The Toronto stock market was set for a slightly higher open Thursday, reflecting rising commodities along with strong economic data and record performance on U.S. markets.
The S&P/TSX composite index ended Wednesday positive by 95.92 points to 12,831.96
The Canadian dollar regained some strength, improving 0.14 cents to 97.03 U.S. Thursday.
Traders also digested earnings news from energy giant Canadian Natural Resources.
The Calgary-based oil and gas producer had 33 cents per share of adjusted earnings in the fourth quarter, six cents below estimates of 39 cents per share.
Net income was $352.8 million or 32 cents per diluted share, down from $360 million or 33 cents per share from a year ago and also below analyst estimates of 40 cents per share.
Canadian Natural’s revenue was higher than expected at $3.7 billion but half a billion lower than in the fourth quarter of 2011.
In Ottawa, the federal government has announced that its long-awaited wireless spectrum auction for the telecom industry will begin on Nov. 19. The auction aims to have at least four wireless-service providers in every region of the country, in an effort to increase competition and push down consumer prices.
On the economic front, figures released this morning by Statistics Canada told us that merchandise exports rose 2.1% in January while imports hiked 1.9%. As a result, Canada's trade deficit with the world narrowed from $332 million in December to $237 million in January.
Moreover, building permits were issued last month worth $5.8 billion, up 1.7% from December, with an increase in the residential sector more than offsetting a slump in the non-residential sector.
ON BAYSTREET
The TSX Venture Exchange dropped 1.87 points Wednesday to 1,110.36
ON WALLSTREET
After reaching a record high Tuesday, the Dow gained more ground Wednesday, rising another 0.3% to end at a new high of 14,296.39.
Futures for the Dow Industrials picked up 14 points, or 0.2%, to 14,279. Futures for the S&P 500 moved forward 2.9 points, or 0.2%, to 1,542, and futures for the NASDAQ gained 5.25 points, or 0.1%, to 2,793.50.
As stocks continue their runup, investors will get another look at the labour market early Thursday, when the U.S. Department of Labor releases numbers on initial jobless claims
Meanwhile, earnings season is winding down with a smattering of companies still reporting.
SolarCity shares sank nearly 9% in pre-market trading after the company missed earnings estimates. Online music streaming firm Pandora Media reports after the market close.
In other corporate news, Time Warner Inc announced plans late Wednesday to spin off its Time Inc. magazine business into a separate publicly traded company.
European markets edged higher in morning trading after the European Central Bank and the Bank of England announced they would keep their rates unchanged. Both moves were widely expected by analysts.
Asian markets ended mixed. The Shanghai Composite lost 1.0%, the Hang Seng was flat and Japan's Nikkei rose 0.3%.
Oil prices tacked on 31 cents to $90.74 U.S. a barrel
Gold prices added $7.70 an ounce to $1,582.60 U.S.
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