Markets in Toronto looked set to open higher on Thursday after comments from the Federal Reserve Chairman Ben Bernanke that the U.S. central bank was not as close to winding up its monetary stimulus program as markets anticipated, improved investor sentiment.
The S&P/TSX Composite Index broke 9.84 points above breakeven to end Wednesday at 12,306.93, with futures soaring 1.2%.
The Canadian dollar regained 0.44 cents to 96 cents U.S. Thursday
Corus Entertainment Inc said third-quarter profit more than doubled, mainly due to the sale of its non-controlling interest in specialty channel Food Network Canada.
Canaccord Genuity raised the target price on Cineplex Inc. by $1 to $31 on new estimates and valuation.
Canaccord Genuity started coverage on Petroamerica Oil with a buy rating given the company's growth potential, attractive valuation, and light oil orientation.
Canaccord also raised the target on Sirius XM Canada to $8.20 from $7.75 to reflect the strong dividend yield and high dividend growth prospects.
About half of the Federal Reserve's policymakers felt the U.S. central bank's bond-buying stimulus should be brought to a halt by year end when they met in June, but many wanted reassurance the U.S. jobs recovery was on solid ground before any policy retreat.
On the economic slate, Statistics Canada said its new housing price index kept its winning streak alive by rising 0.1% in May, following a 0.2% increase in April.
ON BAYSTREET
The TSX Venture Exchange gained 2.18 points Wednesday to 879.24
ON WALLSTREET
Stocks look set to make gains Thursday on the back of dovish comments from U.S. Federal Reserve Chairman Ben Bernanke, bringing record highs within reach.
Futures for the Dow Industrials leaped 137 points, or 0.9%, to 15,380. Futures for the S&P 500 gained 17.60 points, or 1.1%, to 1,666.20, and futures for the NASDAQ picked up 29.75 points, or 1%, to 3,026.
Shares of Yum! Brands rose after the restaurant operator reported earnings that beat expectations.
Quarterly results are coming up Friday from megabanks JPMorgan and Wells Fargo. Overall, earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to FactSet
The U.S. government was set to release data on first-time claims for unemployment insurance this morning, import and export prices being released at the same time.
European markets also gained, by less than 1%, in midday trading and major Asian markets ended with big gains.
The Shanghai Composite index surged by 3.2% and the Hang Seng index shot up by 2.6%.
Japan's benchmark Nikkei 225 index moved 0.4% higher after the country's central bank said it would continue expanding its balance sheet.
Oil prices dipped 70 cents to $105.82 U.S. a barrel
Gold prices zoomed $33.60 to $1,280.60 U.S.
