Stocks in Toronto enjoyed a higher open on Thursday on the latest round of corporate earnings.
The S&P/TSX composite index pointed up 79.22 points to open Thursday at 13,638.91
The Canadian dollar inched downward 0.02 cents to 90.21 cents U.S.
Canaccord Genuity reported a stronger-than-expected 78% rise in quarterly profit on Wednesday, helped by higher revenue at its
European division and by lower expenses. Canaccord shares shot higher 58 cents, or 8.4%, to $7.45.
BCE Inc posted a 17% rise in adjusted quarterly profit, helped by strong growth in its media wing and ongoing strength in wireless. BCE shares gained 49 cents to $45.86
MEG Energy Corp slipped deeper into the red in the fourth quarter due to an unrealized foreign exchange loss on the conversion of its U.S. dollar-denominated debt as the Canadian dollar weakened. MEG shares bolted $1.01 to $31.04.
Bombardier Inc. has been awarded a contract worth around one billion pounds to supply trains for the huge London Crossrail project, according to Britain's Transport department. Bombardier shares nicked three cents higher to $4.16.
Canfor posted a higher fourth-quarter profit on Wednesday, boosted by strong lumber prices and an increase in pulp production and shipments. Canfor shares gained 15 cents to $27.98.
Sierra Wireless reported a quarterly loss after incurring higher research and development expenses. Sierra shares doffed $1.03 to $21.55
On matters economic, figures released by Statistics Canada revealed that our merchandise imports grew 1.2% and exports increased 0.9% in December. As a result, Canada's trade deficit with the world widened from $1.5 billion in November to $1.7 billion in December.
Western University’s Ivey Purchasing Managers’ Index is due out later this morning.
ON BAYSTREET
The TSX Venture Exchange improved 2.71 points to 945.21
All but three of the 14 Toronto subgroups were higher, led by global base metals, shooting 1.1% higher, energy, gushing 1%, and metals and mining, ahead 0.9%.
The three laggards were consumer staples, surrendering 0.4%, gold, down 0.3%, and utilities, off 0.1%.
ON WALLSTREET
Markets appeared upbeat soon after Thursday’s opening bell as investors wait for U.S. jobs data and central bank news from Europe, but Twitter shareholders aren't feeling so happy
The Dow Jones Industrial Average jumped 127.67 points to begin the session at 15,567.90.
The S&P 500 index added 13.65 points to 1,765.29. The NASDAQ grew 39.36 points to 4,050.91
Shares of Twitter fell 20% before the bell, a day after the company released its first quarterly results since going public last year. Investors were disappointed by a forecast of slower sales growth.
Shares of Green Mountain Coffee Roasters soared 40% on news that the firm is partnering with Coca-Cola on its forthcoming cold-beverage-brewing system.
SodaStream, which will face competition from the new product, fell 9% following the announcement.
General Motors reported earnings that fell short of estimates, while revenue was roughly in line.
Sony fell 5% after the company announced a series of major changes and warned it would lose $1 billion this year. The company is selling its Vaio PC unit, spinning out its television business and cutting 5,000 jobs.
Akamai Technologies, an Internet service provider, surged 20% after a strong earnings report on Wednesday.
Investors were also waiting for AOL to release quarterly results before the opening bell, while LinkedIn is up after the close.
The European Central Bank announced its latest policy decision this morning, with ECB President Mario Draghi addressing the media soon afterwards.
Closer to home, the U.S. government released its weekly report on initial jobless claims.
Investors are waiting for Friday's monthly non-farm payroll data, which should give a good overview of the current state of the U.S. job market. One survey of economists is forecasting 178,000 jobs were created in January, up from only 74,000 jobs the prior month, with an unemployment rate of 6.7%.
Prices for 10-year U.S. Treasuries faded, raising yields to 2.70% from Wednesday’s 2.67%. Treasury prices and yields move in opposite directions.
Oil prices took on $1.11 to $98.49 U.S. a barrel.
Gold prices prospered 30 cents to $1,257.20 U.S. an ounce.
