Toronto Stocks Lifted by Broad Gains, Hit Fresh High

By Robb M. Stewart

Shares on Canada's main exchange were touched a new high Thursday, tracking gains on Wall Street following positive jobs data.

In midday trading, the Toronto Stock Exchange's S&P/TSX Composite Index was 0.5% higher, at 26996.33, widening the year-to-date advance to 9.2%. The index earlier in the session hit a record 27014.83.

Technology and finance stocks led broad gains, countering weakness in the consumer services, energy and mining sectors.

The blue-chip S&P/TSX 60 was 0.6% stronger, at 1607.67.

The big banks were all higher, including gains of 0.8% by Bank of Montreal and 0.9% by Royal Bank of Canada.

Data early in the day showed Canada's merchandise-trade deficit narrowed in May to 5.86 billion Canadian dollars, the equivalent of about US$4.31 billion, from a record C$7.60 billion shortfall the month before. Exports to the U.S. were down for a fourth month running, though shipments to other countries were again higher and hit a new high as Canadian companies seek to diversify their markets.

In the U.S., stocks rose after the June jobs report showed the labor market expanded more than expected and unemployment fell. U.S. payrolls rose by 147,000 for the month and the unemployment rate fell to 4.1%, where economists had expected to see 110,000 extra jobs last month and unemployment at 4.3%.

Other market movers:

Shares of Theratechnologies rose 33%, to C$4.27, after the biopharmaceutical company agreed to be acquired by privately held pharmaceutical and nutraceutical products maker Future Pak for up to US$254 million.

Trican Well Service was up 15%, at C$5.24, after it said it is buying privately-owned fracturing and coiled tubing services provider Iron Horse Energy Services for C$77.35 million in cash plus 33.76 million shares.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

07-03-25 1324ET