Toronto's resource heavy main stock index noticed a slightly higher open on Thursday, buoyed by strong commodity prices and better-than-expected German business sentiment, which rose for a fourth straight month.
The S&P TSX Composite Index eked higher by 9.04 points to begin the day at 12,710.30
The Canadian dollar regained 0.15 cents to 100.18 U.S. cents
Among Canadian stocks to watch this morning, Potash Corp. said on Wednesday it has extended temporary shutdowns at two of its largest potash mines as it battles to reduce inventories that are rising due to weak demand for the crop nutrient.
Tim Hortons Inc. reported a 73% drop in fourth-quarter profit, but raised its quarterly dividend by 24%.
Yamana Gold reported an 8% increase in fourth-quarter adjusted profit on higher precious metal prices and a boost in concentrate sales volume.
Pharmacy benefit manager SXC Health Solutions Corp. reported a 60% jump in quarterly profit on strong contract wins, prompting the company to predict a 38% revenue growth this year.
Pan American Silver Corp. posted a fourth-quarter net profit, helped by higher metal prices, and raised its quarterly dividend by 50%.
Imax Corp. reported an 88% drop in fourth-quarter profit, hurt in part by fewer new theatre installations, even as it notched solid box office receipts led by the latest Mission: Impossible title.
Trucking and logistics whiz Mullen Group Ltd. reported a 43% rise in fourth-quarter profit as higher oil prices boosted demand for drilling at its oilfield services unit.
On the economic calendar, Statistics Canada reported this morning that average weekly earnings of non-farm payroll employees grew in December to $888.26, up 0.7% from November. On a year-over-year basis, earnings rose 2.4%.
ON BAYSTREET
The TSX Venture Exchange strengthened 1.11 points to 1,686.06, while the Nasdaq Canada index tacked on 2.01 points to 420.53
Eight of the 14 Toronto subgroups were lower at the outset. Consumer staples slid 1.4%, global base metals and industrials faltered 0.3% each.
The half-dozen gainers were led by health-care stocks, 1.4% better, while gold inched 0.4% higher and energy stocks were 0.3% more energetic.
ON WALLSTREET
In New York, stocks edged higher at Thursday's open, as investors weighed a strong report on Germany's economy and the latest reading on U.S. unemployment.
The Dow Jones Industrials picked up 23.61 points soon after the session began, to 12,962.30
The S&P 500 deducted 1.55 points to 1,356.11, while the Nasdaq added 5.97 points to 2,939.14
As PC sales swooned, HP's profit fell by a dramatic 44%; sales sank 7% in its latest fiscal quarter, which ended on Jan. 31. Rival Dell suffered a similar fate over the past three months, posting earnings and an outlook on Tuesday that disappointed Wall Street investors.
T-Mobile, owned by Germany's Deutsche Telekom, said "not carrying the iPhone led to a significant increase in contract deactivations in the fourth quarter of 2011." The company lost 526,000 customers during the quarter, compared to adding 126,000 during the third quarter of 2011.
Meanwhile, AT&T's board cut CEO Randall Stephenson's 2011 pay by $2 million U.S., as a direct response to the failed T-Mobile takover bid.
Kohl's posted fourth-quarter results in-line with Wall Street's estimates, but the retailer's first-quarter forecast fell short of expectations, sending shares lower. Kohl's raised its quarterly dividend by 28% to 32 cents U.S. per share.
Sears Holdings reported earnings that fell far short of forecasts and said it planned to sell off some of its stores in an effort to raise $400 million to $500 million U.S. The retailer, which also owns Kmart as well as the Kenmore, Craftsman and Lands' End brands, has been struggling for months.
Target reported better-than-expected fourth-quarter earnings and said it expects profit growth of 3% to 8% this year.
Apple holds its shareholder meeting in Cupertino, Calif., on Thursday.
While worries about Greece continue to loom in the background, investors were encouraged after a reading on Germany's business conditions rose for a fourth straight month in February -- the highest level since July, according to the Munich-based Ifo institute.
February's reading adds evidence that Germany, Europe's largest economy, will avoid falling into recession during the first quarter, said some experts.
Meanwhile, the European Commission forecasts that the euro-zone will likely face a mild recession in 2012, thanks to negative growth in Greece, Portugal, Spain and four other countries.
Economically speaking, the U.S. Federal Housing Finance Agency is scheduled to release its Housing Price Index for December.
On Wednesday, the National Association of Realtors reported that the median home price in January fell 2% from December to $154,700 -- the lowest price reading since November 2001.
Moreover, the number of workers filing for unemployment in the United States was 351,000, the U.S. Labor Department reported before markets opened. That's slightly better than analysts' forecasts and unchanged from the week prior, which was revised up from 348,000.
Treasury prices for the 10-year note dipped a bit, raising yields to 2.02% from Wednesday’s 2.00%. Treasury prices and yields move in opposite directions.
Oil for February delivery slipped 60 cents to $105.68 U.S. a barrel.
Gold futures for April delivery rose $7 to $1,778.400 U.S. an ounce.
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