Stock futures pointed to a higher opening for Canada's main stock index as investors shifted focus to corporate earnings.
The S&P/TSX composite index was up 11.94 points to close Wednesday at 14,502.99
The Canadian dollar moved up 0.08 cents to 75.96 cents U.S. early Thursday
Agrium Inc. reported higher second-quarter profits on Wednesday after markets closed. Agrium's net earnings from continuing operations for the second quarter rose to $675 million, or $4.71 per share, from $625 million, or $4.34 per share a year ago.
BCE Inc. posted a 25% jump in second-quarter profit as its mobile business grew, offsetting lower ad revenue in its media arm. The company also said it had net income attributable to shareholders of $759 million, or 90 cents a share. That compared with a year earlier profit of $606 million, or 78 cents a share. Revenue rose 2% to $5.33 billion.
Barrick Gold said on Wednesday it is making big strides toward an ambitious debt reduction target, announcing a financing deal for its Dominican mine, the planned sale of a suite of U.S. assets and a 60% cut to its dividend. The company reported adjusted net earnings of $60 million, or five cents a share, for the quarter, slightly below the six cents a share that analysts were expecting. It also reduced its full-year all-in sustaining cost forecast to between $840 and $880 per ounce, from between $860 to $895 per ounce.
Canadian Natural Resources reported a better-than-expected adjusted earnings as the company's production expenses fell. Excluding a charge of $579 million related to Alberta's increased corporate tax rate, the company reported earnings of 16 cents per share in the second quarter. Net loss was $405 million, or 37 cents per share, for the quarter, compared with a profit of $1.07 billion, or 97 cents, a year earlier. Revenue fell about 36% to $3.42 billion.
Sun Life Financial reported a quarterly profit that breezed past analysts estimates, driven by growth in all its businesses and a weaker Canadian dollar. Net income rose to $731 million, or $1.19 per share, from $488 million, or 80 Canadian cents per share, a year earlier. Underlying profit rose to one dollar per share from 81 cents, while analysts had expected 81 cents.
Manulife Financial reported a higher quarterly profit on an adjusted basis on Thursday, boosted by growth in wealth management and life insurance. The company earned $600 million, or 29 cents a share, in the second quarter, compared with $943 million, or 49 cents a share, a year earlier. Core profit rose to 44 cents per share from 36 cents a share.
TMX Group, the operator of the Toronto Stock Exchange, reported a lower-than-expected quarterly profit, hurt by a drop in revenue at its issuer services and cash markets trading businesses. Net profit attributable to shareholders of $27.6 million, or 51 cents per share, in the quarter, compared with a loss of $26.4 million, or 49 cents per share, a year earlier. Revenue fell marginally to $178.7 million.
ON BAYSTREET
The TSX Venture lost 5.03 points to 584.85
ON WALLSTREET
Futures were holding their own Thursday, ahead of what should be a wild session for earnings.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 20 points, or 0.1%, to 17,495, futures for the S&P took on three points, or 0.1%, to 2,096.75, and futures for the NASDAQ added 8.75 points, or 0.2 %, to 4,602.25
Shares in Tesla are set to fall by roughly 6% at the open after the company warned that it might not deliver as many electric vehicles in 2015 as it originally expected.
Mondelez shares are set to rally by about 8% after investment firm Pershing Square, led by activist investor Bill Ackman, announced it had bought a 7.5% stake in the food firm.
Quarterly earnings from Keurig sent its stock price plummeting nearly 30% in extended trading. It reported weak sales and plans to lay off more than 300 workers.
And shares in Transocean are rallying by 6% pre-market after the oil services firm reported better-than-expected earnings late on Wednesday.
Weekly unemployment claims data will be released by the U.S. government this morning. Later on, commodity traders will get to see the latest data on natural gas inventories.
European markets are relatively calm in early trading, while Asian markets ended with mixed results.
Oil prices dipped 51 cents to $44.64 U.S. a barrel
Gold prices slipped 70 cents at $1,084.90 U.S. an ounce.
