Futures pointed to a near-flat opening for Canadian stocks as a firmer U.S. dollar weighed on prices of oil, gold and other commodities.
The S&P/TSX composite index jumped 71.33 points to close Wednesday at 14,889.04
The Canadian dollar dropped 0.45 cents to 81.14 cents U.S. early Thursday.
BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a three-fold jump in quarterly profit, helped by higher revenue from its seasonal products. The company, which also makes Rotax engines, said its net income rose to $83.1 million, in the first quarter ended April 30, from $28 million a year earlier.
Cenovus Energy said it had resumed normal operations at its Foster Creek oil sands site in Alberta after a forest fire led to a precautionary shutdown on May 23.
Canada's independent oil producer had evacuated about 1,800 workers and shut down production at the site, which it operates as part of a joint venture with ConocoPhillips. The project averages production of about 135,000 barrels per day.
Barclays raised the price target on Dollarama Inc to $73.00 from $71.00 compelling growth story and management’s ability to handle the FX headwind.
RBC raised the price target on Enerplus Corp to $19.00 from $18.00 citing the company’s decision to raise its 2015 capital spending program.
Barclays cut the price target on Hudson's Bay Co to $26.00 from $30.00 after the company reported better-than-expected top-line results offset by margin declines.
On the economic calendar, Statistics Canada reported that its new housing price index rose 0.1% in April, following no change in March.
ON BAYSTREET
The TSX Venture Exchange was positive 0.68 points Wednesday to 682.30
ON WALLSTREET
U.S. stock futures are pretty immobile Thursday.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 12 points, or 0.1%, to 18,030, futures for the S&P 500 gained 0.5 points to 2,107.50, and futures for the NASDAQ picked up 7.5 points, or 0.2%, to 4,444.25.
Leapfrog and Restoration Hardware are reporting after the close.
On the economic side, the U.S. Census Bureau will release its retail sales report for the month of May this morning. Economists will be looking for an uptick in sales after flat numbers in April.
Also, the U.S. Department of Labor will release the latest weekly jobless claims data.
European markets are continuing to rise in early trading, maintaining the positive momentum from Wednesday.
Most Asian markets ended with gains
South Korea's central bank has unexpectedly cut interest rates based on concerns that a recentoutbreak of Middle Eastern Respiratory Syndrome (MERS) will hit growth, spending and economic sentiment. So far, 10 people have died after contracting MERS. There are over 120 confirmed cases.
Oil prices slid 70 cents to $60.73 U.S. a barrel
Gold prices fell nine dollars at $1,187.00 U.S. an ounce.
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