Stock futures pointed to a higher opening for stocks in Canada’s biggest centre Thursday, after the U.S. central bank minutes have a rate hike planned for next month, while suggesting moderation after that.
The S&P/TSX composite index leaped 119.58 points to finish trading Wednesday at 13,399.97. December futures on the S&P TSX index were up 0.5% early Thursday.
The Canadian dollar edged up 0.08 cents to 75.25 cents U.S. early Thursday
Bombardier Inc said the credit union which manages Quebec's public pension plans, would buy a 30% stake in its rail unit for $1.5 billion.
Canadian Pacific Railway further reinforced its proposed $28.4-billion acquisition of U.S. railroad operator Norfolk Southern, saying it would help the combined company to save at least $1.8 billion annually.
Barclays raised the target price on Loblaw Companies to $76.00 from $75.00
Canaccord Genuity cut the rating on Orezone Gold to hold from "speculative buy"
Citigroup initiated coverage on Valeant Pharmaceuticals International with an overweight rating
On things economic, Statistics Canada reported this morning that those Canadians on regular employment insurance benefits hiked 1.1% in September to 543,800. On a year-over-year basis, the number of EI beneficiaries rose by 41,600 or 8.3%.
The agency also stated that wholesale sales subsided 0.1% to $55.2 billion in September. The agencies attributes the drop to declines in the motor vehicle and parts and the building material and supplies sub-sectors, only partially offset by higher sales in machinery, equipment and supplies, food, beverage and tobacco.
ON BAYSTREET
The TSX Venture Exchange gained 1.48 points Wednesday to 520.78.
ON WALLSTREET
Futures on Wall Street are moderately higher Thursday, amid excitement over two initial public offerings.
Ahead of the opening bell, futures for the Dow Jones moved ahead 12 points, or 0.1%, to 17,701, futures for the S&P 500 gained 4.25, or 0.2%, to 2,084, and futures for the NASDAQ added 12.25 points, or 0.3%, to 4,664.75.
Square and Match Group are going public today in the U.S. even though it has been a difficult year for IPOs.
Square, a mobile payments company, is offering shares for $9.00 U.S. a piece, well below its projected price. The offering sets Square's value around $3 billion, much lower than the $6-billion U.S. valuation implied when Square last raised money from private investors a little more than a year ago.
Match Group, owner of online dating apps and websites such as Tinder and OkCupid, is set to list at $12.00 U.S. per share. The offering will raise nearly $400 million U.S. and value the company around $2.8 billion U.S.
Keurig reported earnings results that exceeded expectations on Wednesday evening. Shares in the firm, which makes coffee-brewing machines, are rising by nearly 20%.
And Allergan stock is jumping by about 3% pre-market based on reports that Pfizer is closer to buying the drug maker.
Best Buy is to report earnings before the bell.
Afterwards, the list of reporting firms includes The Gap, Ross and Williams-Sonoma, likewise The Fresh Market and Natural Grocers.
Overseas, many European markets are rising by about 1% in early trading and Asian markets ended the day with solid gains.
This comes after U.S. markets jumped Wednesday following the release of minutes from the Federal Reserve's October meeting. The minutes indicated the Fed would likely hike interest rates in December, giving investors more certainty about where to put their money.
Oil prices sagged 59 cents to $40.16 U.S. a barrel
Gold prices hiked $1.41 to $1,072.14 U.S. an ounce.
Related Stories
