k

TSX May Trim Gains On Easing Commodities, Profit Taking

Canadian stocks may open lower Thursday on easing commodities prices and worries resurfaced over Greece debt situation. Moreover, the main index ended at its best level in 17 months, which could prompt profit taking at higher levels.

The U.S stock futures also point to a flat opening.

Earlier, markets in Europe and the euro were under pressure on lack of clarity about the Greece's future after reports said the country could seek aid from the International Monetary Fund if European Union failed to support.

On Wednesday, the S&P/TSX Composite Index edged up 11.26 points or 0.09% to finish at 12,100.66, its highest closing since September 2008. The index gained around 4% so far this month.

The price of oil moved down $0.64 to $82.29 a barrel on concerns over demand growth. Meanwhile, bullion was almost flat after gaining over 2% so far this week.

In corporate news, oil and natural gas explorer Cequence Energy (CQE.TO) reported narrower loss of C$0.41per share for the full year 2009, compared to C$0.84 per share in the prior year.

Exploration services provider Open Range Energy (ONR.TO) reported a lower funds from operations of C$0.14 per share for the fourth quarter, compared to C$0.23 per share in the prior year quarter.

Oil and gas industry services provider Wenzel Downhole Tools (WZL.TO) slipped into the red in 2009, reporting a net loss of C$0.05 per share compared with a profit of C$0.41 per share a year ago.

Food products company Premium Brands Holdings (PBH.TO) reported fourth-quarter earnings of C$0.19 per share, up from C$0.18 reported in the prior-year quarter. However, earnings missed consensus estimates for a profit of C$0.32 per share.

Mineral explorer Almaden Minerals (AMM.TO) said it has closed a private placement of 350,000 units at $1.00 per unit.

Mineral explorer European Goldfields (EGU.TO) reported fourth-quarter net loss of $0.04 per share, compared with a profit of $0.04 per share last year.

Gold and silver explorer Starcore International Mines (SAM.TO) posted second-quarter net income of C$77 thousand compared with a net loss of C$22 thousand in the previous-year period.

Silver producer Great Panther Silver (GPR.TO) reported fourth-quarter net income of C$0.01 per share, compared to a loss of C$0.02 per share during the same quarter last year.

Water treatment company BioteQ Environmental Technologies (BQE.TO) reported a net loss of C$0.08 per share for fiscal 2009, compared to a loss of C$0.09 per share a year ago.

Gaming software developer Chartwell Technology (CWH.TO) reported a net loss of C$0.8 million or C$0.04 per share for the first quarter, compared to a net loss of C$0.7 million or C$0.04 per share in the same quarter of last year.

Management technology services provider Solium Capital (SUM.TO) reported net earnings for the fourth quarter at C$0.012, flat with last-year quarter.

Insurance services provider Intact Financial (IFC.TO) announced plans to issue medium term notes for $100 million.

Canadian Helicopters Income Fund (CHL_UN.TO) reported fourth-quarter net earnings of C$0.20 per unit, compared to a loss of C$0.03 per unit in the prior-year quarter.

In economic news, Statistics Canada said foreign investments in Canadian securities continued to grow, hitting $11.8 billion in January, with more growth seen in debt instruments. Meanwhile, Canadians withdrew $5.8 billion from their holdings of foreign securities in the same period.

From the U.S., the Labor Department said consumer price index was unchanged in February after increasing by 0.2% in each of the five previous months. Economists were expecting consumer prices to edge up 0.1%.

In other report, the Labor Department said initial jobless claims edged down to 457,000 from the previous week's unrevised figure of 462,000. Economists were expecting claims to come in at 455,000. The report added that continuing claims, a reading on the number of people receiving ongoing unemployment help, rose to 4.579 million in the week ended March 6th from the preceding week's revised level of 4.567 million.

No comments:

Post a Comment