RTTNews - Canadian stocks turned into the green on Thursday morning after three straight losing sessions. The gain has lifted Toronto's main index off of a 12-day closing low.
The S&P/TSX Composite Index has added 70.01 points or 0.72% to 9,780.03. The index had lost more than 500 points in the first three sessions of the week after finishing Friday at a seven-month high.
Consumer discretionary stocks led the way with a 2.5% gain. Gildan Activewear (GIL.TO) has surged 22% after reporting second-quarter sales of US$244.8 million, compared to the $226.42 million projected by analysts.
The apparel manufacturer reported its net income fell to US$7.1 million, or US$0.06 per share, from US$42.1 million, or US$0.35 per share, in the year-ago quarter.
Meanwhile, Canadian Tire (CTC.TO) has edged down 0.8% after the company posted first quarter net earnings of C$49.7 million or C$0.61 per basic share, compared to C$67.1 million or C$0.82 per basic share in the prior year period.
Financials also moved higher, recovering some of yesterday's losses. National Bank (NA.TO) has added 1.7% and Scotiabank (BNS.TO) has added 1.3% in the early going.
In other earnings news, FNX Mining (FNX.TO) has lost 2.25% after the company reported a first-quarter net loss of C$26.2 million or C$0.31 per share, compared to net income of C$24.1 million or C$0.28 per share in the same quarter last year.
Denison Mines Corp. (DML.TO) is down 5%. The company posted a net loss for the first quarter of US$1.33 million or US$0.01 per share, in comparison with a net loss of US$10.46 million or US$0.06 per share in the same quarter a year-ago.
Vero Energy (VRO.TO) is down 2.4% after the company announced first quarter net loss of C$4.7 million or C$0.13 per share, compared to profit of C$3.78 million or C$0.13 per share in the prior year quarter.
Stantec (STN.TO) is down 1.6% after agriculture design company reported first-quarter net income of C$20.7 million or C$0.45 per share, compared to C$16.9 million or C$0.37 per share in the same quarter last year.
Cascades (CAS.TO) rallied 11.9% after it reported first quarter net earnings of C$37 million or C$0.38 per share, compared to a loss of C$4 million or C$0.04 per share in the same quarter of last year.
The U.S. Labor Department said initial jobless claims, a closely-watched measure of layoffs, jumped to 637,000 for the week ended May 9th. This was up 32,000 from the previous week's revised total of 605,000.
A separate Labor Department report showed that the producer price index rose 0.3 percent in April following an unrevised 1.2 percent decrease in March. Economists had been expecting a slightly more modest increase in prices of about 0.2 percent.
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