Canadian stocks are poised for a mixed open Wednesday as commodities were struggling to move higher, with traders awaiting further move from the global central banks on policy easing. While Asian markets settled on a mixed note overnight, European shares were lingering in the red as investors continued to exercise caution with diminishing hopes of stimulus measures. Mining stocks were particularly hit amid concerns of growth in China.
U.S. stock futures were pointing to a lower open.
On Tuesday, the S&P/TSX Composite Index edged up 15.28 points or 0.13 percent to 11,853.61.
The price of crude oil was little changed Wednesday morning as traders await cues from the official inventories data from the EIA. Crude for September eased 0.27 to $93.16 a barrel.
The price of gold was flat Wednesday morning as the U.S. dollar was steady amid inflation data. Gold for December edged up 0.80 to $1,603.20 an ounce.
In corporate news from Canada, Metal products company Martinrea International Inc. (MRE.TO) reported second-quarter net earnings of C$14.4 million or C$0.17 per share, compared to C$15.5 million or C$0.19 per share last year. However, adjusted earnings rose to C$24.1 million or C$0.29 per share from C$16.6 million or C$0.20 per share last year. Analysts were expecting the company the report earnings of C$0.31 per share for the quarter.
Metal mining company HudBay Minerals, Inc. (HBM.TO) said its second-quarter loss narrowed to C$30.4 million or C$0.17 per share from C$171.9 million or C$0.97 per share in the same period last year. Loss from continuing operations was C$30.4 million, compared to a profit of C$41.1 million last year. Analysts were expecting the company the report earnings of C$0.08 per share for the quarter.
Precious metals miner High River Gold Mines Ltd. (HRG.TO) reported a lower second-quarter profit of C$31.6 million or C$0.04 per share compared to C$41.4 million or C$0.05 per share in the same period last year.
Petroleum and natural gas company Canadian Energy Services & Technology Corp. (CEU.TO) said its second quarter profit declined to C$3.4 million or C$0.06 per share from C$5.5 million or C$0.10 per share in the same period last year. Analysts expected the company to earn C$0.12 per share for the quarter.
Base-metals miner Capstone Mining Corp. (CS.TO) reported that its second-quarter net earnings was $12.5 million or $0.03 per share, compared to $15.5 million or $0.07 per share in the same quarter last year. Adjusted net earnings were $15.1 million or $0.04 per share, down from $17.7 million or $0.08 per share in the previous year quarter. Analysts expected the company to report earnings of $0.03 per share in the quarter.
Retailer Sears Canada Inc. (SCC.TO) reported a wider second-quarter net loss of C$9.8 million or C$0.10 per share compared to a net loss of C$0.2 million or break even per share in the year ago quarter.
In economic news from south of the border, the U.S. Labor Department said consumer price index for July showed that prices were unchanged for the second consecutive month. Economists had been expecting prices to edge up by about 0.2 percent. Excluding food and energy prices, the core consumer price index crept up by 0.1 percent in July after rising by 0.2 percent in each of the four previous months. The core index had been expected to show another 0.2 percent increase.
Elsewhere, Bank of England policymakers unanimously decided to retain quantitative easing at GBP 375 billion and the interest rate unchanged at 0.50 percent, the minutes of the meeting held on August 1 and 2 showed today.
Meanwhile, latest data from the Office for National Statistics revealed that the number of Britons claiming jobless benefits unexpectedly declined in July. The claimant count declined by 5,900 persons monthly to 1.59 million in July. Economists had expected the figure to climb by 6,000. The measure was higher by 35,600 person from a year ago.
by RTT Staff Writer
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