Stocks Rebound Led By Banks, Tech -- Canadian Commentary
OTTAWA (Alliance News) - Canadian stocks rose Thursday, following a rebound in crude oil prices. Markets were also cheered by yesterday's dovish statement from the Bank of Canada that signalled interest rates will remain on hold for the time being.
The TSX Composite Index was up 106.90 points to 16,015.68. The day's rally was led by tech and bank stocks, but gauges of most sectors were in the green.
WTI light sweet crude oil was up 76 cents at USD56.72 a barrel, having slipped from near USD60 over the past few weeks.
Traders await tomorrow's rig count report from Baker Hughes for signs that North American production will be picking up.
In corporate news, Lululemon (LULU) reported same-store sales that exceeded estimates. Shares were upgraded by numerous ratings agencies. Shares jumped 6% in New York.
CanniMed Therapeutics Inc. (CMED.TO) says it has entered into a definitive agreement with PharmaChoice to supply cannabis products across Canada. CMED is the subject of a hostile takeover offer by Aurora Cannabis Inc. (ACB.TO). Shares rose 2.1%.
Kinder Morgan (KML.TO) has sold shares to help fund the Trans Mountain pipeline plan.
BlackBerry Ltd. (BB, BB.TO) and Qualcomm Inc. (QCOM) announced a strategic partnership to develop the fastgrowing connected vehicles technology. BB shares rose 1.2%.
On the economic front, Canadian municipalities issued USD8.2 billion worth of building permits in October, up 3.5% from the previous month, Stats Canada said.
Copyright RTT News/dpa-AFX
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