Stocks Gain at Open

Canada’s main stock index opened slightly higher on Thursday, led by energy stocks riding on the back of rising oil prices.

The S&P/TSX Composite Index gathered 32.03 points to open Thursday at 16,215.96

The Canadian dollar dipped 0.1 cents to 77.16 centsU.S.

Dollar-store chain Dollarama Inc reported a 7.3% rise in quarterly profit as customers spent more at its stores during the Easter holiday.

Dollarama shares dove $7.07, or 4.5%, to $149.41

Canadian Pacific Railway conductors and locomotive engineers will get a 9% salary hike over four years as part of a tentative agreement reached last week with the Teamsters.

CP shares slipped 12 cents to $250.01

Desjardins raised the rating on Alamos Gold to buy from hold. Alamos shares advanced 11 cents, or 1.5%, to $7.64

Desjardins cut the rating on IAMGOLD to hold from buy. IAMGOLD shares settled 19 cents, or 2.5%, to $7.48


The TSX Venture skidded 1.31 points to 773.79

Eight of the 12 TSX subgroups were lower, with health-care fading 1.3%, consumer discretionary stocks down 0.6%, and materials off 0.4%.

The four gainers were led by energy, gushing 1.4%, while financials gained 0.4%, and gold inched up 0.1%.


Stocks traded higher on Thursday following news that the U.S. was ending sanctions against Chinese company ZTE.

The Dow Jones Industrials gained 101.93 points to 25,248.32, with Chevron and McDonald’s as the best-performing stock in the index. McDonald’s rose 2% after the company announced a fresh batch of layoffs.

The S&P 500 took on 2.06 points to 2,774.41, as energy and industrials outperformed.

The NASDAQ fell 28.65 points to 7,660.42

Bank shares rose, as Goldman Sachs, Bank of America and J.P. Morgan Chase all climbed about 0.5%.

Commerce Secretary Wilbur Ross told the media that the U.S. struck a deal with China’s ZTE to end American sanctions against the company. Ross noted the deal includes a $1-billion penalty against ZTE and a U.S.-chosen compliance team to be embedded at ZTE.

Prices for the benchmark for the 10-year U.S.Treasury gained slightly, lowering yields to 2.97% from Wednesday’s 2.98%. Treasury prices and yields move in opposite directions.

Oil prices picked up 89 cents at $65.62U.S. a barrel.

Gold prices dropped 10 cents to $1,301.30 U.S. an ounce.

This article provided by NewsEdge.