RTTNews - Toronto stocks could pull back on Thursday morning after a sharp rise to a multi-month high in the previous session. Lower oil prices and a disappointing jobs report from the U.S. could cause weakness.
Energy stocks could give back some of yesterday's rally as crude oil has slipped $1.27 to $60.77 in overnight transactions.
Copper is also moving lower, losing 6.45 cents to $2.042. This could lead to some weakness in the mining sector. Meanwhile, gold has leveled off following a recent rally.
Mavrix Fund Management (MVX.TO) said that it has entered into deal to be acquired by 1796862 Ontario at a cash price of C$0.25 per share.
RuggedCom (RCM.TO) reported a fourth quarter net income of US$3.4 million or US$0.28 per share, compared to US$2.3 million or US$0.19 per share in the prior year quarter.
Africo Resources (ARL.TO) on Wednesday announced the resignation of Tony Harwood as president and chief executive officer of the company, effective immediately.
Savvis Communications announced a three-year extension of its master services agreement with Thomson Reuters (TRI.TO).
In economic news, Statistics Canada revealed wholesale sales in current dollars fell 0.6% to $40.5 billion in March. Declining sales in the building materials and machinery and electronic equipment sectors were important factors contributing to this decrease. In terms of the volume of sales, wholesale sales were down 1.3%.
Meanwhile, the Globe and Mail reported Canadian Finance Minister Jim Flaherty will reveal credit-card rules today, on the heels of a similar announcement by the U.S. Congress yesterday.
Across the border, the Labor Department revealed that initial jobless claims came in at 631,000 for the week ended May 16th. This was down 12,000 from the previous week's revised total of 643,000.
Continuing claims climbed to 6.662 million - yet another record high.
On Wednesday, the S&P/TSX Composite Index gained 131.49 points or 1.3% to end at 10,232.44. The market reached a seven-month intraday high of 10,365.39 in the mid-morning.
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