RTTNews - Toronto stocks will look to rebound on Friday morning as traders consider employment reports from both sides of the border. Commodities also saw moderate recoveries in early trading, which could boost resource sectors.
Canadian employment declined by 45,000 in July, with losses in both full- and part-time work, according to data released Friday by Stats Canada. Economists were expecting employment to decline by only 15,000 jobs.
Meanwhile, a U.S. Labor Department report showed non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.
In corporate news, Telus Corp. (T.TO) reported second-quarter net income of C$244 million or C$0.77 per basic share, compared to C$268 million or C$0.83 per basic share in the same quarter of last year.
Labopharm Inc. (DDS.TO reported second quarter net loss of C$4.87 million or C$0.09 per share, compared to a net loss of C$10.25 million or C$0.18 per share last year.
Boralex (BLX.TO) reported its second-quarter net earnings rose to C$1.82 million from restated C$1.10 million in the year earlier period. Net earnings per class A share for the latest quarter improved to C$0.05 from C$0.03 last year.
Air Canada (AC-A.TO) announced that its second quarter net income was C$155 million or C$1.55 per share, compared to net income of C$122 million or C$1.22 per share in the second quarter of 2008.
Crude oil added 40 cents to move at $72.34 in electronic trading, recovering some of yesterday's slump. Gold added $4.10 to $967.00 and copper rose 1.3 cents to $2.765.
On Thursday, the S&P/TSX Composite Index fell 253.56 points or 2.3% to close at 10,793.37. The index reached an eight-month high Wednesday.
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