Canadian stocks will look to get back on the winning track Thursday morning in Toronto following a pair of lackluster performances in the previous two sessions. The bulls have taken a breather following a sharp gains over the past few weeks, but early signals suggest that buying sentiment may once again pick up.
Recent reports out the US have offered a glimmer of hope that the world's largest economy can lead a global recovery starting in the latter half of 2009.
On Wednesday, the S&P/TSX Composite Index fell 51.95 or 0.58% to finish at 8,797.44, as traders continued to book profits from the recent relief rally.
Energy stocks could be in play Thursday morning after the price of crude rose back above $53.50 barrel on hopes of increased global demand.
Sprott Inc. (SII.TO: News ) reported that its fourth quarter net income decreased to C$20.4 million or C$0.14 per share, from C$27.6 million or C$0.21 per share in the prior year quarter. The company's quarterly revenues fell to C$57.7 million from C$163.3 million in the same quarter a year ago.
Health care company QLT Inc. (QLT.TO: News ) announced the appointment of Kathryn Falberg to its board of directors and audit committee, effective March 25, 2009.
Also in the health care sector, Patheon Inc. (PTI.TO: News ) said that its board has recommended its shareholders to reject the unsolicited offer from JLL Patheon Holdings LLC for US$2.00 per restricted voting shares.
The board determined that the offer is inadequate and advises shareholders of restricted voting shares to not tender their shares to the offer.
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