TSX Ends Higher On Global Cues, Firm Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a second straight session on Wednesday, tracking rising global equity markets as crude oil held firm and led by the healthcare, metals, and energy sectors. Investors also weighed the positive weekly jobless claims data for unemployment benefits in the U.S., with focus on the U.S. jobs report due Friday.

In some positive economic news from the U.S., first-time claims for unemployment benefits saw a modest decline in the week ended January 3, with the lowest layoffs see in over 17 years.

The U.S. Labor Department is scheduled to release its closely watched monthly employment report for December on Friday, with employment expected to increase by about 245,000 jobs in December after having added 321,000 jobs in November. The unemployment rate is expected to dip to 5.7 percent from 5.8 percent, hitting its lowest level since June of 2008.

Eurozone retail sales grew more-than-expected in November, the same as in the previous month, preliminary data from Eurostat showed Thursday.

Meanwhile, investors continue to watch the situation in Greece and its possible exit from the eurozone, depending on the general elections outcome. Elections in Greece are slated for January 25.

Elsewhere in Europe, the manhunt continues in Paris for 2 of the remaining suspects from yesterday's horrific terrorist attack on the office of the French satirical magazine Charlie Hebdo.

The benchmark S&P/TSX Composite Index closed Thursday at 14,457.72, up 172.72 points or 1.21 percent. The index scaled an intraday high of 14,506.14 and a low of 14,368.58.

On Wednesday, the index closed up 38.23 points or 0.27 percent, at 14,285.00. The index scaled an intraday high of 14,427.44 and a low of 14,265.71.

Crude oil ended slightly higher after having fluctuated for most of the day on some positive first-time claims for unemployment benefits data and Wednesday's official weekly oil report from the Energy Information Administration which showed crude stockpiles in the U.S. to have declined unexpectedly.

The Energy Index jumped 1.62 percent, with U.S. crude oil futures for February delivery adding $0.14 or 0.3 percent to close at $48.79 a barrel on the Nymex Thursday.

Among energy stocks, ARC Resources Ltd. (ARX.TO) dived 4.46 percent, Canadian Natural Resources Limited (CNQ.TO) added 2.86 percent, Suncor Energy Inc. (SU.TO) added 1.98 percent, and Canadian Oil Sands Limited (COS.TO) dipped 0.63 percent.

Pacific Rubiales Energy Corp. (PRE.TO) jumped 5.19 percent, Encana Corp. (ECA.TO) gathered 1.64 percent, Crescent Point Energy (CPG.TO) climbed 1.30 percent and Cenovus Energy Inc. (CVE.TO) gathered 2.71 percent.

Gold futures ended lower as investors continued to weigh the Federal Reserve policy meet minutes, with the dollar trending higher against some major currencies.

The Global Gold Index shed 1.95 percent, with gold for February delivery dropping $2.20 or 0.2 percent to settle at $1,208.50 an ounce on the New York Mercantile Exchange Thursday.

Among gold stocks, Yamana Gold Inc. (YRI.TO) shed 2.34 percent, Agnico Eagle Mines Limited (AEM.TO) shed 1.66 percent, and Goldcorp Inc. (G.TO) slipped 1.85 percent.

Eldorado Gold Corp. (ELD.TO) dived 3.16 percent, Barrick Gold Corp .(ABX.TO) fell 2.74 percent, and Franco-Nevada Corp. (FNV.TO) surrendered 1.76 percent.

The Capped Materials Index inched up 0.18 percent, mostly on declining gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) adding 2.49 percent.

The heavyweight Financial Index gained 0.55 percent, as National Bank of Canada (NA.TO) added 1.08 percent, Toronto-Dominion Bank (TD.TO) advanced 0.64 percent, and Bank of Nova Scotia (BNS.TO) gathered 0.77 percent.

Royal Bank of Canada (RY.TO) gained 0.64 percent, while Bank of Montreal (BMO.TO) ended flat at $79.56 0.04 percent. Canadian Imperial Bank of Commerce (CM.TO) fell 0.45 percent.

The Healthcare Index surged 4.17 percent, as Valeant Pharmaceuticals International, Inc. (VRX.TO) soared 6.20 percent after raising its full year 2015 earnings and revenue guidance during a conference call. Catamaran Corp. (CCT.TO) jumped 5.72 percent, while Extendicare Inc. (EXE.TO) gained 0.61 percent.

The Diversified Metals & Mining Index gained 2.69 percent, as Teck Resources Limited (TCK.B.TO) added 4.56 percent, First Quantum Minerals Ltd. (FM.TO) surged 6.51 percent, and Finning International Inc. (FTT.TO) slipped 0.42 percent. Lundin Mining Corp. (LUN.TO) dropped 0.55 percent.

The Capped Industrials Index edged down 1.81 percent, with Bombardier Inc. (BBD.B.TO) adding 3.51 percent and Air Canada (AC.TO) up 3.74 percent.

The Information Technology Index gained 1.51 percent, with BlackBerry Limited (BB.TO) shedding 0.16. Sierra Wireless (SW.TO) advanced 3.28 percent, while Constellation Software (CSU.TO) added 2.28 percent. Descartes Systems Group Inc. (DSG.TO) moved up 0.94 percent.

EXFO (EXF.TO) jumped 7.44 percent, after reporting first-quarter net earnings of US$1.5 million or US$0.02 per share, compared to a net loss of US$0.7 million or US$0.01 per share for the year-ago quarter. Analysts expected the company to earn $0.04 per share.

Carmanah Technologies (CMH.TO) surged 9.38 percent, as revenues in the fourth quarter increased 71 percent to about $13.2 million from $7.7 million in the year-ago period.

Jean Coutu Group (PJC-A.TO) tanked 5.66 percent, after announcing its a third-quarter net profit of C$56.0 million or C$0.30 per share, compared to C$62.5 million or C$0.30 per share in the prior-year quarter.

In economic news from the U.S., first-time claims for unemployment benefits saw a modest decrease in the week ended January 3, a report from the Labor Department showed Thursday. The report said initial jobless claims edged down to 294,000, a decrease of 4,000 from the previous week's unrevised level of 298,000. Economists had expected jobless claims to dip to 290,000.

Eurozone retail sales grew more-than-expected in November, at the same rate as in the previous month, preliminary data from Eurostat showed Thursday. Retail sales rose 0.6 percent from October, when they grew the same, revised from 0.4 percent. Economists had expected a modest gain of 0.2 percent.

Eurozone producer prices decreased more than expected in November on a sharp fall in energy prices, data from Eurostat revealed Thursday. Producer prices dropped 1.6 percent year-on-year in November, faster than the 1.3 percent decrease in October. Economists had forecast prices to decline 1.4 percent.

Eurozone economic confidence remained stable in December, with the sentiment index at 100.7, the same score as seen in October and November. It was expected to rise to 101.2. The economic confidence remained stable at the end of the year as the strength in consumer, retail and services confidence outweighed worsening industrial sentiment, a monthly survey by the European Commission showed Thursday.

Elsewhere in Europe, the Bank of England kept its key interest rate at a record low once again at the start of the year amid growing concerns about inflation falling below 1 percent in months ahead. The Monetary Policy Committee held the key bank rate at 0.50 percent and the asset purchases at GBP 375 billion.

German factory orders declined more-than-expected in November on a sharp contraction in domestic demand signaling weak economic activity in the largest euro area economy. Factory orders declined 2.4 percent month-on-month, reversing a revised 2.9 percent rise in October, Destatis said Thursday. Orders were expected to fall by 0.8 percent. This was the first drop in demand in three months.