Canada’s main stock index inched higher on Thursday and was set to snap a two-day losing streak as oil and gas companies climbed, with gains limited by declines in healthcare shares.
The TSX Composite Index obtained some traction and climbed 107.11 points to stop for lunch at 19,543.09.
The Canadian dollar gained 0.06 cents at 74.12 cents U.S.
In company news, Pipestone Energy shareholders on Wednesday voted in favor of the proposed sale to privately held larger rival Strathcona Resources in an all-stock deal that would value the combined company at $8.6 billion. Pipestone shares shied away a penny to $2.29.
Cannabis-lifestyle company Tilray Brands was down 16 cents, or 4.9%, to $3.09.
Africa Oil Corp fell 14 cents, or 4.7%, to $2.74, to the bottom of the benchmark index, extending a tumble in the previous session.
On the economic slate, Statistics Canada reported the number of employees receiving pay and benefits from their employer—measured as “payroll employment” in the Survey of Employment, Payrolls and Hours—was little changed (+4,900) in July, following an increase of 65,900 (+0.4%) in June.
The TSX Venture Exchange recovered 4.42 points to 554.43.
Eight of the 12 TSX subgroups were higher, with industrials climbing 1.1%, while financials and consumer discretionary stocks each up 0.9%.
The four laggards were weighed most by health-care and gold, each descending 1.1%, and utilities off 0.6%.
Stocks rose Thursday, as Wall Street tried to regain some of this month’s steep losses amid rising Treasury yields.
The Dow Jones Industrials leaped 157.39 points to move into noon hour Thursday at 33,707.66.
The S&P 500 index added 28.37 points to 4,302.88.
The NASDAQ index sprang up 98.35 points to 13,191.20.
Communication services proved the best-performing S&P 500 sector, rising 0.8%. Financials also advanced 0.7%. JPMorgan Chase and UnitedHealth led the Dow higher with gains of more than 1%.
Wall Street is also keeping an eye on Washington, as lawmaker negotiations on a U.S. spending bill continue before a Oct. 1 deadline. House Speaker Kevin McCarthy told reporters Thursday morning that he was confident that Congress would avoid a shutdown this weekend, though he criticized a bill proposed by the Senate for not dealing with border security. Traders have their doubts that McCarthy can get his party in the House aligned by the deadline.
Prices for the 10-year Treasury fell back, raising yields to 4.63% from Wednesday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices slid 60 cents to $93.08 U.S. a barrel.
Gold prices stumbled $12.70 to $1,878.20.