That came after the US government said crude oil stockpiles increased by 2.3 million barrels last week, more than analysts expected.
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At 10:14 a.m. EDT (1414 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 51.04 points, or 0.35 per cent, to 14,648.99.
Even major corporate news was unable to place the TSX on strong footing in positive territory.
A more than 2-per-cent drop in oil prices weighed down energy companies. Shares in Agrium climbed more than seven per cent, or $8.56, to $125.09.
Meanwhile, stock markets initially pulled back, but later recovered, following the latest report on manufacturing.
“There’s definitely challenges ahead for Canada”, he said.
“People still realize that the risks are still there in housing and household debt as well, too”.
The Dow Jones industrial average was down 53.42 points at 18,400.88, the broader S&P 500 composite index declined 5.17 points to 2,170.95 and the Nasdaq composite lost 9.77 points to 5,213.22.
Canada’s main stock index rose on Thursday, led by gold mining stocks after weak US manufacturing data tempered expectations for Federal Reserve interest hikes.
Experts expect the August jobs report, due Friday, to show the USA economy added 180,000 jobs. “Given that the Fed is so data-dependent, the market is worrying about how that will affect the Fed’s decision”, said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Pennsylvania.
Fed Chair Janet Yellen said last week the solid performance in the labour market has strengthened the case for an interest rate hike. “The job report is an important element of that”, said Adatia.
In other commodities, October natural gas dipped two cents at US$2.90 per mmBTU, the December gold contract added $1.20 to US$1,327.10 an ounce, and December copper lost a penny at US$2.08 a pound.
The Canadian dollar was up 0.16 of a cent at 76.40 cents U.S.
TORONTO, Sept 1 Canada’s main stock index rose on Thursday, led by gold mining stocks as weak USA manufacturing data tempered expectations for Federal Reserve interest rate hikes.
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Note to readers: This is a corrected story. A previous version had another figure for the TSX close.
