Bay Street stocks are likely to hold on to their gains Wednesday morning amid surging gold prices and a steady oil price.Traders were also digesting data showing that Canada's trade surplus narrowed drastically in March. Meanwhile, a mixed bag of earnings reports from a host of Canadian companies will likely to lead to stock specific action during the day.
On Tuesday, the S&P/TSX Composite Index added 52.71 points or 0.44% to 12,000.61, after gaining over 2% in the previous session.
The price of crude oil was trading almost flat at around $76 a barrel.
In corporate news, international gold firm Eldorado Gold said it would acquire all of the outstanding common shares of Brazauro Resources Corp. for total consideration consisting of common shares of Eldorado having a value of around C$122.4 million.
Gold stocks may be in play for a second session after the price of gold rose to a new all-time high. Gold for June delivery was up $17.90 to $1,238.20, after briefly trading at $1,245 in morning deals.
Gold producer Aurizon Mines reported lower first-quarter net earnings of C$0.01 per share, compared to C$0.03 per share in the year earlier period.
Oil and gas producer Talisman Energy said it would spend around $4 billion in capital expenditure next year to boost its oil and gas production by 5% to 10%.
Oil and gas firm Twin Butte Energy turned to profit in first-quarter, reporting net income of C$0.03 per share, compared with a net loss of C$0.10 per share in the prior year period.
Oil and gas industry services provider Wenzel Downhole Tools reported a lower first-quarter net income of C$0.02 per share, compared with C$0.04 per share in the previous year period.
Oil and natural gas firm Vero Energy swung to profit in first-quarter, reporting net earnings of C$0.05 per share, compared with a net loss of C$0.13 per share in the previous year period.
Oil and gas exploring company Storm Exploration reported first quarter net income of C$0.06 per share, compared to C$0.03 per share in the prior year quarter.
Petroleum and natural gas firm Paramount Resources reported a narrower first quarter net loss of C$.20 per share, compared to a net loss of C$0.36 per share in the year-ago quarter.
Water treatment company BioteQ Environmental Technologies reported a narrower first quarter net loss of C$0.01 per share, compared to a net loss of C$0.04 per share in the prior year quarter.
Geothermal and water-sources systems maker WaterFurnace Renewable Energy reported lower first quarter net income of C$0.05 per share, compared to C$0.07 per share in the year-ago quarter. The company increased its dividend payout by C$0.03 per share to C$0.22 per share.
Electrical power plant operator Etrion Corp. reported a wider first-quarter net loss of $0.02 per share, compared to $0.01 per share in the same quarter last year.
Solar cells maker ARISE Technologies reported a narrower first-quarter net loss of C$0.02 per share, compared to net loss of C$0.12 per share last year.
Aircraft and rail transport equipment maker Bombardier Inc. said it won contracts worth $1.71 billion from SBB.AG, Switzerland's federal railways company.
Commercial forest plantation operator Sino-Forest reported higher first-quarter net income of $0.18 per share, compared to $0.12 per share in the prior year period. Earlier on Monday, the company said its wholly-owned subsidiary Sino-Capital Global Inc. entered into an agreement to acquire 2.32 billion ordinary shares or 30.3% stake in Greenheart Resources Holdings for about $29 million. The offer price will be satisfied by issuing common shares of Sino-Forest.
Bio-pharmaceutical company Bioniche Life Sciences swung to profit in third-quarter, reporting net income of C$0.06 per share compared with a loss of C$0.04 per share in the prior year period.
Pharmaceutical company Oncolytics Biotech said its first-quarter net loss widened to $4.14 million from $3.96 million a year earlier. However, loss per share for the quarter narrowed to $0.07 from $0.09 in the prior year period.
Medical imaging and treatments systems company Novadaq Technologies reported a wider first-quarter net loss of $2.69 million, compared to $2.47 million in the prior year period. However, loss per share for the quarter stood at $0.10, flat with last year.
Sterilization products maker TSO3 Inc. announced first-quarter net loss of C$2.03 million or C$0.04 per share, compared to a loss of C$1.99 million or C$0.04 per share in the same period last year.
Property and casualty insurance provider Westaim Corp. turned to profit in first quarter, reporting net income of C$0.23 per share for the first quarter, compared to a net loss of C$0.03 per share in the prior year quarter. However, net income of C$24.2 million included an accounting gain of C$23.7 million, as a result of the acquisition of JEVCO Insurance Co., and a gain on the sale and redemption of investments of C$3.2 million.
Mortgage finance provider Equitable Group reported lower first quarter net income of C$0.74 per share, compared to C$0.80 per share in the prior year quarter.
Asset management company Sprott Inc. reported lower first quarter net income of C$0.04 per share, compared to C$0.05 per share in the previous year.
Loyalty management services provider Groupe Aeroplan posted lower first-quarter net earnings of C$0.07 per share, compared with C$0.12 per share in the prior year period.
Building construction services provider Churchill Corp reported higher first quarter net earnings of C$0.39 per share, compared to C$0.26 per share in the prior year quarter.
In economic news, Statistics Canada said the country's merchandise exports declined 0.7% in March, mainly due to a fall in energy prices and imports grew 2.0%. Trade surplus with the world narrowed to C$254 million in March from C$1.2 billion in February.
In another report the agency said the New Housing Price Index rose 0.3% in March, following a 0.1% increase in February. Canadian new home prices rose for an eighth straight month in March, suggesting the recovery in the housing market remains on solid footing.
