Canadian stocks snapped a six-day losing streak to close higher Wednesday, amid global cues with the eurozone pressure easing. Toronto stocks moved higher on some upbeat economic data from the U.S., even as China's export growth stalled.
In Greece, major political parties continued to struggle in their quest to form a coalition government after the fragmented elections results earlier this week. Nevertheless, Greece got a reprieve after the European Financial Stability Facility stepped in to provide the nation with the next installment of the bailout aid, which would also take care of its debt payment due next Tuesday.
In Spain, the government intervened to partly nationalize Bankia SA which seemed to have brought in some relief to the country's banking sector.
Toronto's main index, the S&P/TSX, closed Thursday at 11,736.17, up 61.16 points or 0.52 percent. The S&P/TSX Composite Index touched an intraday high of 11,812.16 and a low of 11,682.70.
The TSX Venture Index closed at 1,355.31, up 9.62 points or 0.71 percent. The index opened at 1,358.62 compared to its previous close of 1,345.69.
Almost all major components of the S&P/TSX Index were in positive territory, led by the Energy and Mining Indices. The only decliner was the Materials Index, which was down a mere 0.01 percent.
The Diversified Metals & Materials Index gained 0.32 percent with Teck Resources Limited (TCK.B.TO) moving up 0.54 percent and Lundin Mining Corp. (LUN.TO) shedding 2.31 percent. First Quantum Minerals Ltd. (FM.TO) gained 0.44 percent, while Inmet Mining Corp. (IMN.TO) shed 1.16 percent.
The Financial Index moved up 0.52 percent, with Royal Bank of Canada (RY.TO) gaining 1.09 percent and Toronto-Dominion Bank (TD.TO) moving up 0.73 percent. Bank of Nova Scotia (BNS.TO) gained 0.46 percent, while Manulife Financial Corp. (MFC.TO) gathered a modest 0.08 percent.
Insurer Sun Life Financial Inc. (SLF.TO) gained 1.90 after reporting a first-quarter profit of C$686 million or C$1.15 per share from C$438 million or C$0.73 per share last year. Operating net income grew to C$1.22 per share from C$0.82 per share in the 2011 first quarter. Analysts expected earnings of C$0.74 per share for the quarter.
Brookfield Asset Management (BAM_A.TO) edged up 0.31 percent after reporting a first quarter profit of $416 million or $0.60 per share, compared to $278 million or $0.41 per share a year ago.
Heavyweight transportation systems maker Bombardier Inc. (BBD.B.TO) gained 6.5 percent despite posting a lower first-quarter profit of $190 million or $0.10 per share, compared to $220 million or $0.12 per share a year ago.
Blackberry smartphone maker Research In Motion Limited (RIM) shed 1.17 percent.
Oil snapped a six-day losing streak to settle modestly higher Thursday, on a weak dollar and some upbeat economic data from the U.S. Crude oil for June delivery gained $0.27 or 0.3 percent to close at $97.08 a barrel on the NYMEX.
The Energy Index gathered 0.75 percent with Suncor Energy (SU.TO) improving 0.38 percent and Canadian Natural Resources Limited (CNQ.TO) gaining 1.53 percent. Encana Corp (ECA.TO) shed 2.65 percent.
Gold prices gained $1.30 or 0.1 percent to close at $1,595.50 an ounce Thursday on the NYMEX, with the dollar turning weak against most major currencies. The Global Gold Index gained 0.66 percent.
Among gold stocks, Eldorado Gold Corporation (ELD.TO) fell 0.42 percent, while Kinross Gold Corp. (K.TO) gained 2.87 percent. Barrick Gold Corp. (ABX.TO) edged up 0.42 percent and B2Gold Corp. (BTO.TO) dropped 2.13 percent.
North American focused gold miner AuRico Gold Inc. (AUQ.TO) gained over 1.89 percent even after reporting lower first quarter net earnings of $1.35 million or breakeven per share compared to $11.79 million or $0.09 per share in the year ago quarter.
The Materials Index fell a marginal 0.01 percent with Potash Corporation of Saskatchewan Inc. (POT.TO) down 1.49 percent. Uranium One Inc. (UUU.TO) was up 4.25 percent.
Uranium producer Denison Mines Corp. (DML.TO) gained over 6 percent despite reporting a wider first-quarter net loss of $52.0 million or $0.14 per share, compared to $7.1 million or $0.02 per share last year.
Packaging and tissue products company Cascades Inc. (CAS.TO) added over 4 percent after it swung to profit in first quarter, with adjusted earnings of C$4 million or C$0.04 per share, up C$1 million or C$0.01 per share in the same quarter last year. Analysts expected breakeven per share.
Meanwhile, Aurizon Mines Ltd. (ARZ.TO) dipped 4.52 percent after its quarterly profit came in below consensus estimates.
Health services provider CML HealthCare Inc. (CLC.TO) reported an improved first-quarter profit of $18 million or $0.20 per share, compared to $14.4 million or $0.16 per share last year. The stock slipped 1.79 percent.
Automotive supplier Magna International inc. (MG.TO) reported a higher profit for the first quarter at $343 million or $1.46 per share. Analysts expected earnings of $1.29 per share for the quarter. Sales came in at $7.67 billion, which compares well with analysts expectations of $7.50 billion. The company also entered into an an agreement with Nissan Motor Co. Ltd. for vehicle assembly pertaining to the Infiniti brand. The stock climbed over 2 percent.
In economic news, Statistics Canada said merchandise exports edged down 0.4 percent and imports decreased 0.6 percent, helping the trade surplus to increase from $273 million in February to $351 million in March.
From the U.S., the Labor Department said initial jobless claims for the weekended May 05 came in at 367,000, while economists expected the claims at 366,000.
Separately, a U.S. Commerce Department release showed the nation's trade deficit widened to $51.8 billion in March from a revised $45.4 billion in February. Economists expected the deficit to widen to $49.5 billion from the $46.0 billion originally reported for the previous month.
China's export and import growth slowed notably in April, as the European debt woes and slowing growth in emerging economies curtailed demand. China's exports grew 4.9 percent year-on-year in April, slower than forecast for 9.1 percent growth. Imports rose a mere 0.3 percent from last year, much weaker than the consensus estimate for a 12.5 percent growth. Imports had risen 5.3 percent in March. On a monthly basis, exports fell 1.5 percent compared to a steeper 9.7 percent slump in imports.
In Europe, the Bank of England held its interest rates at a record low of 0.50 percent and maintained the size of its bond buying program unchanged despite the double-dip recession domestically, as widely expected.
U.K. industrial production declined in March from a month ago, data from the National Statistics Office showed. Industrial production dropped 0.3 percent month-on-month in March, reversing a 0.4 percent rise in February. Manufacturing output increased 0.9 percent, following a 1.1 percent drop a month ago. Economists expected manufacturing output growth of 0.5 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.