The Toronto stock market headed for a higher open Wednesday amid a busy day for economic data and corporate earnings.
The S&P/TSX Composite Index fell 87.29 points to end Tuesday at 12,581.75
The Canadian dollar eked higher by 0.02 cents to 97.05 cents U.S. early Wednesday
Investors will be looking over earnings from gold miners Yamana Gold, Centerra Gold and Kinross Gold. Insurance giant Great West also posts results Wednesday, along with Suncor Energy and Sherritt International.
Earlier in the morning, media company Torstar Corp. had $18 million of net income attributable to shareholders, or 23 cents per share.
That was down from $32.6 million, or 41 cents per share, a year ago with its Harlequin book publishing operations especially affected by lower volumes overseas. Torstar’s total revenue was $354.9 million, down 7.5% from $383.9 million.
Talisman Energy reported a $27-million loss from operations, or three cents per share, in the quarter, down from a year earlier profit of $71 million or seven cents per share. Analysts polled by Thomson Reuters had recently lowered their estimates for Talisman to less than a cent per share of adjusted earnings.
Talisman also reported cash flow of $526 million, down from $803 million a year ago. Production averaged 361,000 barrels of oil equivalent, down from 435,000 barrels in the corresponding quarter of 2012. Talisman also revised its 2013 production guidance to the lower end of estimates.
On the economic front, Statistics Canada reported this morning that gross domestic product grew 0.2% in May, its fifth straight monthly improvement. Service industries, especially retail and wholesale trade, led the charge.
ON BAYSTREET
The TSX Venture Exchange stepped back 10.28 points Tuesday to 914.41
ON WALLSTREET
After days of tepid trading and muted market moves, fresh economic data and news from the U.S. Federal Reserve could shake things up Wednesday.
The Fed will release a statement around 2 p.m. ET that could provide more insight into the current mindset of policymakers.
Ahead of the opening bell, futures for the Dow Industrials declined 21 points, or 0.1%, to 15,472. Futures for the S&P 500 backtracked 0.8 points, to 1,683.90, and futures for the NASDAQ were flat at 3,085.50
The Fed's various stimulus programs have played a big role in fueling the current bull market, and investors are looking for any hints about how and when its latest $85-billion-U.S. a-month bond buying spree might ease.
Ahead of the bell, Comcast and MasterCard both reported better-than-expected earnings and revenue.
Diageo, the maker of Johnnie Walker, Guinness and many other name-brand alcoholic beverages, reported full-year results showing steady growth in sales and profits.
Yelp, Allstate and Metlife are reporting after the close.
Also higher Wednesday were shares of Facebook, which topped its IPO price of $38 U.S. a share in pre-market trading. Shares of Facebook have soared more than 40% since it reported strong earnings last week.
The U.S. government will publish its first estimate of second-quarter GDP this morning. Payroll processor ADP said the private sector added 200,000 jobs in July. Economists had expected 175,000 jobs. The ADP report is often viewed as a precursor to the government's monthly report, due Friday.
That report is expected to show 180,000 jobs were added in July, according to a survey of economists.
European markets were mixed in morning trading. London's FTSE 100 index was the strongest performer, posting an increase of nearly 0.5%.
Asian markets also had a mixed day. Japan's Nikkei 225 index dropped by 1.5%, while other markets were little changed.
Oil prices tacked on 23 cents to $103.31 U.S. a barrel
Gold prices hiked $4.20 to $1,328.20 U.S. an ounce.
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