TSX Rises As Crude Oil Tops $50, Housing Re-heats -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Thursday amid widespread gains across a variety of sectors.

The TSX Composite Index was up 45.91 points, or 0.3 percent, to 15,172.72.

Energy stocks continued to rally, picking up another 1.1 percent, as crude oil futures briefly surged above $50 a barrel for the first time in a month. Traders bet on renewed demand from U.S. refineries.

Gasoline producers are looking to replenish inventories after interruptions from Hurricane Harvey.

Oct. WTI oil gained 59 cents, or 1.2%, to settle at $49.89/bbl, having touched the highest in six weeks.

Grocery store Sobeys parent Empire Co. (EMP.A.TO) easily beat profit expectations in its fiscal first quarter, as adjusted earnings jumped 18.9 percent to 32 cents per share. Shares jumped 14.4%.

Apparel maker Roots has filed for an initial public offering on the Toronto Stock Exchange under the ticker symbol ROOT. The cool hat company is seeking to raise about C$200 million in the share sale this month.

Air Canada (ACA.TO) has reached a deal with pilots that gives the airline the ability to expand the North American narrowbody fleet operated by Rouge. Air Canada will expand its routes to Ireland.

In economic news, Canada's new home price index rose 0.4 percent in July, beating estimates. The news cements expectations for an interest rate hike from the Bank of Canada.

U.S. consumer prices rose 0.4% in August. However, the so-called core index edged up 0.2% in August, stripping out fuel and food costs.

The Labor Department released a report on Thursday showing an unexpected pullback in initial jobless claims in the week ended September 9th.

The report said initial jobless claims fell to 284,000, a decrease of 14,000 from the previous week's unrevised level of 298,000. The drop surprised economists, who had expected jobless claims to inch up to 300,000.

Elsewhere, the Bank of England sent strong signals that the interest rate hike could come sooner than had been predicted.