Toronto stock market futures pointed to a higher open on Thursday on Janet Yellen's dovish comments that supported the Federal Reserve's quantitative easing policy, ahead of a crucial nomination hearing later in the day.
The S&P/TSX composite index climbed 44.62 points to end Wednesday to 13,370.66. Futures nicked up 0.1%.
The Canadian dollar dipped 0.41 cents to 95.24 cents U.S. early Thursday
Kinross Gold Corp reported a sharp fall in third-quarter earnings on the back of a lower gold price.
National Bank Financial improved the rating on Ag Growth International to outperform from sector perform, raises target to $40 from $38.50 after the company posted strong third-quarter revenue figures, expects near-term positive U.S. and international demand momentum
NBF raised the target on Computer Modelling Group to $27 from $25 on revised long-term growth assumptions
Canaccord Genuity raised the target on Linamar Corp to $43 from $39 after the company's third-quarter earnings beat expectations
In the economic docket, Statistics Canada reported international merchandise exports grew 1.8% during September, while imports edged up 0.2%. As a result, Canada's trade deficit with the world narrowed from $1.1 billion in August to $435 million in September.
The agency’s new housing price index came in unchanged for September, following a 0.1% advance in August.
ON BAYSTREET
The TSX Venture Exchange slipped 0.44 points Wednesday to 925.88
ON WALLSTREET
Stocks remain near record highs as investors take comfort in Federal Reserve nominee Janet Yellen's pitch to support the U.S. economic recovery.
Ahead of the opening bell, futures for the Dow Jones Industrials took on 11 points, or 0.1%, to 15,790. Futures for the S&P 500 inched up 3.3 points, or 0.2%, to 1,782, and futures for the NASDAQ deducted 6.75 points, or 0.2%, to 3,395.25
In earnings news, Wal-Mart reported better-than-expected earnings, though the retailer missed on revenue and reported a slight decline in same-store sales in the U.S.
Viacom reported a gain in quarterly revenue, driven by sales in media networks and filmed entertainment, and double-digit gains in net earnings.
Shares in Cisco sank by roughly 11% in pre-market trading, a day after the tech giant reported weak quarterly sales and guidance.
Yellen -- who is expected to become the new head of the Fed in early 2014 -- will appear before the Senate Banking Committee at 10 a.m. ET.
Her prepared remarks to the committee, released late Wednesday, show that she intends to encourage growth by maintaining accommodative monetary policies.
European markets rose modestly in morning trading. Data out Thursday showed the euro-zone grew by 0.1% in the third quarter, in line with economists' expectations.
Asian markets ended the day with gains. A weaker yen helped Japan's Nikkei 225 jump 2.1%. The currency eased after official figures showed the country's economy grew 1.9% in the third quarter - a sharp slowdown from the previous quarter.
Oil prices dropped 49 cents to $93.39 U.S. a barrel
Gold prices gained $12.30 to $1,280.70 U.S. an ounce.
