Canadian stocks will look to extend their gains from the previous session Thursday morning in New York, and early signals are somewhat positive after global equities rebounded overnight.
Still, with markets closed tomorrow on Bay Street and Wall Street, volume is expected to be light ahead of the Good Friday holiday.
On Wednesday, Toronto's main index snapped a three-session losing skid. The S&P/TSX Composite Index added 65.80 points or 0.74% to finish at 8,890.65.
Mining stocks led the way with a 3.6% gain. Teck Cominco (TCK.B.TO) surged 9.8% after the copper and zinc miner announced it sold 5.6 million shares of Kinross (K.TO) for about $101 million, with the intention of paying down down its debt.
Canadian jobless rate jumped to its highest level in seven years in March, extending a trend of rising unemployment, according to data released Thursday by Statistics Canada.
Employment declined by 61,000 in March, all in full-time work. This decrease pushed the unemployment rate up 0.3 percentage points to 8.0%.
In corporate news Thursday morning, Quebecor World Inc. (IQW.TO: News ) said it reached agreement in principle on the key terms that will allow it to successfully emerge from creditor protection.
Wednesday, Merck & Co., Inc. (MRK: News ) revealed a collaboration and license agreement with Cardiome Pharma Corp. (CRME: News ,COM.TO: News ) to develop and market vernakalant, an investigational candidate for the treatment of atrial fibrillation.
Gryphon Gold Corp. (GGN.TO: News , GYPH.OB) said Wednesday that its wholly owned subsidiary, Nevada Eagle Resources sold its Blue Mountain project to Nevada Geothermal Power Company (NGP.V: News ) for C$50 thousand for 31 claims subject to future production royalties from the property.
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