TSX Ends Higher Ahead Of Long Weekend -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a fourth straight session on Thursday, tracking rising global equity stocks on the back of some recent encouraging economic reports from the U.S. and China. Investors digested a couple of U.S. economic reports and Canadian inflation data, while sluggish commodities and some weak earnings reports from U.S. technology majors prompted investors to tread cautiously ahead of a long weekend.

Canada's inflation stood at 1.5 percent last month, up from 1.1 percent in February, due to higher energy costs and cigarette prices.

From the U.S., growth in Philadelphia-area manufacturing activity touched a seven-month high, accelerating much more than anticipated in April, a Federal Reserve Bank of Philadelphia survey showed.

Meanwhile, first time unemployment benefit claims in the U.S. rebounded slightly last week, after having reached its lowest level in almost seven years in the previous week, a Labor Department report showed. The claims, although higher for the week, were still lower than what analysts expected and close to its lowest level since 2007.

The S&P/TSX Composite Index closed Thursday at 14,500.39, up 53.87 points or 0.37 percent. The index scaled an intraday high of 14,508.54 and a low of 14,423.73.

On Wednesday, the benchmark closed at 14,446.52, up 142.60 points or 1.00 percent.

Crude oil ended at a more than six-week high on Thursday, after some encouraging economic data from the U.S. with Fed Chief Janet Yellen's statement on the state of the economy lifting sentiments, notwithstanding a huge surge in U.S. crude stockpiles.

The Energy Index gained 1.32 percent, with U.S. crude oil futures for May delivery, gaining $0.54 or 0.5 percent to close at $104.30 a barrel Thursday on the Nymex.

Among energy stocks, Suncor Energy Inc. (SU.TO) added 0.82 percent, while Encana Corp. (ECA.TO) added 0.55 percent. Husky Energy Inc. (HSE.TO) jumped 3.74 percent, Canadian Oil Sands Limited (COS.TO) added 1.88 percent, Crescent Point Energy Corp. (CPG.TO) gained 1.25 percent, and Talisman Energy Inc. (TLM.TO) gathered 2.56 percent.

Canadian Natural Resources Ltd. (CNQ.TO) gained 1.52 percent, after announcing a new light oil discovery offshore Cote d'Ivoire in West Africa.

Gold futures ended lower with investor focus shifting slightly away from the yellow metal following an uptick in global equity markets on the back of some recent encouraging economic reports from the U.S. and China.

The Global Gold Index dropped 0.82 percent, with gold futures for June delivery, dropping $9.60 or 0.7 percent to close at $1,293.90 an ounce Thursday on the Nymex.

Osisko Mining Corp. (OSK.TO) added 0.76 percent, while Agnico Eagle Mines Limited (AEM.TO) gained 1.79 percent and Yamana Gold Inc. (YRI.TO) dropped 0.79 percent.

On Wednesday, Osisko Mining Corporation, Yamana Gold Inc. and Agnico Eagle Mines Limited entered into an agreement by to which Yamana and Agnico Eagle will jointly acquire 100% of Osisko.

Among other gold stocks, Kinross Gold Corp. (K.TO) surrendered 1.76 percent, Barrick Gold Corp. (ABX.TO) shed 1.88 percent, and Goldcorp Inc. (G.TO) fell 0.80 percent.

The Capped Materials Index dropped 0.55 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) down 0.31 percent.

The heavyweight Financial Index gained 0.50 percent with the Toronto-Dominion Bank (TD.TO) up 0.25 percent, Royal Bank of Canada (RY.TO) up 0.15 percent, Bank of Montreal (BMO.TO) up 0.18 percent, and National Bank of Canada (NA.TO) up 0.77 percent. Bank of Nova Scotia (BNS.TO) added 0.54 percent, Manulife Financial Corp. (MFC.TO) gained 1.42 percent, and Sun Life Financial Inc. (SLF.TO) gathered 1.52 percent.

The Diversified Metals & Mining Index gathered 0.70 percent, with Teck Resources Limited (TCK.B.TO) edging up 0.04 percent, Lundin Mining Corp. (LUN.TO) down 1.30 percent, First Quantum Minerals Ltd. (FM.TO) up 1.70 percent, and Sherritt International Corp. (S.TO) up 1.06 percent.

The Information Technology Index moved up 0.11 percent, with BlackBerry Limited (BB.TO) up 0.25 percent.

The Capped Industrials Index added 0.34 percent, with Bombardier Inc. (BBD.B.TO) down 1.47 percent and Air Canada (AC.B) down 1.35 percent. Canadian National Railway Company (CNR.TO) gained 0.61 percent, while Canadian Pacific Railway Limited (CP.TO) added 0.62 percent.

In corporate news, AltaGas (ALA.TO) added 0.42 percent after Canada's National Energy Board announced the approval of an application for a 25-year natural-gas export license from Triton LNG Limited

McGraw-Hill Ryerson Ltd. (MHR.TO) gained 1.92 percent after the company agreed to be taken private at C$50 a share by McGraw-Hill Global Education Holdings LLC.

In economic news, data from the U.S. Labor Department showed initial jobless claims were slightly up from its lowest level since 2007, coming in 304,000 for the week ended April 12, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 300,000 to 302,000.

Meanwhile, growth in Philadelphia-area manufacturing activity accelerated much more than anticipated in April, the Federal Reserve Bank of Philadelphia's Business Outlook Survey showed Thursday. The Philly Fed's diffusion index of current activity climbed to 16.6 in April from 9.0 in March, with a positive reading indicating growth in regional manufacturing activity. Economists expected the index to edge up to a reading of 10.0.

Elsewhere, the Japanese government downgraded its assessment of the economy for the first time since November 2012. In its monthly report, the Cabinet Office said the Japanese economy is on a moderate recovery trend, while some weak movements are seen lately due to a reaction after a last-minute rise in demand before a consumption tax increase.