Early signals were pointing to another solid session for Canadian stocks Thursday morning as equities markets worldwide have cheered a largely encouraging batch of earnings results amid signs of hope for global economy.
Bay Street stocks closed higher for the first time in three sessions on Wednesday. The S&P/TSX Composite Index gained 68.28 points or 0.73% to end at 9,416.31. Resource stocks led the way as commodities prices rose.
In corporate news, diversified miner Teck (TCK, TCK-A.TO, TCK-B.TO) said it signed non-binding memorandum of understanding with Sumitomo Metal Mining Co. Ltd. (STMNF.PK) regarding the proposed sale of Teck's 40% interest in the Pogo mine in Alaska for US$245 million subject to adjustment for working capital.
Gold producers Agnico-Eagle Mines Ltd. (AEM, AEM.TO) reported that its first-quarter net earnings increased to US$54.341 million or US$0.35 per share from US$28.908 million or US$0.20 per share last year. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of US$0.09 per share for the quarter.
Preparations are on to announce on Thursday that automaker Chrysler LLC will be placed into Chapter 11 bankruptcy, even as the company continued to hold last-minute negotiations with lenders and the Treasury Department aimed at staving off bankruptcy, media reports said Wednesday.
The Globe and Mail reported this morning that the Canadian government will backstop the company with financing that will enable it to keep making and selling cars while it restructures.
Earlier this morning, the Canadian dollar jumped to a new multi-month high against the US dollar and new multi-day highs against the yen and the euro.
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