TSX Set To Open Higher Amid Firm Global Cues
Bay Street stocks may open higher Friday amid firm commodities prices after China reported a strong manufacturing growth in August. Positive cues from the global equity market might also lift trader sentiment.
On Thursday, the S&P/TSX Composite Index eased 14.16 points or 0.11% to 12,368.65, a day after rising to its highest level in 2 years.
The price of crude oil moved up to a fresh two month high after a reading on China's purchasing managers' index came in better than expected. Crude for November was up $1.35 to $81.32 a barrel.
The price of gold continued to move higher, hitting fresh highs amid a weak U.S. dollar. Gold for December was up $7.50 to $1,317.10 an ounce.
In the M&A patch, TD Bank said it has completed the acquisition of The South Financial Group, Inc.
Paper manufacturer Domtar Corp. said it would sell its Woodland hardwood market pulp mill and related assets to International Grand Investment Corp. for $60 million plus working capital of $4 million.
Telecommunications industry services provider EXFO Inc. announced that it has sold its Life Sciences and Industrial Division to a global private equity firm, The Riverside Company for $24.3 million in cash.
Entertainment technology company IMAX Corp. announced that it has expand its joint venture agreement with Regal Entertainment Group to include installation of an additional 16 to 25 new IMAX theatres in the U.S.
Energy sector seismic data services provider Pulse Seismic said it acquired the entire 2D and 3D seismic data library from Divestco Inc. to more than double the size of its 3D seismic data library from approximately 12,900 to 26,400 net square kilometres.
Precious metals miner Halo Resources said it has increased the size of its non brokered private placement up to 1.8 million units for a gross proceeds of C$450,000, mainly to fund an accelerated drill program at its West Red Lake Project Ontario
Gold miner Centerra Gold announced that production was suspended at its Kumtor Mine in the Kyrgyz Republic, due to labor strike.
Oil transportation pipes maker Yalian Steel said Lan Shangguan has been appointed as the CFO and corporate secretary effective immediately.
In economic news, Canadian consumer confidence fell significantly in August, the latest survey by the Royal Bank of Canada revealed. The Canadian Consumer Outlook Index fell to 94 in August from a reading of 108 in July, the bank said.
From south of the border, the Commerce Department said that personal spending increased by 0.4%in August, matching the increase that was seen in July. Economists were expecting the spending to rise by 0.3%. Additionally, the Department said that personal income rose by 0.5% in August after edging up by 0.2% in July. Economists had been expecting income to increase by 0.3%.
Elsewhere, China said its purchasing managers' index rose to 53.8 from 51.7 in the previous month, beating economists' expectation for a reading of 52.5.