Toronto’s main stock index looked set to break from the gates higher on Wednesday, extending gains from the previous session on hopes of a request from Spain for a bailout, though weak economic data from China and Europe might keep a lid on gains.
The S&P/TSX composite index moved up 21.04 points to end Tuesday at 12,391.23. Futures were up a cautious 0.2%.
The Canadian dollar faded 0.02 cents Wednesday morning to 101.40 cents U.S.
Cable and media company Quebecor Inc bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for $1.5 billion.
Imperial Oil Ltd. has drawn buyer interest for its Dartmouth, Nova Scotia, refinery, which it put on the auction block in May as it struggled with weak Atlantic crude oil basin margins, according to the company’s CEO.
ON BAYSTREET
The TSX Venture Exchange dipped 6.92 points to 1,331.78
ON WALLSTREET
American stock futures were mixed Wednesday, following a better-than-expected employment report Wednesday.
Futures for the Dow Jones Industrials dipped two points to 13,409, about 30 minutes before the opening bell. Futures for the S&P 500 nosed up 1.4 points, to 1,442.30, and for the Nasdaq, futures nipped up 8.75 points, or 0.3%, to 2,804.
Payroll processor ADP said nation gained 162,000 private sector jobs in September. The report is considered a prelude to the U.S. government's closely watched monthly jobs data, which is due out this Friday. Investors are hoping to see a rebound in the labor market after last month’s unpromising report.
Shares of Best Buy jumped 3% Tuesday following reports that founder Richard Schultze and at least four private equity firms have started examining Best Buy's books in advance of a potential $11-billion U.S. buyout offer.
MetroPCS shares rose nearly 3% Tuesday, following reports that Deutsche Telekom's board had approved a merger of its T-Mobile USA unit with MetroPCS.
Gains after the opening bell may be tempered by ongoing worries about Europe, specifically Spain, where there's mounting pressure for the nation to formally request a bailout. Late Tuesday, Spanish Prime Minister Mariano Rajoy said a bailout request was not imminent.
European stocks were mixed in morning trading. Britain's FTSE 100 gained 0.1%, while the DAX in Germany was flat and France's CAC 40 edged 0.2% lower.
Asian markets ended the session also mixed, with markets in Shanghai closed for a holiday. The Hang Seng index in Hong Kong added 0.1% while Japan's Nikkei 225 lost 0.5%.
Oil prices fell 89 cents to $91.00 U.S. a barrel.
Gold prices rose $7.00 to $1,782.70 U.S. an ounce.
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