RTTNews - Canadian stocks moved slightly higher Thursday morning, following Asis shares higher despite another round of troubling US jobs data.
The S&P/TSX Composite Index was up 50 points at 10,736.86, helped by materials shares, which are up 1.3 percent.
Across the border, data showed that US initial jobless claims rose to 576,000 from the previous week's revised figure of 561,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 550,000 from the 558,000 originally reported for the previous week.
Statistics Canada said Thursday that Canadian wholesale sales rose for the first time in nine months in June, mainly due to increases in the automotive products and food, beverages and tobacco products sectors. Sales in current dollars rose 0.6% to $40.4 billion
Bombardier Aerospace, a unit of Bombardier Inc. (BBD-A.TO, BBD-B.TO), said that it has terminated its firm and conditional order purchase agreement with Jet Republic in respect of all aircraft. The order for 110 Learjet 60 XR aircraft, consisting of 25 firm orders and 85 conditional orders, to Jet Republic was originally announced on June 20, 2008.
Bombardier shares are off 1.6 percent in early dealing.
Air Canada (AC.A.TO) announced nonstop, seasonal service between Hawaii and Calgary. Also, the company announced a new route between Montreal and Brussels.
Enerplus Resources Fund (ERF.UN.TO) on Wednesday said it has entered into agreements with three private natural gas producers, Chief Oil & Gas LLC, Chief Exploration & Development LLC and a limited partnership managed by Tug Hill, Inc., to buy 30% of their interests in the Marcellus shale natural gas resource play in the northeastern United States.
Enerplus shares are down 4 percent.
Lululemon (LLL.TO) was raised to hold from underweight by analyst Edward Yruma of KeyBanc Capital Markets. Shares are up more than 5 percent.
On Wednesday, the S&P/TSX Composite Index added 12.99 points or 0.12% to close at 10,686.83.
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