ADVERTISEMENT

Investing

S&P/TSX composite up nearly 100 points, with energy leading the way

By The Canadian Press

Updated: 

Published: 

The TSX ticker on the outside of the TMX Group headquarters in the financial district of Toronto, Ontario, Canada, on Tuesday, Aug. 6. 2024. Canadian stocks tumbled at the open, then pared those losses, as traders caught up after the Toronto Stock Exchange and other venues were closed for a public holiday during Monday’s global selloff. (Cole Burston/Bloomberg)

Canada’s main stock index closed up nearly 100 points on Thursday, with energy leading the way as some of the country’s biggest oil names reported stronger-than-expected quarterly earnings.

The S&P/TSX composite index was up 92.88 points at 25,254.06.

Alongside the energy subindex, industrials, telecom and base metals also saw healthy gains.

Oilsands heavyweights Cenovus Energy Inc. and Canadian Natural Resources Ltd. reported their latest quarterly results on Thursday, and both handily beat analyst expectations for profits.

BCE Inc., meanwhile, chopped its dividend as the telecom giant faces intense price competition and sustained regulatory uncertainty against a backdrop of macroeconomic and geopolitical instability. It will now pay a quarterly dividend of 43.75 cents per share, down from 99.75 cents per share.

In New York, the Dow Jones industrial average was up 254.48 points at 41,368.45. The S&P 500 index was up 32.66 points at 5,663.94, while the Nasdaq composite was up 189.98 points at 17,928.14.

The U.S. market gains followed the announcement of a trade agreement between the United Kingdom and the United States that would lower some tariffs between the two countries. Wall Street hopes more such agreements can help stave off a recession.

U.S. President Donald Trump on Thursday lauded what he called a “maxed-out trade deal” with the United Kingdom, which will keep 10 per cent tariffs on U.K. products but would lower taxes on Rolls-Royces and other U.K. automobiles in exchange for greater access in the U.K. market for U.S. beef, ethanol and other products.

The Canadian dollar closed at 71.91 cents US compared with 72.48 cents US on Wednesday.

The June crude oil contract was up US$1.84 at US$59.91 per barrel and the June natural gas contract was up three cents at US$3.59 per mmBTU.

The June gold contract was down US$85.90 at US$3,306 an ounce as fewer investors were fleeing to safety, and the July copper contract was down six cents US at US$4.60 a pound.

This report by The Canadian Press was first published May 8, 2025.