Canadian stocks are poised for a marginally higher open Monday amid firm commodity prices. However, concerns over global growth may cap any meaningful gains during the session. Global stocks were under pressure after Japan said its economy grew 0.3 percent in April-June from the first quarter, sharply missing economists; expectations for a 0.6 percent growth.
German economy minister Philipp Roesler expressed disappointment at Greece's efforts to implement necessary reforms tied to its international aid program. Meanwhile, Italy today raised 8 billion euros through a 12-month bill auction at slightly higher interest rates compared to an earlier auction.
U.S. stock futures were pointing to a flat open
On Friday, the S&P/TSX Composite Index gained 32.76 points or 028 percent to 11,890.89.
The price of crude oil was moving higher Monday morning as the euro was bouncing back from its one-week low against the US dollar on hopes of further stimulus measures by the ECB. Crude for September gained $0.70 to $93.57 a barrel.
The price of gold was ticking higher Monday morning, with gold for December adding $1.70 to $1,624.50 an ounce.
In corporate news from Canada, Ensign Energy Services (ESI.TO) posted improved second-quarter net income of C$18.7 million or C$0.12 per share versus C$16.1 million or C$0.11 per share last year. Adjusted net income was C$16.54 million or C$0.11 per share compared to C$18.94 million or C$0.12 per share a year ago. Analysts were expecting the company to earn C$0.18 per share this quarter.
Agriculture and construction equipment dealer Rocky Mountain Dealerships (RME.TO) posted lower second-quarter net earnings of C$1.6 million or C$0.08 per share versus C$4.46 million or C$0.23 per share a year ago. Normalized earnings per share declined to C$0.26 from C$0.30 in the same quarter a year earlier.
Food and beverages company Asia Bio-Chem Group (ABC.TO) slipped into the red in second quarter, reporting net loss of C$8.2 million or C$0.10 per share compared to a profit of C$1.3 million or C$0.02 per share in the year ago quarter. Analysts were expecting the company to report a loss of C$0.05 per share this quarter.
Africa focused diamond explorer Lucara Diamond Corp. (LUC.TO) reported that its second-quarter net loss widened to was $7.6 million from $5.9 million in the year ago quarter
Real estate company Chartwell Seniors Housing Real Estate Investment Trust (CSH_UN.TO) reported that its second-quarter Funds from operations were C$29.8 million or C$0.17 per unit compared to C$24.1 million or C$0.17 per unit in the second quarter of 2011.
Pump and pumping equipment company WaterFurnace Renewable Energy. (WFI.TO) reported a lower second-quarter net income of $2.2 million or $0.18 per share compared to $3.4 million or $0.28 per share in the comparable quarter last year.
Oil and gas company GeoGlobal Resources Inc. (GGR), reported a wider second quarter loss of $1.85 million or a loss of $0.02 per share in comparison to a loss of $1.65 million or a loss of $0.02 per share for the year-ago quarter.
Gold miner Yukon-Nevada Gold Corp. (YNG.TO)slipped to a loss in its second-quarter reporting net loss of $8.31 million or $0.01 per share, compared to net income of $22.92 million or $0.03 per share a year ago.
Petroleum and natural gas company Skope Energy Inc. (SKL.TO) reported a lower first-quarter funds from operations at C$3.64 million or C$0.45 per share compared to last year's C$3.72 million or C$0.46 per share.
Oil and gas industry services provider Hyduke Energy Services Inc. (HYD.TO) announced that its shareholders approved a acquisition proposal by Do All Industries Ltd.
In economic news from the euro zone, wholesale price inflation in Germany rose more than expected in July, the latest figures from the Federal Statistical Office showed. Wholesale price inflation quickened to 2 percent in July from 1.1 percent in June. This was expected to rise to 1.3 percent. On a monthly basis, prices increased 0.3 percent against expectations for a 0.4 percent decline. This comes after a 1.1 percent month-on-month decline in June and 0.7 fall in May.
by RTT Staff Writer
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