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TORONTO — Canada’s main stock index closed up nearly 100 points on Thursday, with energy leading the way as some of the country’s biggest oil names reported stronger-than-expected quarterly earnings.
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The S&P/TSX composite index was up 92.88 points at 25,254.06.
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Alongside the energy subindex, industrials, telecom and base metals also saw healthy gains.
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Oilsands heavyweights Cenovus Energy Inc. and Canadian Natural Resources Ltd. reported their latest quarterly results on Thursday, and both handily beat analyst expectations for profits.
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BCE Inc., meanwhile, chopped its dividend as the telecom giant faces intense price competition and sustained regulatory uncertainty against a backdrop of macroeconomic and geopolitical instability. It will now pay a quarterly dividend of 43.75 cents per share, down from 99.75 cents per share.
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In New York, the Dow Jones industrial average was up 254.48 points at 41,368.45. The S&P 500 index was up 32.66 points at 5,663.94, while the Nasdaq composite was up 189.98 points at 17,928.14.
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The U.S. market gains followed the announcement of a trade agreement between the United Kingdom and the United States that would lower some tariffs between the two countries. Wall Street hopes more such agreements can help stave off a recession.
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U.S. President Donald Trump on Thursday lauded what he called a “maxed-out trade deal” with the United Kingdom, which will keep 10 per cent tariffs on U.K. products but would lower taxes on Rolls-Royces and other U.K. automobiles in exchange for greater access in the U.K. market for U.S. beef, ethanol and other products.
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The Canadian dollar closed at 71.91 cents US compared with 72.48 cents US on Wednesday.
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The June crude oil contract was up US$1.84 at US$59.91 per barrel and the June natural gas contract was up three cents at US$3.59 per mmBTU.
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The June gold contract was down US$85.90 at US$3,306 an ounce as fewer investors were fleeing to safety, and the July copper contract was down six cents US at US$4.60 a pound.
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— With files from The Associated Press.
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This report by The Canadian Press was first published May 8, 2025.
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Companies in this story: (TSX: GSPTSE, TSX: CADUSD) (TSX: CVE) (TSX: CNQ) (TSX: BCE)
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