The Toronto Stock Exchange saw its third straight positive session Thursday, despite moving in and out of positive territory over the course of the day.
The S&P/TSX composite index closed up 36.10 points, or 0.32%, at 11,433.37.
Energy stocks led the gains as oil prices rose. Some of the gainers here included Sunor Energy Inc., which rose 1.17% to $32.88, and Cenovus Energy Inc., up 1.61% to $29.
Materials stocks, which includes gold producers, were the main trouble spot as the price of gold fell. Barrick Gold Corp. was down 3.39% to $44.41, and Goldcorp Inc. dropped 2.42%t to $42.30.
The junior TSX Venture composite fell 8.47 points, or 0.62%, to 1,353.01 Thursday.
On the New York Mercantile Exchange, gold was down US$2.80 to $1,196.10 an ounce. Speculation that the euro would rise lessened gold's appeal as an alternative investment. Meanwhile, crude oil was up US$1.37 to $75.44 a barrel.
The Canadian dollar was up 35 basis points to US95.79¢.
Statistics Canada said new-home prices were up 0.3% in May, the 11th straight month of gains. South of the border, jobless claims last week fell more than expected.
Beyond the continent, the International Monetary Fund upgraded its forecast for global economic growth this year to 4.6% from 4.2%, and European Central Bank left its benchmark interest rate at one per cent.
On U.S. stock markets, the Dow Jones industrial average was up 120.71 points, or 1.20%, to 10,138.99. The Nasdaq composite index gained 15.93 points, or 0.74%, to 2,175.40. European and Asian markets were also up.
David Cockfield, portfolio manager with MacNicol & Associates Asset Management Inc., said it didn't make sense that for much of Thursday's trading session Canadian stocks were down while U.S. markets rose. He felt the sell-off in gold stocks on the TSX was overdone, given the relatively small decline in gold prices.
Asked what he thought brought the Canadian market back into the positive, he said: "I hate to say it, but I think we're just following New York. . . . I thought we were a little oversold anyways."
Echoing the views of many other analysts, Cockfield said the upcoming second-quarter earnings season will be central to setting the tone for markets in the near-term, but probably more for future guidance than the results.
"We do believe the second half of the year is going to show some slowing, (and) that will maybe temper some of the enthusiasm as the earnings come out," he said, though he added much concern over future earnings is already priced into the market.
