The Toronto stock market was set for a positive start to the session Thursday as successful bond auctions in Italy and Spain raised the appetite for risk and sent commodity prices higher.
In corporate news, Connacher Oil and Gas Ltd. said chief executive officer Richard Gusella is leaving the company barely a week after a big shakeup in its executive offices. Gusella had taken on the additional responsibilities last week of president and interim chief operating officer, filling the roles after two executives departed.
Bauer Performance Sports Ltd. credits a big improvement in revenue, led by hockey equipment sales, for turning last year’s $1.9-million U.S. second-quarter loss into an $8.2-million U.S. profit this time around. Revenue soared 27% to $100.3 million U.S.
An unspecified number of "interested parties" are doing due diligence on a possible takeover or merger transaction with Jaguar Mining Inc, but the company says there is no assurance it will result in a change of control.
The Canadian dollar changed hands 0.44 cents higher than Wednesday at $98.56 U.S. cents.
Stateside, Dow futures gained 75 points, or 0.6%, rising to 12,463. S&P 500 futures rose 2.4 points, or 0.2%, to 1,290.60. Nasdaq futures picked up 17 points, or 0.7% to 2,377, about half an hour before the opening bell.
Banks led a European stock market rally after Spain and Italy easily raised cheap money at debt auctions, suggesting investors have confidence in two of Europe's most troubled countries.
Britain's FTSE 100 rose 0.3%, France's CAC 40 gained 1.2%, and Germany's DAX climbed 1.4%.
The Spanish Treasury raised 10 billion euros ($12.7 billion U.S.) from the auction of three bonds, doubling its target of up to five billion. Average yields eased to 3.384%.
Italy easily raised 12 billion euros. In the first bond auction of the year, investors bought 8.5 billion euros in 12-month bonds at a yield of 2.735%, sharply down from last month's rate of 5.95% and well below the record of 6.087% hit in November.
The euro leapt off 16-month lows hit in recent days to $1.2756.
Equity markets in Asia lost ground. Japan's Nikkei 225 fell 0.7%, while Hong Kong's Hang Seng edged 0.3% lower.
Crude oil rose 1% to $101.92 U.S. a barrel.
Gold gained $14.90, trading at $1,654.20 U.S. an ounce.
