Canadian stocks are poised for a positive open Thursday amid a rebound in gold and steady energy prices. Cues from the global equity markets came in encouraging with most Asian markets settling higher overnight and European stocks trading firm even after a debt auction in Spain disappointed investors that sent the yield on the Spanish 10-year notes above the crucial 7 percent level
U.S. stock futures were pointing to a higher open.
In corporate news from the U.S, Morgan Stanley (MS) swung to profit in second-quarter, reporting net income of $564 million or $0.29 per share, compared to a net loss of $558 million or $0.38 per share a year ago. Analysts expected the company to report earnings of $0.43 per share this quarter.
On Wednesday, the S&P/TSX Composite Index extended gains for a fourth session, adding 7.96 points or 0.07 percent to 11,579.15.
The price of crude oil was steady above the $90-mark for the first time in seven weeks Thursday morning. Crude for August moved up $1.27 to $91.14 a barrel.
The price of gold was moving higher Thursday morning as the U.S. dollar was trading lower versus a basket of currencies amid weekly jobless claims data. Gold for August gained $16.60 to $1,587.40 an ounce.
In corporate news from Canada, Shoppers Drug Mart Corp. (SC.TO) posted second-quarter net earnings of C$146 million or C$0.70 per share versus C$148 million or C$0.68 per share a year ago. Analysts were expecting the company to report earnings of C$0.70 per share. The company further declared a dividend of 26.5 cents per common share.
Grocery dealer Colabor Group Inc. (GCL.TO) reported improved second quarter net earnings of C$2.90 million or C$0.13 per basic share compared to C$1.68 million or C$0.07 per basic share last year. Analysts were expecting the company to report earnings of C$0.11 per share.
Fiberglass tank systems maker ZCL Composites Inc. (ZCL.TO) Wednesday announced appointment of Kapul Gill as its Chief Operating Officer, effective September 10.
In economic news, Statistics Canada said wholesale sales rose 0.9 percent in May to $49.8 billion, largely due to higher sales in the computer and communications equipment and supplies industry, the motor vehicle industry and the food industry. In volume terms, wholesale sales were up 0.4 percent in May.
From south of the border, the U.S. Labor Department said jobless claims jumped to 386,000 from the previous week's revised figure of 352,000. Economists had expected jobless claims to climb to 365,000 from the 350,000 originally reported for the previous week.
Elsewhere, the euro zone current account surplus increased in May following a sharp decline in April, a report from the European Central Bank showed. The seasonally adjusted current account surplus rose to EUR 10.9 billion in May from EUR 5.5 billion in April.
Meanwhile, data from the Office for National Statistics revealed U.K. retail sales increased at a slower than expected pace in June. Including automotive fuel, retail sales grew only 0.1 percent month-on-month, slower than the 1.5 percent rise in May and 0.6 percent growth forecast by economists.
by RTT Staff Writer
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