Canadian stocks are poised to extend losses at open Wednesday amid falling commodities and weak cues from the global equity markets. Investors shun riskier assets amid political uncertainty surrounding Greece in the wake of parliamentary elections. However, stock specific movement may not be ruled out amid a mixed bag of corporate earnings.
U.S. stock futures were pointing to a lower open.
On Tuesday, the S&P/TSX Composite Index extended losses for a fifth session, dipping 155.91 points or 1.32 percent to 11,704.74.
The price of crude oil was extending losses Wednesday morning as traders await cues from the official inventories data, due out later today. Analysts expect crude oil inventories to gain 2 million barrels last week. Crude for June shed $1.28 to $95.73 a barrel.
The price of gold was extending losses as the euro continued to trade weak on concerns over the political situation in Greece. Gold for June lost $23.70 to $1,580.80 an ounce.
In corporate news from Canada, Enbridge Inc. (ENB.TO) reported a lower first quarter net income of C$264 million or C$0.34 per share compared to C$364 million or C$0.48 per share a year ago. Analysts expected the company to report earnings of C$0.48 per share for the quarter.
Fertilizer maker Agrium Inc. (AGU.TO) posted a lower first quarter net earnings of $153 million or $0.97 per share compared to $172 million or $1.09 per share a year ago. Excluding items, net earnings would have been $210 million or $1.32 per share for the recent quarter. Analysts were expecting the company to report earnings of C$0.99 per share for the quarter.
Restaurant chain Tim Hortons Inc. (THI.TO) posted higher first-quarter net income of C$88.8 million or C$0.56 per share compared with C$80.7 million or C$0.48 per share last year.
Caterpillar equipment dealer Finning International Inc. (FTT.TO) reported a lower fourth quarter net income of C$67.0 million or C$0.39 per share compared to C$71.5 million or C$0.42 per share last year. Analysts were expecting the company to report earnings of C$0.36 per share for the quarter.
Fiberglass tank maker ZCL Composites Inc. (ZCL.TO) swung to profit in first quarter, reporting net income of C$1.60 million or C$0.06 per share compared to a net loss of C$1.23 million or C$0.04 per share last year.
Smartphone maker Research In Motion (RIM.TO) has introduced BlackBerry Curve 9320 smartphone.
Precious metals miner Centamin plc (CEE.TO) posted lower first quarter profit at $54.29 million or 4.946 cents per share versus $56.08 million or 5.176 cents per share a year ago.
Media and broadcasting company Quebecor Inc. (QBR_A.TO, QBR_B.TO) reported improved first quarter net income at C$72.9 million or C$1.14 per share compared to C$34.3 million or C$0.52 per share in the first quarter of 2011.
Communications and consumer electronics Wi-LAN Inc. (WIN.TO) slipped in to the red in first quarter, reporting net loss of $14.41 million or $0.12 per share versus a profit of $19.8 million or $0.17 per share a year ago. However, adjusted earnings were $0.13 per share, up 46 percent from $0.09 per share, in the comparable period a year ago. Analysts were expecting the company to report earnings of $0.11 per share/ The company declared a dividend of C$0.03 per common share
Publishing company Torstar Corp. (TS_B.TO) reported that its first-quarter net income of C$29.3 million or C$0.37 per share up from C$15.5 million or C$0.19 per share last year.
In economic news from the euro zone, Germany's exports rose by seasonally adjusted 0.9 percent in March from the prior month, data from Destatis showed. Economists were forecasting a 0.5 percent drop for March after expanding 1.5 percent in February. At the same time, imports climbed 1.2 percent month-on-month, faster than the 1 percent rise forecast by economists. However, the rate of growth slowed from the 3.6 percent increase seen in February.
Meanwhile, data from the Federal Statistical Office showed Germany's manufacturing turnover increased at a slower pace in March. Manufacturing turnover increased a seasonally adjusted 0.2 percent month-on-month in March, slower than the 1.2 percent growth seen in February.
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