Canadian stocks are likely to open on a firm footing Friday amid steady energy prices and positive cues from the global equity markets. While most Asian markets settled higher overnight, European shares were trading in the green as traders welcomed the European Central Bank's stimulus measures in the form of bond buying to help mitigate the risk of debt-ridden euro zone nation.
U.S. stock futures were pointing to a higher open.
On Thursday, the S&P/TSX Composite Index extended gains for a second session, adding 149.60 points or 1.25 percent to 12,139.73.
The price of crude oil was ticking higher Friday morning as the U.S. dollar was mixed amid jobs data from the U.S. Crude for October gained $0.67 to $96.20 a barrel.
The price of gold recovered from early trading losses to jump back above the $1,700-mark Friday morning. Gold for December added $19.90 to $1,725.50 an ounce.
In corporate news from Canada, athletic apparel company Lululemon Athletica Inc. (LLL.TO) reported improved second quarter net income of $57.22 million or $0.39 per share from prior-year's $38.38 million or $0.26 per share. Quarterly earnings per share, normalized for the tax adjustment, were $0.34, and would have been $0.31 at its prior estimated effective tax rate of 36.5 percent, the company added. Analysts were expecting the company to report earnings of $0.31 per share for the quarter. Lululemon expects third quarter earnings per share in the range of $0.34 to $0.36, slightly higher than analysts' projection of $0.33 per share.
Media company Transcontinental Inc. (TCL_A.TO) yesterday reported a lower third quarter net income at C$8.1 million or C$0.10 per share compared to C$31.5 million or C$0.39 per share in the same quarter last year.
Minerals mining company Talison Lithium (TLH) Thursday reported a fourth-quarter profit of A$9.4 million or A$8.8 per share, up from A$7.9 million or A$7.3 per share in the year-ago quarter
Software company Cardiocomm Solutions Inc. (EKG.V) said it has received clearance from Health Canada for the sales and marketing of their HeartCheck ECG PEN to both consumers and patients
Airlines operator Air Canada (AC_A.TO) reported that its traffic in August 2012 increased 0.7 percent from August 2011, on a capacity increase of 0.6 percent.
Natural resource properties explorer PolyMet Mining Corp. (POM.TO) reported a second-quarter net loss of $2.0 million, wider than the year-ago net loss of $1.2 million in the comparable quarter. Loss per share for the quarter remained unchanged from last year's $0.01.
In economic news, Statistics Canada said the nation's unemployment rate held steady at 7.3 percent as employment rose by 34,000 in August, helped by an increase in part-time work. On a year-over-year basis, employment increased by 1.0 percent or 177,000. Economists expected 10,000 job additons in the month of August.
From the U.S., a report from the U.S. Labor Department revealed that employment increased by 96,000 jobs in August following a downwardly revised increase of 141,000 jobs in July. Economists had expected an increase of about 125,000 jobs compared to the addition of 163,000 jobs originally reported for the previous month. Despite the weaker than expected job growth, the unemployment rate dropped to 8.1 percent in August from 8.3 in July amid a notable decrease in the size of the workforce
Germany's exports and imports increased unexpectedly in July, data from Destatis revealed. Exports grew 0.5 percent month-on-month, partially offsetting June's 1.4 percent fall. Likewise, imports gained 0.9 percent after falling 2.9 percent in June. Economists had forecast a 0.5 percent drop in exports and 0.3 percent decrease in imports.
Meanwhile, U.K. industrial production recovered in July at a faster than expected pace, data from the Office for National Statistics showed. Industrial output grew 2.9 percent month-on-month, reversing June's 2.4 percent fall. The increase exceeded the 1.5 percent rise forecast by economists.
by RTT Staff Writer
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