Equities markets in Toronto were poised to open little changed to slightly higher on Thursday after the U.S. Federal Reserve said it would modestly trim its stimulus program and reaffirmed its commitment to keeping interest rates low.
The S&P/TSX composite index rocketed 154.57 points, or 1.2%, to end Wednesday at 13,334.73. Futures Thursday were up 0.2%.
The Canadian dollar dipped 0.06 cents to 93.41 cents U.S. early Thursday
CIBC cut the price target on Eagle Energy Trust to $9 from $9.50, driven by a negative outlook after the company cut its capex estimates
Roth resumed coverage on IMAX Corp. with a buy rating, believe the company's strong backlog and ongoing expansion of its film portfolio will continue to increase visibility, driving long-term shareholder value
On the economic calendar, Statistics Canada reported this morning that the number of regular recipients of employment insurance was little changed in October at 510,500. Compared with 12 months earlier, though, the number of beneficiaries fell 8.4%.
ON BAYSTREET
The TSX Venture Exchange grew 4.64 points Wednesday to 890.71
ON WALLSTREET
Wall Street stock futures were pointing to slight losses on Thursday, while gold prices fell sharply a day after the Federal Reserve opted to begin tapering its bond purchases. Weekly jobless claims, existing-home sales and a manufacturing survey are on tap.
Ahead of the opening bell, futures for the Dow Jones Industrials shed 15 points, or 0.1%, to 16,094. Futures for the S&P 500 faded 2.5 points, or 0.1%, to 1,802.20, and futures for the NASDAQ dipped 9.5 points, or 0.3%, to 3,499.
Shares of Facebook Inc. fell in pre-market on news of a share sale. Oracle Corp. rose after results late Wednesday, while a handful of other companies reported results.
The Dow and S&P closed at all-time highs Wednesday as investors took the view that a Fed tapering meant confidence in the economy and welcomed the central bank’s commitment to low rates for a considerable time.
ConAgra Foods Inc. jumped nearly 7% in pre-market after reaffirming its full-year guidance and posting a fiscal second-quarter profit and sales gain.
Rite Aid Corp. shares fell nearly 6% after the company cut its per-share estimate for the fiscal year. It said fiscal third-quarter earnings rose 16%.
Shares of Target Corp. could draw attention after the company was hit by an extensive credit-card breach over the Black Friday shopping weekend.
Oil prices eked up three cents to $97.83 U.S. a barrel
Gold prices plummeted $30.10 at $1,205.00 U.S. an ounce.
Related Stories
