TSX Ends Moderately Higher On Data, Earnings - Canadian Commentary

(RTTNews) - Canadian stocks ended higher Thursday, driven by the mining and financial stocks after some mixed U.S. economic data and earnings reports. The main index pulled back after reports of some soft initial jobless claims data from the U.S. amid clashes between pro-Russian activists and Ukrainian forces.

Tensions between Ukraine and Russia further intensified, with Moscow threatening to intervene if Kiev continued its crackdown on pro-Russian activists.

Meanwhile, Moscow launched new military drills along the border with eastern Ukraine, further escalating the already heightened standoff. Investor concerns grew as the conflict could result in probable disruption of crude oil supplies from the region.

Investors largely ignored some mixed economic data from the U.S. with initial jobless claims rising while durable goods jumped more than expected in March.

The S&P/TSX Composite Index closed Thursday at 14,554.25, up 20.86 points or 0.14 percent. The index scaled an intraday high of 14,584.10 and a low of 14,522.16.

On Wednesday, the index settled lower following some soft economic data from the U.S., with losses capped on some strong earnings reports.

Crude oil ended higher on concerns over the Ukraine situation, which far outweighed the more-than-expected jump in U.S. crude stockpiles last week. Investors worried the conflict could result in probable disruption of oil supplies from the region.

The Energy Index dropped 0.63 percent, with U.S. crude oil futures for June delivery, gaining $0.50 or 0.5 percent to close at $101.94 a barrel Thursday on the Nymex.

Among energy stocks, Suncor Energy Inc. (SU.TO) dropped 0.99 percent, while Encana Corp. (ECA.TO) shed 0.70 percent. Husky Energy Inc. (HSE.TO) shed 1.57 percent, Canadian Oil Sands Limited (COS.TO) down 0.70 percent, and Canadian Natural Resources Ltd. (CNQ.TO) up 0.20 percent. Pacific Rubiales Energy Corp. (PRE.TP) plunged 11.49 percent.

The Capped Healthcare Index added 1.00 percent with Valeant Pharmaceuticals International, Inc. (VRX.TO) up 2.01 percent. Extendicare Inc. (EXE.TO) added 0.74 percent, while Catamaran Corp. (CCT.TO) gained 0.19 percent.

Gold futures ended higher as investors sought the safe haven appeal of the precious metal with rising tensions in Ukraine and some weak U.S. initial jobless claims data..

The Global Gold Index dropped 1.71 percent, with gold futures for June delivery, adding $6.00 or 0.5 percent to close at $1,290.60 an ounce Thursday on the Nymex.

Barrick Gold Corp. (ABX.TO) shed 1.74 percent, after reportedly having sent an email to Newmont Mining Corp. (NEM.TO), revising terms for a merger.

Agnico Eagle Mines Limited (AEM.TO) slipped 0.86 percent, and Yamana Gold Inc. (YRI.TO) dropped 3.14 percent. Kinross Gold Corp. (K.TO) slipped 1.96 percent, while Goldcorp Inc. (G.TO) shed 0.73 percent.

The Capped Materials Index dipped 0.07 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) up 1.75 percent. Potash Corp. reported a first quarter net income of $340 million or $0.40 per share, down from $556 million or $0.63 per share in the same period last year.

The Financial Index added 0.23 percent with the Toronto-Dominion Bank (TD.TO) up 0.25 percent, Royal Bank of Canada (RY.TO) up 0.19 percent, and Bank of Montreal (BMO.TO) down 0.12 percent.

The Diversified Metals & Mining Index gained 1.90 percent, with Lundin Mining Corp. (LUN.TO) up 4.23 percent, First Quantum Minerals Ltd. (FM.TO) up 3.16 percent, and Teck Resources Limited (TCK.B.TO) up 0.41 percent.

The Information Technology Index gathered 0.53 percent, with BlackBerry Limited (BB.TO) down 0.12 percent.

The Capped Industrials Index added 0.19 percent, with Bombardier Inc. (BBD.B.TO) up 0.50 percent, Air Canada (AC.B) down 1.30 percent, and Canadian Pacific Railway Limited (CP.TO) down 1.03 percent.

In corporate news, Automaker General Motors Co. (GMM.U.TO) dropped 0.99 percent, after reporting a plunge in its first-quarter profit of $0.1 billion or $0.06 per share, from $0.9 billion, or $0.58 per share, last year.

Alamos Gold Inc. (AGI.TO) shed 2.14 percent after stating that its first-quarter net income decreased substantially to $2.75 million from $25.99 million, previous year. Earnings per share were $0.02 compared to $0.20 last year.

Fairfax Financial Holdings Ltd. (FFH.TO) is edged up 0.91 percent, after revealing it will buy an 80 percent stake in Indonesian insurer, PT Batavia Mitratama Insurance. The terms of the deal are not known.

Crescent Point Energy Corp. (CPG.TO) gained 0.32 percent, after reaching an agreement to buy a privately held southeast Saskatchewan oil and gas producer for C$1.1 billion.

In economic news from the U.S., the Commerce Department said durable goods orders jumped 2.6 percent in March, the biggest rise in four months. Economics expected durable goods orders growth of 2 percent month-over-month.

Meanwhile, the U.S. Labor Department's report showed initial jobless claims to have jumped by 24,000 to 329,000 last week, a three-week high. Economists expected claims to rise to 313,000 from 304,000 in the previous week.

Sentiment among German firms improved unexpectedly in April with businesses more confident about their future activities, notwithstanding risks from the Ukraine crisis. Business confidence rose to 111.2 in April from 110.7 in March, data from the Munich-based Ifo Institute showed Thursday. The index was forecast to fall to 110.4. The current conditions index improved to 115.3 from 115.2 in March, but below the expected score of 115.6.