Canadian stock index futures pointed to a higher open on Thursday, tracking world shares, after U.S. Federal Reserve Chairman Ben Bernanke surprised markets on Wednesday by delaying plans to cut back its massive bond-buying program.
The S&P/TSX composite index grew 97.29 points to close Wednesday at 12,931.40, with Thursday futures up 0.2%.
The Canadian dollar zoomed 0.16 cents to 97.98 cents U.S. early Thursday
Brookfield Asset Management is reported seeking assets in Europe to take advantage of an expected wave of sales, and also sees opportunities in Latin America and in the hard-hit commodity sector, its CEO said on Wednesday.
Barclays raised the target price on AGF Management Ltd. to $13 from $12, saying despite operational difficulties, there still is significant value in the company's dividend.
Raymond James raised the target price on Aimia Inc. to $20 from $18 after the company provided further insight into the recently announced Toronto-Dominion Bank and Canadian Imperial Bank of Commerce agreement.
On the economic stage today, Statistics Canada reported that July wholesale trade hiked 1.5% to $49.5 billion, following a 3.1% decline the month before. In volume terms, wholesale sales were up 1.4%.The market call was for a rise of 1.2% during the month.
The nation’s number-crunchers also said that the number of regular Employment Insurance beneficiaries fell by 10,900, or 2.1%, in July to 503,900. This drop brings the number of beneficiaries to a level similar to that observed before the start of the labour-market downturn in 2008.
ON BAYSTREET
The TSX Venture Exchange rocketed 17.17 points to end Wednesday at 952.59
ON WALLSTREET
U.S. stocks are expected to pop Thursday morning after hitting record highs the previous session, with investors welcoming the U.S. Federal Reserve's decision to make no change to the rate at which it is pumping money into markets.
Ahead of the opening bell, futures for the Dow Jones Industrials jumped 58 points, or 0.4%, to 15,652. Futures for the S&P 500 took on five points, or 0.3%, to 1,722.80, and futures for the NASDAQ gained 8.25 points, or 0.3%, at 3,230.
In corporate news, ConAgra is scheduled to release quarterly results before the opening bell.
Rite Aid reported a quarterly profit, compared to its year-earlier loss, and raised earnings guidance for the year, reflecting a better-than-expected first half of the fiscal year. The drug store chain's stock surged 15% in pre-market trading.
ConAgra Foods stock was flat after the agricultural company reported a dip in quarterly profit compared to last year.
Investors are now waiting on the U.S. Labor Department to release its weekly report on initial jobless claims. At 10 a.m. ET, the National Association of Realtors will release its monthly report on existing home sales.
Investors were surprised Wednesday that the Fed chose to maintain its $85-billion U.S. bond buying program, which has been supporting both America's economic recovery and stock markets around the world. Many had expected the Fed to begin cutting back -- or tapering -- its massive quantitative easing program.
European markets were surging in afternoon trading, with London's FTSE 100 index leading the pack with a 1.4% gain.
Asian markets also rose Thursday. Japan's Nikkei 225 closed 1.8% higher and Hong Kong's Hang Seng increased by 1.7%. Meanwhile, major exchanges in South Korea, Taiwan and Shanghai were closed for a holiday
Oil prices gained 24 cents to $108.31 U.S. a barrel
Gold prices leaped $58.10 to $1,365.70 U.S. an ounce.
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