RTTN: TSX Poised For A Higher Open On Positive Cues
(RTTNews) - Canadian stocks are likely to open higher Thursday on a marginal recovery in commodities prices and amid the EU summit. Traders will look to get some positive signals on Greece debt issue at the end of the two-day summit. Also encouraging jobs data from across the border will likely to help lift sentiment.
The U.S. stock futures also point to a higher opening.
However, yesterday's comment by the Bank of Canada's Governor Mark Carney that raised speculation for a sooner-than-expected rate hike could cap any big upside in the stock prices.
Earlier in the day the euro strengthened, giving boost to commodities prices. The euro ticked higher versus the U.S. dollar for the first time in three days after the European Central Bank President announced that the bank will extend its emergency collateral rules beyond this year.
Also the Dubai government announced $9.5 billion aid to the troubled Dubai World as part of its restructuring plans.
On Wednesday, the S&P/TSX Composite Index was down 81.57 points or 0.68% to 11,962.97, snapping its two-day upsurge.
The price of crude oil was up $0.43 to $81.04 a barrel and the bullion recovered from its 6-week low hit in the previous session. Gold for April was up $3.90 to $1,092.70.
In corporate news, Athletic apparel maker lululemon athletica (LLL.TO) reported huge growth in its fourth quarter revenues at $0.40 per share compared to $0.16 per share in the year-ago quarter. Analysts were expecting the company to report$0.29 per share for the quarter.
Oil and gas explorer West Energy (WTL.TO) reported a wider net loss for the fourth quarter at C$0.03 per share, compared to a loss of C$0.03 per share in the year-ago quarter.
Oil explorer Crocotta Energy (CTA.TO) swung to profit in fourth-quarter, reporting net earnings of C$0.05 per share, compared to net loss of C$0.07 per share last year.
Oil and gas explorer Emerge Oil & Gas (EME.TO) posted fourth-quarter net loss of C$4.2 million or C$0.08 per share.
Oil and gas industry technology solutions provider Kelman Technologies (KTI.V) reported a net loss of C$14.26 per share for 2009, compared to a breakeven in the prior year.
Precious metal explorer Shore Gold (SGF.TO) reported a narrower full year net loss of C$0.04 per share, compared to a loss of C$2.48 per share a year earlier.
Independent power producer Maxim Power (MXG.TO) reported a lower fourth quarter net income of C$0.01 per share, compared to C$0.15 per share last year.
