TSX Recovers from Losses



Canada’s main stock index opened higher on Thursday, boosted by technology stocks and mirroring gains from its Wall Street peers after chip designer Nvidia’s stellar quarterly results and forecast.

The TSX Composite sprang up 170.52 points to begin Thursday at 21,342.90.

The Canadian dollar eked higher 0.03 cents to 74.13 cents U.S.

Teck Resources beat fourth-quarter profit estimates, helped by an increase in steelmaking coal sales and record copper production. Teck shares vaulted $1.27, or 2.5%, to $52.71.

Loblaw Companies topped analysts’ expectations for fourth-quarter profit, bolstered by consistent demand for essentials such as groceries as well as easing input costs. Loblaw shares acquired 59 cents to $138.70.

U.S. energy firm Chord Energy said on Wednesday it would acquire Enerplus, creating a Williston basin-focused entity with an enterprise value of $11 billion. Enerplus shares soared $3.14, or 14.1%, to $25.34

On the economic calendar Thursday, Statistics Canada reported retail sales increased 0.9% to $67.3 billion in December. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers.

ON BAYSTREET

The TSX Venture Exchange poked up 2.24 points to 552.26.

All but three of the 12 subgroups were higher in the first hour, with health-care and information technology stocks climbing 1.9% each, while financials were richer 1.1%.

The three laggards were gold, down 2.8%, while communications ditched 0.8%, and utilities were off 0.1%.

ON WALLSTREET

The S&P 500 surged Thursday to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector.

The Dow Jones Industrials popped 272.25 points to 38,884.49.

The S&P 500 jumped 77.33 points to 5,059.13.

The NASDAQ index recovered, and then some, up 362.89 points, or 2.3%, to 15,943.76.

Those increases put the major averages on track to snap a three-day losing streak.

Nvidia popped nearly 14% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago — driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.

Other tech names were also higher. Facebook parent Meta and Amazon gained more than 3% and 2%, respectively. Microsoft and Netflix advanced more than 1%.

AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.

Prices for the 10-year Treasury stayed put, keeping yields at Wednesday’s 4.32%.

Oil prices gained 23 cents to $78.14 U.S. a barrel.

Gold prices skidded $2.90 to $2,031.40.



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