The tariff relief rally continued Thursday in Toronto, with markets continuing their climb, led by gold and industrial issues.
The TSX Composite Index soared 205.03 points to close at 25,897.48
The Canadian dollar regained 0.09 cents at 71.64 cents U.S.
In corporate news, Strathcona Resources sold its Montney assets for about $2.84 billion and acquired Hardisty Rail Terminal as part of its “core area consolidation” strategy. Strathcona shares charged ahead $3.79, or 14%, to $30.92.
Gold stocks led the parade, with Oceanagold poking 18 cents, or 3.3%, to $5.68, while Eldorado Gold captured 66 cents, or 2.7%, to $24.95.
In consumer staples, Loblaw Companies hiked $4.15, or 2%, to $217.14, while George Weston rocketed $4.95, or 1.9%, to $260.86.
Industrial stocks also rose, with Atkinsrealis Group up $8.30, or 10.9%, to $84.25 after the engineering services firm reported first-quarter profit and revenue above estimates. Elsewhere, MDA gained $1.80, or 7.5%, to $25.76.
Bringing down the average was energy, with Baytex Energy stumbling 22 cents, or 8.7%, to $2.32, while Vermilion Energy off 46 cents, or 4.7%, to $9.43.
In tech stocks, Quarterhill lost nine cents, or 5.7%, to $1.50, while Dye & Durham shed 44 cents, or 4.9%, to $8.51.
Federal Finance Minister Francois-Philippe Champagne said on Wednesday the new Liberal government will table an economic update later in the year, implying no annual budget would be presented in the near term.
On the economic slate, Canada Mortgage and Housing Corporation reports housing starts for all areas in Canada increased 30% in April (278,606 units) compared to March (214,205 units).
Statistics Canada reported manufacturing sales declined 1.4% in March, mainly due to lower sales in the primary metal and petroleum and coal product subsectors. Conversely, the furniture and related product subsector posted the largest monthly gain.
Moreover, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.2% to $86.5 billion in March.
The Canadian Real Estate Association reported the number of sales recorded over Canadian MLS Systems was unchanged (-0.1%) between March and April, marking a pause in the trend of declining activity since the beginning of the year.
ON BAYSTREET
The TSX Venture Exchange galloped 8.8 points, or 1.3%, to 667.45.
All but two of the 12 subgroups gained ground on the day, with gold higher by 1.9%, industrials surging 1.8%, while consumer staples rocketed 1.7%.
The two laggards proved to be energy, off 1.6%, and information technology, retreating 0.1%.
ON WALLSTREET
The S&P 500 climbed for a fourth session, adding to this week’s rally after the U.S. and China agreed to temporarily slash tariff rates. Treasury yields also fell, providing a tailwind to stocks.
The Dow Jones Industrials moved skyward 271.69 points to conclude Thursday at 42,322.75.
Shares of Walmart dipped 1.2% after the company said it could raise prices in response to still-high tariffs from the Trump administration. Walmart reported better-than-expected earnings and revenue that matched Wall Street estimates.
The much-broader index recovered from early losses, collecting 24.35 points to 5,916.93.
The NASDAQ Composite dipped 34.49 points to 19,112.32.
Confidence in the immediate outlook for stocks has strengthened in the wake of last weekend’s talks between Treasury Secretary Scott Bessent and Chinese officials that appeared to stave off a short-term decline in economic activity and a ratcheting up in inflation.
Tech giants are putting up a strong showing week to date: Nvidia and Tesla are both up around 15% each, while Meta Platforms has added nearly 9% in the period.
Amazon ended 6% and Alphabet is up more than 7%. The NASDAQ Composite is higher by 6.6% this week, trailed by the S&P 500, ahead 4.5%, and the Dow, up 2.6%.
Shares of Foot Locker surged almost 86% after Dick’s Sporting Goods said it planned to acquire the retailer for $2.4 billion.
UnitedHealth slid nearly 11% after The Wall Street Journal reported, citing people familiar, that the Justice Department is probing the insurer.
A UnitedHealth spokesman later told news outlets that the insurer has not been notified by the DOJ of the “supposed” investigation reported.
Traders also assessed the state of the economy on Thursday, with an unexpected decline in wholesale prices last month. The producer price index for April declined 0.5% month-over-month, the Bureau of Labor Statistics said.
Economists polled by Dow Jones forecast PPI would increase 0.3% on the month. Retail sales increased 0.1% in April, which matched consensus estimates, while industrial production numbers for April decreased slightly more than expected.
Prices for the 10-year Treasury climbed, lowering yields to 4.44% from Wednesday’s 4.53%. Treasury prices and yields move in opposite directions.
Oil prices capsized $1.36 to $61.79 U.S. a barrel.
Prices for gold regained $48.90 to $3,227.20