Toronto stocks will look to add to its gains from the previous session in early trading on Wednesday morning. Stocks climbed away from a 10-day low with Tuesday's rally.
Energy stocks could see weakness as crude oil is down $1.30 at $48.36 per barrel on NYMEX. Traders await the Energy Information Administration's weekly inventory report at 10:30 a.m. ET.
GLG Life Tech (GLG.TO) reported a net loss for its fourth quarter of C$7.12 million or C$0.10 per share, compared to net income of C$456,000 or C$0.01 per share in the previous year. However, revenue for the quarter climbed 25% and GLG Life Tech expects revenues between C$50 million and C$60 million in 2009, with stevia operations expected to account for 100% of revenue growth.
BlackBerry phone maker Research In Motion Ltd. (RIM.TO) announced the launch of the BlackBerry App World, a new on-device application store for BlackBerry smartphones, which enables users to easily download a wide range of applications directly from their BlackBerry smartphone.
AbitibiBowater (ABH.TO) announced that it is evaluating new restructuring alternatives and is currently in active discussions with lenders and debt holders of its Bowater Incorporated subsidiary to restructure Bowater's debt and implement alternatives for maintaining adequate liquidity levels.
Meanwhile, Royal Bank of Canada (RY.TO) executive Gordon Nixon said Canada's biggest banks are sound financially and he doesn't think they will need to use the government's C$218 billion debt backstop program.
On Tuesday, the S&P/TSX Composite Index rallied 124.17 or 1.44% to end at 8,720.39. The rally took the index away from the 10-day closing low from the day before.
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