Canada’s benchmark stock index opened higher Thursday as the materials subgroup led the way higher.
At 9:43 a.m. ET the S&P/TSX Composite Index was up 64.84 points to 19,319.40. Thursday’s increase comes after the TSX added 281.88 points, or 1.49 per cent, Wednesday.
Agnico Eagle Mines Ltd., Barrick Gold Corp. and Tourmaline Oil Corp. were adding the most points to the index. Shares of Tourmaline Oil were up 3.42 per cent after it announced its third special dividend of the year. The dividend was declared alongside the release of its second-quarter results, which included record high free cash flow.
There was a broad move higher for the TSX’s gold miners as the underlying commodity price rallied. Agnico Eagle also got a lift after reporting second-quarter adjusted profit that beat the average estimate and reiterated its full-year forecast for costs, while warning that all-in sustaining costs are trending toward the upper end of its target range. The company also said in a release it was able to offset some inflationary pressure with its fuel hedging programs.
Markets in New York were mixed Thursday morning. The S&P 500 rose 2.62 per cent, while the Dow Jones Industrial Average was 0.09 per cent higher and the Nasdaq was down 0.04 per cent.The benchmark West Texas Intermediate crude price was up 0.43 per cent to US$97.68 per barrel.
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