The Toronto stock market shot out of the gate Thursday, in the face of uncertainty over inconclusive Greek elections on the weekend, and disappointing trade numbers from China.
The S&P/TSX Composite Index added 97.78 points to open at 11,772.79, in the hope of ending a losing streak of six straight sessions.
The Canadian dollar inched up 0.03 cents to 100.09 cents U.S., back above parity with the greenback.
Among Canadian stocks to watch this morning, Sun Life Financial, which reported that an improvement in capital markets led to quarterly net income of $686 million or $1.15 per share compared with $438 million or 73 cents in the same period last year.
Bombardier Inc. reported net income $190 million in the first quarter, or 10 cents a share. That is down sharply from $220 million, or 12 cents a share, a year ago. Revenue was $3.5 billion, compared to $4.7 billion last year.
Manitoba Telecom Services Inc. reported quarterly net earnings of $53.1 million or 80 cents per share, up from $43.4 million or 67 cents in the same 2011 period. Revenue slid to $435.1 million from $439.3 million.
And forest products company Cascades Inc. reversed a year earlier loss to post a $6-million profit in the first quarter as the packaging and tissue maker saw revenue soar by more than $100 million.
The Quebec-based company, which makes its products mainly from recycled fibres, said Thursday that the earnings amounted to six cents per share, compared with a year-earlier loss of $8 million or eight cents per share.
Economically speaking, Statistics Canada reported this morning that this country’s trade surplus with other nations ballooned to $351 million in March from $273 million in February, based on exports slumping 0.4% while imports decreased 0.6%.
The agency also reported its new housing price index moved steadily ahead, 0.3%, in March, after a comparable rise in February.
ON BAYSTREET
The TSX Venture Exchange gained 20.53 points to 1,366.22, while the Nasdaq Canada fell 0.45 points to 378.87.
All but three of the 14 Toronto subgroups put on some muscle, led by consumer discretionary and metals and mining stocks 1.4%, while energy stocks gained 1.2%.
The two laggards were health-care issues, down 0.5%, and information technology, demurring 0.04%. Industrials were flat at the outset.
ON WALLSTREET
U.S. stocks enjoyed a higher open Thursday, as investors reacted to reports on widening U.S. trade deficit and jobless claims data that came in close to expectations.
Investors also took into account uncertainty in Europe, a weaker than expected trade report from China and a disappointing outlook on business spending from Cisco.
The Dow Jones Industrials tacked on 83.63 points to begin Thursday at 12,918.69
The S&P 500 regained 9.58 points to 1,364.16. The tech-rich Nasdaq Composite Index recovered 7.68 to 2,942.39.
Shares of Cisco Systems fell 6% in pre-market trading Thursday, after the networking giant released a disappointing sales outlook for the current quarter.
Beauty products company Avon said that perfume maker Coty raised its unsolicited bid for the company to $24.75 U.S. a share from its earlier offer of $23.25 U.S. Avon's board said it will consider the offer. Shares of Avon rose more than 1% in pre-market trading.
Department store chain Kohl's reported earnings per share of 63 cents U.S., down from 69 cents U.S. a year earlier but still better than the forecast of 61 cents U.S. from analysts surveyed by Thomson Reuters. But the company gave earning guidance for the current quarter that was below current forecasts, sending shares down 1% in pre-market trading.
Europe is likely to remain the primary focus, as Greek politicians continue to struggle with forming a coalition government and Spanish bond yields continue to rise.
After the Greek leftist party failed, Socialist leader Evangelos Venizelos was given the mandate to form a coalition government after meeting with the Greek President on Thursday.
Meanwhile, the Bank of Spain moved to take over Bankia -- one of its most troubled and largest banks -- late Monday.
Aside from Europe, China reported import and export growth that was slower than expected, according to forecasts from economists at HSBC. The report could stir new concerns by investors around the globe about a so-called hard landing for China's economy, but HSBC said it is also likely to prompt further monetary policy easing by the People's Bank of China.
On the economic slate, the number of people filing for first-time unemployment benefits in the U.S. fell 1,000 to 367,000 in the latest week. Economists surveyed by Briefing.com had expected the report to show 365,000 claims.
The U.S. trade deficit widened to $51.8 billion U.S. in March from $45.5 billion U.S. in February, according to the U.S. government. The data was better than economists had expected, with a forecast of the deficit climbing to $53 billion U.S.
Later on Thursday, the U.S. Treasury is set to release its monthly statement on the nation's budget at 2 p.m. ET. The Congressional Budget Office has forecast a $196-billion U.S. shortfall.
Federal Reserve Bank Chairman Ben Bernanke in speaking in Chicago Thursday morning, on the state of banks and bank lending.
The price on the benchmark 10-year U.S. Treasury dipped, pushing the yield up to 1.90% from Wednesday’s 1.84%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil took on 54 cents, to $97.39 U.S.
Gold futures for June delivery continue to slide, tumbling another dollar to $1,593.20 U.S. an ounce.
