Credit: Shutterstock photo(RTTNews.com) - Despite weak economic data, Canadian shares are moving higher Thursday morning, led by gains in materials and technology sections.
A few stocks from consumer staples, consumer discretionary and healthcare sections are also up in positive territory with impressive gains. Energy and financial shares are turning in a mixed performance.
The benchmark S&P/TSX Composite Index is up 48.45 points, or 0.33%, at 15,533.00, after advancing to a high of 15,552.58.
On Wednesday, the index ended up 21.41 points, or 0.14%, at 15,484.55.
According to data released by Statistics Canada, gross domestic product shrank by 0.1% in November, offsetting partly an increase of 0.3% in October. Economists had expected GDP to contract by 0.1%.
The Capped Materials Index is rising 1.3%. Barrick Gold Corporation (ABX.TO), Teck Resources (TECK.B.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals Corp. (WPM.TO) and Kirkland Lake Gold (KL.TO) are gaining 1 to 2.5%, while First Quantum Minerals (FM.TO) is rising nearly 6%.
IAM Gold Corporation (IMG.TO) is rising 2.6%, Yamana Gold (YRI.TO) is up 2%, B2Gold Corp (BTO.TO) is gaining 1.3%, while Eldorado Gold Corporation (ELD.TO) is soaring nearly 25%.
Eldorado Gold Corporation shares are up after the company announced on Wednesday that it will resume mining, crushing, stacking and heap leaching at its Kisladag gold mine in Turkey. The Company also provided three year consolidated production guidance, along with detailed cost guidance for 2019.
The Capped Energy Index is gaining about 0.5%. Vermilion Energy (VET.TO) is rising 2.3%, while ARC Resources (ARX.TO), Cenovus Energy (CVE.TO), Encana Corporation (ECA.TO) and Imperial Oil (IMO.TO) are up with modest gains.
BayTex Energy (BTE.TO) is up 1.8% and MEG Energy (MEG.TO) is gaining nearly 2%.
The Capped Information Technology Index is up nearly 1.25%. Shopify Inc. (SHOP.TO) is advancing 3.1%, Constellation Software (CSU.TO) is rising 1.75%, Open Text Corporation (OTEX.TO) is up 1.5%, Descartes Systems Group (DSG.TO) is gaining 1.4% and Sierra Wireless (SW.TO) is adding 1.7%.
Among bank stocks, Bank of Montreal (BMO.TO) is declining 1.4% and National Bank of Canada (NA.TO) is down 0.6%. Canadian Imperial Bank of Commerce (CM.TO) and Bank of Nova Scotia (BNS.TO) are down marginally, while Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) are slightly higher.
The Capped Healthcare Index is up 1.1%. Bausch Health Companies (BHC.TO) is rising 1.75%, Cronos Group (CRON.TO) is jumping 3%, Hexo Corp (HEXO.TO) is up 3.1% and Aphria Inc (APHA.TO) is surging up 5.1%.
U.S. stocks are modestly higher this morning. In U.S. economic news, the Labor Department report said initial jobless claims surged up to 253,000, an increase of 53,000 from the previous week's revised level of 200,000. Economists had expected jobless claims to rise to 215,000.
In economic news, a report from the Labor Department said initial jobless claims surged up to 253,000 in the week ended January 26th, an increase of 53,000 from the previous week's revised level of 200,000. Economists had expected jobless claims to rise to 215,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting 254,000 in September of 2017.
The slightly upwardly revised reading on jobless claims in the previous week was still the lowest since a matching figure in October of 1973.
Meanwhile, a separate report from the Commerce Department showed new home sales rebounded by much more than anticipated in November.
In commodities, crude oil futures for March are rising $0.96, or 1.77%, at $55.19 a barrel.
Gold futurs for April are gaining $11.20, or 0.85%, at $1,236.70 an ounce.
Silver futures for March are up $0.208, or 1.31%, at $16.135 an ounce, while Copper futures for March are gaining $0.0200, or 0.71%, at $2.7865.
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