Canadian stocks will look to kick off May on a high note Friday morning in New York, but early signals are pointing to a lackluster open following yesterday's late collapse.
After briefly hitting a multi-month high in early trading, the S&P/TSX Composite Index drifted lower over the course of the day, ending down 91.48 points at 9,324.83. Still, Toronto stocks made a dramatic come back in April, paring a significant amount of its losses associated with the global economic meltdown.
In corporate news Friday, Domtar Corp. (UFS: News , UFS.TO) reported a first quarter net loss of US$45 million US$0.09 per share, compared to net earnings of US$36 million or US$0.07 per share for the first quarter of 2008.
Teck Resources Ltd. (TCK: News , TCK-A.TO, TCK-B.TO) said it executed definitive amended and restated credit agreements and related documents, giving effect to the bridge and term loan extension announced on April 21, 2009.
Lundin Mining Corp. (LMC: News ,LUN.TO: News ) announced the appointment of Marie Inkster as Chief Financial Officer, effective May 1, 2009. Inkster succeeds Ted Mayers to the position. Inkster joined Lundin Mining in September of 2008 as Vice President, Finance.
Fairfax Financial Holdings Ltd. (FFH,FFH.TO: News ) posted a net loss of $60.4 million or $3.55 per share, compared to net earnings of $631.8 million or $33.78 per share in the prior year period.
Across the border, the manufacturing industry is likely to be in focus on Friday, with the Institute for Supply Management due to release its report on US manufacturing activity in the month of April and the Commerce Department due to release its report on March factory orders.
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