TO) gained 2.17 percent and Canadian National Railway (CNR.TO) advanced 1.14 percent.

Air Canada (AC.TO) fell 0.48 percent.

The Information Technology Index gathered 0.52 percent, as BlackBerry (BB.TO) gathered 2.83 percent and Constellation Software Inc. (CSU.TO) shed 1.87 percent. Sierra Wireless, Inc. (SW.TO) fell 0.17 percent, while Descartes Systems Group Inc. (DSG.TO) gained 0.05 percent.

The Capped Telecommunication Index moved up 0.42 percent, with BCE Inc. (BCE.TO) up 0.13 percent, Rogers Communications Inc. (RCI.B.TO) gathering 0.79 percent, and TELUS Corp. (T.TO) adding 0.96 percent. Manitoba Telecom Services Inc. (MBT.TO) fell 0.16 percent.

Sandvine Corp. (SVC.TO) jumped 7.20 percent, after reporting a first quarter profit of $0.067 a share, compared to $0.051 a share last year.

DH Corp. (DH.TO) added 1.68 percent, after closing its previously announced prospectus offering of 16,500,000 subscription receipts.

On the economic front, Canadian building permits declined by 0.9 percent in February, to C$6.11 billion, according to a report from Statistics Canada Thursday morning. Economists had expected an increase of 3.3 percent.

Statistics Canada also reported this morning that Canadian new house prices rose by 0.2 percent in February. Economists had expected an increase of 0.1 percent.

From the U.S., a report from Labor Department on Thursday showed a rebound in first-time claims for U.S. unemployment benefits in the week ended April 4. The report said initial jobless claims climbed to 281,000, an increase of 14,000 from the previous week's revised level of 267,000. Economists expected jobless claims to rise to 285,000 from the 268,000 originally reported for the previous week.

Meanwhile, a Commerce Department report on Thursday showed U.S. wholesale inventories rose slightly more than expected in February, although wholesale sales continued to decrease. Wholesale inventories rose 0.3 percent in February after climbing by an upwardly revised 0.4 percent in January. Economists expected wholesale inventories to edge up 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.

Germany's exports and industrial production recovered at a faster-than-expected pace in February, boosting hopes of strong recovery in the growth engine of Eurozone during the first quarter, despite the weakness in new orders.

Driven by capital goods output, industrial production rose a seasonally and working-day adjusted 0.2 percent in February from the prior month, the Economy Ministry reported Thursday. It was faster than economists' expectations for a 0.1 percent rise.

A report from Destatis showed that exports grew 1.5 percent in February from January, when it declined 2.1 percent. Economists had forecast a growth of 1 percent.

Similarly, imports advanced 1.8 percent, reversing January's 0.2 percent fall. The monthly growth was faster than a 1.2 percent rise forecast by economists.

U.K. trade deficit in goods widened more-than-expected in February to its highest level in seven months, data from the Office for National Statistics showed Thursday. The visible trade deficit increased to GBP 10.340 billion from GBP 9.174 billion in January. Economists had forecast a shortfall of GBP 9 billion.

U.K. house prices increased more than expected in March after falling a month ago, survey data from Lloyds Banking Group's Halifax division showed Thursday. House prices rose 0.4 percent month-on-month in March, offsetting a 0.4 percent fall in February. Economists had forecast a marginal 0.1 percent growth.