Baystreet.ca - Canada's main stock index rose on Thursday, led by a surge in energy shares tracking higher oil prices, while weak U.S. labour market data raised hopes of interest rate cuts by the Federal Reserve.The S&P/TSX Composite Index remained buoyant 59.87 points to move into Thursday afternoon at 22,204.89.
The Canadian dollar was flat at 73.05 cents U.S. In company news, bitcoin miner Riot Platforms (NASDAQ:RIOT) acquired a 12% stake ownership in rival firm Bitfarms Ltd, whose shares picked up four cents, or 1.2%, to $3.46. Elsewhere, Transcontinental (TSX:TCLa) rose 85 cents, or 6.4%, to $14.20m despite the packaging firm reporting a drop in net earnings in the second quarter.
IAMGOLD Corp climbed 19 cents, or 3.6%, to $5.43 after Scotiabank (TSX:BNS) raised target price on the stock to $4.5 from $4.25.On the economic front, Canadians learned their country’s merchandise exports increased 2.6%, while imports rose 1.1% in April. As a result, Canada's merchandise trade deficit with the world narrowed from $2.0 billion in March to $1.0 billion in April. The IVEY School of Business also published its PMI index Thursday. The seasonally-adjusted index fell to 52.0 from 63.0 in April, posting its lowest level since July. A reading above 50 indicates an increase in activity.
ON BAYSTREET The TSX Venture Exchange gained 4.81 points to 604.67. The 12 subgroups were divided evenly between gainers and losers. Gold soared 2.6%, materials were up 2.1%, and energy rumbled 0.7%. The half-dozen laggards were weighed most by communications, financials and consumer discretionary stocks, each down 0.3%.
ON WALLSTREET The S&P 500 was little changed on Thursday, taking a pause a day after the S&P 500 notched a fresh record close, while traders awaited a key U.S. economic report.The Dow Jones Industrials retained gains of 40.6 points to 38,847.93.The much-broader index slipped 4.05 points to 5,349.98. The NASDAQ stepped back 32.62 points to 17,155.29.Stocks are coming off a winning session. The S&P 500 jumped 1.2% Wednesday to close at a record, while the NASDAQ also hit an all-time high.Lululemon jumped 3% as the sportswear manufacturer beat expectations in its fiscal first quarter. Five Below (NASDAQ:FIVE) sank 11% on lackluster results and guidance.
Chipmaker Nvidia (NASDAQ:NVDA) traded marginally lower and cooled from record highs seen earlier in the week.Wall Street is looking ahead to Friday’s nonfarm payrolls report for May, with investors on the hunt for signs of a weakening labor market, which could support rate cuts from the Federal Reserve. Economists polled by Dow Jones expect a jobs gain of 190,000.Prices for the 10-year Treasury slid a bit, raising yields to 4.30% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.Oil prices soared $1.46 to $75.53 U.S. a barrel. Gold prices hiked $20.80 to $2,396.30