Today in the markets
U.S. stocks were higher Thursday as the European Central Bank cut its benchmark interest rate and U.S. jobless claims declined to a 5-year low.
Canadian stocks also rose, helped by strong earnings reports from Gildan Activewear and Manulife Financial among others.
The S&P/TSX Composite was up 58.35 points to 12,379.64, while the TSX Venture Exchange rose 0.87 points to close at 962.81.
Active stocks included General Motors (NYSE: GM, Stock Forum), which ran up 3.2% to $31.16. The automaker said net income fell 14% in the first quarter. However, earnings still came in slightly ahead of Wall Street’s expectations.
Facebook Inc. (NASDAQ: FB, Stock Forum) rose 5.6% to $28.97 after the social networking operator said sales beat estimates.
In Canada, Manulife Financial Corp. (TSX: T.MFC, Stock Forum) posted net income of $540 million or 28 cents a share, down sharply from $1.22 billion a year ago as insurance sales fell 23% to $619 million. The stock gained 3.9% to close at $15.33.
Goldcorp Inc. (TSX: T.G, Stock Forum), eased 0.55% to $28.91. The gold miner posted adjusted net earnings totalling $253 million, or 31 cents per share, compared with $404 million or 50 cents per share a year ago. Revenues came in at $1 billion and Goldcorp shares faded 16 cents to $28.91.
Gildan Activewear Inc. (TSX: T.GIL, Stock Forum) rose 1% to $41.46 after the company posted record second quarter results.
For news about small stocks that made big moves in Thursday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report