Futures pointed to a higher open in Toronto on Thursday, a day after U.S. Federal Reserve Chairman Ben Bernanke helped drive the index to a six-week high, as investors watched for further clues from Bernanke's comments when he appears before the U.S. Senate Banking Committee later in the day.
The S&P/TSX Composite Index gained 51.88 points to end Wednesday at 12,568.77, with futures up 0.3%.
The Canadian dollar was down 0.16 cents to 95.93 cents U.S. early Thursday
Shoppers Drug Mart Corp, which has agreed to bought by grocer Loblaw Co Ltd, reported a slight increase in second-quarter profit, helped by stronger pharmacy sales.
Biopharmaceutical whiz Transition Therapeutics said the U.S. Food and Drug Administration granted a fast-track status to its Alzheimer's drug.
National Bank Financial cut the price target on Intact Financial to $71 from $72 on lowered earnings per share estimates to reflect catastrophe losses related to the recent floods in Alberta and Toronto
Raymond James cut the price target on Russel Metals to $26 from $29 on valuation
Also, Raymond James raised the price target on West Fraser Timber to $110 from $105 as the company's second-quarter results beat market expectations
On the economic slate, Statistics Canada reported that wholesale sales rose 2.3% to $50.3 billion in May, the largest rate of growth since the beginning of 2011, mostly due to higher sales in the agricultural supplies and food industries.
What’s more, the agency reported that those of us on regular Employment Insurance (EI) were fewer by 12,300, or 2.4%, to 508,500 in May. Compared with May 2012, the number of people receiving regular EI benefits was down 7.4%.
ON BAYSTREET
The TSX Venture Exchange dipped into the red 0.02 points Wednesday to 910.82
ON WALLSTREET
Investors were holding back on making any big bets Thursday morning as they wait for a second day of U.S. congressional testimony from Federal Reserve Chairman Ben Bernanke.
Futures for the Dow Industrials inched up one point to 15,441. Futures for the S&P 500 crept up 1.30 points to 1,676.90, and futures for the NASDAQ doffed 2.75 points to 3,076.50
Shares of Morgan Stanley rose nearly 2% after the financial firm reported a quarterly profit in line with estimates, though revenue beat forecasts.
Verizon reported a 21% jump in quarterly net income compared with the year-ago quarter.
Nokia's stock price dropped about 4% after the Finnish phone maker reported a 24% plunge in quarterly sales from a year earlier.
IBM shares rose after the tech stalwart said its net income for the second quarter rose 3% to $4.3 billion, excluding special charges.
Late Wednesday, Intel reported second-quarter profits that fell 29% versus a year prior. The company also said it expects revenue to be flat this year, after previously forecasting a modest increase.
Bernanke is scheduled to testify before the Senate Banking Committee at 10 a.m. ET.
Bernanke appeared before the House Financial Services Committee on Wednesday, reiterating that the Fed will keep its stimulus policies in place for as long as necessary.
Also on Thursday, the government will release its weekly report on initial jobless claims. Claims are expected to drop to 348,000 in the week ended July 13, according to experts’ forecasts.
European markets were mixed in midday trading, with London's FTSE 100 and the CAC 40 in Paris edging higher. The DAX in Frankfurt was flat.
The main Asian indexes were on different paths Thursday, with the Chinese markets heading lower while Japan's Nikkei 225 advanced by 1.3%
Oil prices added six cents to $106.54 U.S. a barrel
Gold prices gained $3.80 to $1,281.30 U.S. an ounce.
