The Toronto stock market appeared to be headed for another upwards session on Thursday.
Soon after Thursday’s opening bell, the S&P TSX Composite index, which has been on a tear this week, was up 76.12 points to 11,426.
Influential TSX energy stocks could move higher as the November crude contract on the New York Mercantile Exchange moved up in electronic trading early Thursday. The contract lost $1.31 to settle at $69.57 U.S. on Wednesday.
In Canadian corporate news, Brookfield Asset Management Inc. and its partners will acquire half of an Australian coal terminal and all of an English port business as part of a $1.1-billion U.S. deal with Babcock & Brown Infrastructure of Sydney.
Babcock & Brown Infrastructure, known as BBI, has been actively seeking buyers over the past 18 months in order to deal with its massive debt load. Brookfield and Brookfield Infrastructure Partners LP will own nearly 40% of BBI once it acquires up to $635 million U.S. of securities issued by the Australian company.
In addition, Brookfield will pay $265 million U.S. for a 50% stake in a coal terminal in Queensland Australia and 100% of PD Ports in northeastern England. Brookfield will also repay $160 million U.S. owed by PD Ports.
Brookfield Asset Management closed at $24.06 on Wednesday while Brookfield Infrastructure Partners closed at $17.30.
In mining news, HudBay Minerals Inc. has approved an $85-million budget for Phase 1 of the Lalor gold and base-metals project in northern Manitoba. HudBay shares closed Wednesday at $13.70.
The Canadian dollar gained 0.42 cents to 94.56 cents U.S.
ON BAYSTREET
All 14 TSX subgroups were up at the outset. Metals and mining stocks led the charge, ahead 2.1%, followed by global base metals, gaining 1.5%, while materials were 1.1% higher.
The TSX Venture Exchange tacked on 12.29 points to 1,302.11, while the Nasdaq Canada index added 8.87 points to 722.85.
ON WALLSTREET
In New York, stocks were set to gain at Thursday's open, lifted by better-than-expected earnings from Dow component Alcoa and a better-than-expected job market report.
The Dow Jones Industrials bolted forward 64.24 points, to begin the day at 9,789.82. The S&P 500 index had moved northward 7.43 points to 1,065.01. The Nasdaq composite index added 12.89 points to 2,123.22.
Stocks stagnated on Wednesday, following two positive sessions.
"We're headed for a higher opening right now," said Peter Cardillo, chief market economist for Avalon Partners.
"Obviously, enthusiasm over earnings is beginning to build. The earnings season is likely to support the market from encountering a major correction."
Cardillo said this "enthusiasm" is being fueled by the lack of negative announcements from companies ahead of earnings, as well as the strong report from Alcoa and surging commodities prices.
Alcoa kicked off the third-quarter corporate reporting period on a rosy note, reporting a surprise profit after U.S. markets closed Wednesday. Alcoa's stock jumped 6% in pre-market trading.
Wall Street had finished Wednesday's session mixed in anticipation of Alcoa's results. Alcoa was the first Dow component to report third-quarter results.
Economically speaking, the Labor Department announced that initial jobless claims dropped to 521,000 in the week ended Oct. 3, compared to the revised tally of 554,000 the prior week.
That's the lowest level since the week ended Jan. 3.
The government was expected to announce 540,000 claims, according to a consensus of economist opinion compiled by Briefing.com.
Shortly after the market opens, the Census Bureau is scheduled to release its monthly data for wholesale business inventories. A decline of 1% is expected for the month of August, according to Briefing.com consensus, compared to a decline of 1.4% in July.
Stocks to watch include tech giant IBM. The Justice Department has opened an antitrust inquiry into the company's mainframe business, according to a trade group.
Dell also could be on the move after it said late Wednesday that it was closing a plant and cutting 905 jobs.
Treasury prices stabilized, keeping the yields for the benchmark 10-year note at 3.17%, where they closed Wednesday.
The price of a barrel of oil slipped a penny to $69.55 U.S.
Gold prices zoomed ahead $13 to $1,057 U.S. an ounce.
