TSX Ends Modestly Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks moved up for a third straight session on Thursday, on some mixed economic data out of the U.S. and a slew of improved Canadian earning reports. The U.S. Federal Reserve's decision to scale down its bond-buying program for a fourth straight month, also weighed on investor sentiments.

Some weak Chinese manufacturing activity in April and lower commodity prices also weighed on the market.

The S&P/TSX Composite Index closed Tuesday at 14,664.07, up 12.20 points or 0.08 percent. The index scaled an intraday high of 14,684.15 and a low of 14,639.54.

Crude oil ended sharply lower after a weekly official oil report on Wednesday showed crude stockpiles in the U.S. to have risen, albeit less than expected last week.

The Energy Index dropped 0.40 percent, with U.S. crude oil futures for June delivery, dropping $0.32 or 0.3 percent to close at $99.42 a barrel Thursday on the Nymex.

Among energy stocks, Encana Corp. (ECA.TO) dropped 1.46 percent, Husky Energy Inc. (HSE.TO) slipped 0.03 percent and Canadian Natural Resources Ltd. (CNQ.TO) shed 0.22 percent. Suncor Energy Inc. (SU.TO) added 0.59 percent, while Canadian Oil Sands Limited (COS.TO) dived 3.79 percent.

Cenovus Energy Inc (CVE.TO) dropped 1.81 percent, while Penn West Petroleum Ltd. (PWT.TO) added 1.11 percent after reporting a first-quarter net and comprehensive loss of C$96 million or C$0.20 per share, compared to a loss of C$97 million or C$0.20 per share a year ago.

The Capped Healthcare Index jumped 4.66 percent as Catamaran Corp. (CCT.TO) surged 11.82 percent, after reporting a first-quarter profit with adjusted earnings of $0.50 per share, up 19 percent from the same period last year.

Valeant Pharmaceuticals International, Inc. (VRX.TO) added 3.35 percent.

Gold futures ended lower after data showed manufacturing activity in the U.S. to have risen more than expected, with consumer spending and personal income on the rise.

The Global Gold Index dropped 1.16 percent, with gold futures for June delivery, dropping $12.50 or 1.0 percent to close at $1,283.40 an ounce Thursday on the Nymex.

Goldcorp Inc. (G.TO) is up 0.18 percent after reporting net earnings attributable to shareholders for the first quarter of $98 million or $0.12 per share, down from $309 million or $0.33 per share in the prior-year period.

Among gold stocks, Agnico Eagle Mines Limited (AEM.TO) inched up 0.06 percent, Yamana Gold Inc. (YRI.TO) dropped 1.34 percent, and Kinross Gold Corp. (K.TO) added 0.22 percent. B2Gold Corp. (BTO.TO) lost 1.90 percent, Osisko Mining Corp. (OSK.TO) slipped 0.25 percent, and Barrick Gold Corp. (ABX.TO) dropped 1.88 percent.

The Capped Materials Index slipped 0.14 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) up 0.30 percent.

The Financial Index slipped 0.18 percent with the Toronto-Dominion Bank (TD.TO) down 0.87 percent, Royal Bank of Canada (RY.TO) down 0.29 percent, and The Bank of Nova Scotia (BNS) edged up 0.03 percent. Bank of Montreal (BMO.TO) dropped 0.25 percent, while National Bank of Canada (NA.TO) gained 0.09 percent.

The Diversified Metals & Mining Index added 0.79 percent, with Lundin Mining Corp. (LUN.TO) up 0.71 percent, First Quantum Minerals Ltd. (FM.TO) down 1.33 percent, and Teck Resources Limited (TCK.B.TO) up 2.20 percent.

The Information Technology Index gained 1.28 percent, with BlackBerry Limited (BB.TO) surging 4.17 percent.

Constellation Software Inc (CSU.TO) gained 4.63 percent after reporting first-quarter net earnings of $8.9 million or $0.42 per share compared with $9.2 million or $0.43 per share last year.

Among other technology stocks, Celestica Inc. (CLS.TO) added 1.89 percent, while Avigilon Corp. (AVO.TO) added 1.08 percent.

The Capped Industrials Index dropped 0.27 percent, with Bombardier Inc. (BBD.B.TO) down 5.90 percent, after reporting first-quarter net income of $115 million, or earnings per share of six cents, compared with $148 million, or eight cents, in the same period of 2013.

Air Canada (AC.B) moved up 2.11 percent.

Altagas Ltd (ALA.TO) gained 4.07 percent, after reporting record first quarter normalized earnings of $73.7 million, or $0.60 per share, compared to $55.5 million, or $0.53 per share, in the same period last year.

Baytex Energy Corp. (BTE.TO) dropped 0.90 percent after reporting adjusted net income of $0.38 per share for the first quarter, compared to $0.08 in the previous year.

Manulife Financial (MFC.TO) gained 0.78 percent after announcing that its first-quarter net income rose to C$818 million or C$0.42 per share, from C$540 million or C$0.28 per share last year.

Endo International plc (ENL.TO) gained 5.57 percent after reporting a first-quarter net loss of $436.91 million or $3.41 per share, compared to a net income of $15.35 million or $0.14 per share in the prior year.

Maple Leaf Foods Inc. (MFI.TO) jumped 4.31 percent after the company said its first-quarter net loss widened to C$132.91 million from C$14.94 million in the prior year. Loss per share widened to C$0.95 from C$0.11.

In economic news from the U.S., the Labor Department's report showed initial jobless claims to have risen by 14,000 to 344,000 in the week ended April 26. Economists expected jobless claims to dip to 320,000.

A report from the Commerce Department showed an unexpected rise in both personal income and spending in March. While personal income rose 0.5 percent in March from an upwardly revised 0.4 percent in February, personal spending surged 0.9 percent in March, following an upwardly revised 0.5 percent a month earlier.

Another report from the U.S. Commerce Department showed U.S. construction spending to have risen less than expected 0.2 percent to an annual rate of $942.5 billion in March, after falling by 0.2 percent to a revised $940.8 billion in February.

Meanwhile, the Institute for Supply Management's report showed a more than expected rise in U.S. manufacturing activity, with the the purchasing managers index climbing to 54.9 in April, from 53.7 in March.

An index monitoring manufacturing activity in China came in with a seasonally adjusted score of 50.4 in April, the China Federation of Logistics and Purchasing said on Thursday. This was just shy of the 50.5 forecast, but up from 50.3 in March.

U.K. factory expansion improved strongly in April, with the seasonally adjusted Markit/Chartered Institute of Purchasing & Supply Purchasing Manager's Index climbing to 57.3 in April from 55.8 in March, which was revised from 55.3.