The Toronto stock market opened slightly higher on Thursday as commodity prices gained, and investors eagerly await results from Research In Motion, the company that makes the BlackBerry.
The S&P/TSX Composite Index recovered 36.75 points, to begin the session at 11,579.90
The Canadian dollar regained 0.59 cents to 96.79 cents U.S.
RIM has already said it would take a big writedown on unsold PlayBook tablet computers, but surprises could still await investors hungry for details about what many see as a new, make-or-break BlackBerry.
Among other Canadian stocks to watch this morning, Bombardier Inc.’s train unit won orders worth $248 million U.S. to provide light rail vehicles and classic trams to the Frankfurt transport authority.
H&R Real Estate Investment Trust said it would buy an office building in downtown Houston for $442.5 million U.S.
Holiday travel mover and shaker Transat AT Inc. posted a fourth-quarter loss, blaming tough economic conditions and high fuel costs.
Crocodile Gold received an unsolicited offer from Luxor Capital Group to buy a majority stake in the Canadian miner for about $121 million, and said it has set up a special committee to review the bid.
Brigus Gold raised the resources estimate at its Black Fox project in Ontario by more than 50%.
Speaking of things economic, statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rose 0.5% in November 2011 from the previous month, on a seasonally-adjusted basis. The national average price posted a 4.6% year-over-year gain in November, the smallest increase since January
ON BAYSTREET
The TSX Venture Exchange picked up 11.16 points to 1,417.09, while the Nasdaq Canada index was up 0.94 points to 365.69
All 14 Toronto subgroups were positive at the outset, with the exception of gold, which settled 0.2%. The gainers were led by metals and mining, spiking 1.2%, while energy stocks gained 0.8% and consumer staples traveled 0.5% higher.
ON WALLSTREET
In New York, stocks enjoyed a substantially higher open Thursday, following an economic report showing that initial jobless claims hit a three-year-low.
The Dow Jones Industrials surged 119.12 points, or 1%, to kick off Thursday at 11,942.60
The S&P 500 progressed 11.62 points, to 1,223.44, while the Nasdaq Composite hiked 17.16 points to 2,556.47
Investors were already feeling modestly optimistic, following two reports signaling improvement in the global manufacturing sector. The reports showed that while the manufacturing sector continued to contract in both China and the euro-zone in December, the contraction was at a slower pace than the month before.
Often considered a bellwether of the economy, FedEx reported better-than-expected income in its second fiscal quarter, with earnings per share of $1.57 U.S.
Shares of Novellus Systems climbed 24% in premarket trading, after Lam Research Corp announced it will acquire the company in a $3.3-billion U.S. transaction. Both companies are large manufacturers of semiconductors, used in chips.
Michael Kors stock will make its debut on the New York Stock Exchange Thursday, after the fashion brand raised $944 million U.S. in its initial public offering the previous evening. The IPO was the largest ever for a U.S. fashion company.
U.S. stocks are coming off of losses Wednesday, as the European debt crisis continued to weigh on the markets and a stronger dollar dragged down commodities prices.
The selloff came as investors anticipated further interest rate cuts from the European Central Bank, which lowered its benchmark rate to 1% earlier this month. The euro was under pressure, falling below the key $1.30 U.S. level against the dollar and reaching its lowest level since mid-January.
The U.S. dollar, meanwhile, strengthened as the euro declined. The stronger dollar took a toll on commodities that are priced in the U.S. currency.
On the economic front, the number of people filing for initial unemployment benefits fell to 366,000 in the latest week -- the lowest level since May 2008, and well below analysts' estimates. Analysts surveyed by Briefing.com expected initial jobless claims for the week ended Dec. 10 to hit 390,000 -- up from 381,000 the week prior.
Elsewhere, the U.S. Bureau of Labor Statistics' Producer Price Index for November increased by 0.3%, higher than expected. The index dropped 0.3% in October.
Industrial production for November is on tap for this morning, and was expected to increase by 0.2% after a 0.7% uptick in October.
The price on the benchmark 10-year U.S. Treasury faded, pushing the yield up to 1.94% from 1.90% Wednesday. Treasury prices and yields move in opposite directions.
Oil for January delivery regained 65 cents to $95.60 U.S. a barrel.
Gold futures for February delivery rose $3.60 to $1,590.50 U.S. an ounce.