From the U.S, the Commerce Department said trade deficit widened to $40.4 billion in March from a revised deficit of $39.4 billion in February. Economists were expecting the deficit to widen to $40.5 billion compared to the $39.7 billion deficit originally reported for the previous month.
The price of crude oil was trading almost flat at around $76 a barrel.
In corporate news, international gold firm Eldorado Gold said it would acquire all of the outstanding common shares of Brazauro Resources Corp. for total consideration consisting of common shares of Eldorado having a value of around C$122.4 million.
Gold stocks may be in play for a second session after the price of gold rose to a new all-time high. Gold for June delivery was up $17.90 to $1,238.20, after briefly trading at $1,245 in morning deals.
Gold producer Aurizon Mines reported lower first-quarter net earnings of C$0.01 per share, compared to C$0.03 per share in the year earlier period.
Oil and gas producer Talisman Energy said it would spend around $4 billion in capital expenditure next year to boost its oil and gas production by 5% to 10%.
Oil and gas firm Twin Butte Energy turned to profit in first-quarter, reporting net income of C$0.03 per share, compared with a net loss of C$0.10 per share in the prior year period.
Oil and gas industry services provider Wenzel Downhole Tools reported a lower first-quarter net income of C$0.02 per share, compared with C$0.04 per share in the previous year period.
Oil and natural gas firm Vero Energy swung to profit in first-quarter, reporting net earnings of C$0.05 per share, compared with a net loss of C$0.13 per share in the previous year period.
Oil and gas exploring company Storm Exploration reported first quarter net income of C$0.06 per share, compared to C$0.03 per share in the prior year quarter.
Petroleum and natural gas firm Paramount Resources reported a narrower first quarter net loss of C$.20 per share, compared to a net loss of C$0.36 per share in the year-ago quarter.
Water treatment company BioteQ Environmental Technologies reported a narrower first quarter net loss of C$0.01 per share, compared to a net loss of C$0.04 per share in the prior year quarter.
Geothermal and water-sources systems maker WaterFurnace Renewable Energy reported lower first quarter net income of C$0.05 per share, compared to C$0.07 per share in the year-ago quarter. The company increased its dividend payout by C$0.03 per share to C$0.22 per share.
Electrical power plant operator Etrion Corp. reported a wider first-quarter net loss of $0.02 per share, compared to $0.01 per share in the same quarter last year.
Solar cells maker ARISE Technologies reported a narrower first-quarter net loss of C$0.02 per share, compared to net loss of C$0.12 per share last year.
Aircraft and rail transport equipment maker Bombardier Inc. said it won contracts worth $1.71 billion from SBB.AG, Switzerland's federal railways company.
Commercial forest plantation operator Sino-Forest reported higher first-quarter net income of $0.18 per share, compared to $0.12 per share in the prior year period. Earlier on Monday, the company said its wholly-owned subsidiary Sino-Capital Global Inc. entered into an agreement to acquire 2.32 billion ordinary shares or 30.3% stake in Greenheart Resources Holdings for about $29 million. The offer price will be satisfied by issuing common shares of Sino-Forest.
Bio-pharmaceutical company Bioniche Life Sciences swung to profit in third-quarter, reporting net income of C$0.06 per share compared with a loss of C$0.04 per share in the prior year period.
Pharmaceutical company Oncolytics Biotech said its first-quarter net loss widened to $4.14 million from $3.96 million a year earlier. However, loss per share for the quarter narrowed to $0.07 from $0.09 in the prior year period.
Medical imaging and treatments systems company Novadaq Technologies reported a wider first-quarter net loss of $2.69 million, compared to $2.47 million in the prior year period. However, loss per share for the quarter stood at $0.10, flat with last year.
Sterilization products maker TSO3 Inc. announced first-quarter net loss of C$2.03 million or C$0.04 per share, compared to a loss of C$1.99 million or C$0.04 per share in the same period last year.
Property and casualty insurance provider Westaim Corp. turned to profit in first quarter, reporting net income of C$0.23 per share for the first quarter, compared to a net loss of C$0.03 per share in the prior year quarter. However, net income of C$24.2 million included an accounting gain of C$23.7 million, as a result of the acquisition of JEVCO Insurance Co., and a gain on the sale and redemption of investments of C$3.2 million.
Mortgage finance provider Equitable Group reported lower first quarter net income of C$0.74 per share, compared to C$0.80 per share in the prior year quarter.
Asset management company Sprott Inc. reported lower first quarter net income of C$0.04 per share, compared to C$0.05 per share in the previous year.
Loyalty management services provider Groupe Aeroplan posted lower first-quarter net earnings of C$0.07 per share, compared with C$0.12 per share in the prior year period.
Building construction services provider Churchill Corp reported higher first quarter net earnings of C$0.39 per share, compared to C$0.26 per share in the prior year quarter.
In economic news, Statistics Canada said the country's merchandise exports declined 0.7% in March, mainly due to a fall in energy prices and imports grew 2.0%. Trade surplus with the world narrowed to C$254 million in March from C$1.2 billion in February.
In another report the agency said the New Housing Price Index rose 0.3% in March, following a 0.1% increase in February. Canadian new home prices rose for an eighth straight month in March, suggesting the recovery in the housing market remains on solid footing.
From the U.S, the Commerce Department said trade deficit widened to $40.4 billion in March from a revised deficit of $39.4 billion in February. Economists were expecting the deficit to widen to $40.5 billion compared to the $39.7 billion deficit originally reported for the previous month.
No comments:
Post a Comment