Early Signals Point To Sharply Lower Open For TSX
Bay Street stocks may open sharply lower Friday amid renewed worries over the euro zone debt situation and tensions in Korea, with discouraging cues coming in from the global equity markets. While most Asian markets ended lower, European stocks were lingering in the red amid weakness in mining stocks.
Speculation that Spain and Portugal will also be forced to seek a bailout plan hampered the euro and commodities prices.
U.S. stock futures were pointing to a sharply lower open. The U.S. markets will be closed in early afternoon.
On Thursday, the S&P/TSX Composite Index added 43.82 points or 0.34 % to 12,945.81, gaining for a second session.
The price of crude oil edged back near $83 as the U.S. dollar remained firm versus a basket of currencies. Crude for January was down $0.77 to $83.09 a barrel.
The price of gold slipped back near its weekly low amid renewed worries over the debt situation in Spain and Portugal. Gold for December slipped $18.90 to $1,354.10 an ounce.
In corporate news from Canada, oil and gas explorer Ripper Oil and Gas swung to profit in second quarter, reporting net income of C$1.3 million or C$0.06 per share compared to a net loss of C$0.4 million or C$0.02 per share for the year-ago quarter.
Automobile components company Exco Technologies reported higher fourth quarter net income of C$2.4 million or C$0.06 per share, compared to C$364,000 or C$0.01 per share for the year-ago quarter. The company said that its quarterly cash dividend will be increased 25% to C$0.025 per share.
Junior oil and gas firm Twin Butte Energy said it would buy conventional heavy oil producing assets mainly in the Frog Lake area of North Eastern Alberta for $19.50 million.
Oil and gas explorer TriOil Resources reported a narrower third quarter net loss of C$3.47 million or C$0.14 per share compared to C$2.27 million or C$0.79 per share last year.
Radio Frequency Identification products maker Ipico Inc reported a narrower third quarter net loss of C$1.60 million or C$0.03 per share compared to a loss of C$2.15 million or C$0.04 per share in the prior year quarter.