News Column

Higher open forecast for TSX

August 13, 2014

Turquoise Hill in focus

Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as anxiety ebbed over the standoff between Russia and Ukraine.

The S&P/TSX composite index gained 12.59 points to close Tuesday at 15,274.23. Futures shot 0.4% higher Wednesday.

The Canadian dollar ducked back 0.21 cents to 91.34 cents U.S. early Wednesday

Turquoise Hill Resources is working to resolve a tax dispute with the Mongolian government before an extension runs out on funding commitments for the underground expansion of its Oyu Tolgoi gold and copper mine.

CIBC raised the rating on Ainsworth Lumber to outperform from sector performer

RBC Capital Markets raised the price target on Secure Energy Services to $28.00 from $24.00

The July version of Canada's market-moving jobs report contained an error and would be restated, Statistics Canada said on Tuesday, pointing to the latest in a series of mistakes that have damaged its reputation in recent years.

Canada will donate a small quantity of an experimental Ebola vaccine developed in its government lab to the World Health Organization for use in Africa, the country's health minister said on Tuesday.


The TSX Venture Exchange dropped 0.16 points Tuesday to 998.71


Futures were moving higher, pointing toward a strong start at the opening bell, even though headlines are dominated by wars in Iraq, Ukraine, Syria, Gaza, and other places.

Ahead of the opening bell, futures for the Dow Jones Industrials moved higher 58 points, or 0.4%, to 16,577. Futures for the S&P 500 gained 8.5 points, or 0.4%, to 1,939, and futures for the NASDAQ picked up 17.5 points, or 0.5%, to 3,921.

Shares in the company behind the popular Candy Crush game -- King Digital Entertainment -- plunged by 23% in pre-market trading after the company reported that it generated less revenue and signed up fewer users than Wall Street expected.

It's worth watching American Apparel shares Wednesday after the company said it was delaying its earnings report. The firm has been in turmoil since its controversial CEO Dov Charney was ousted in June.

Macy's will report earnings before the opening bell and Cisco Systems will report after the close.

Deere reported a quarterly decline in sales and income, compared to the year-earlier quarter. CEO Samuel Allen blamed "moderating conditions in the global farm sector."

Economically speaking, the U.S. Census Bureau was to post July retail sales at 8:30 a.m. ET. A consensus of economist opinion collected by forecast an increase of 0.3%

Investors are watching as Russia sends a convoy of 280 trucks to Ukraine -- Russia says it's sending humanitarian aid to battle-torn eastern Ukraine, but Ukrainian officials say the trucks will be used as part of a Russian invasion, and have vowed to stop the convoy at the border.

Japan's economic growth collapsed in the second quarter but the results weren't quite as bad as feared. The economy suffered its worst contraction since the 2011 tsunami. Many people had made big purchases ahead of a tax rise in April and spending slumped in its wake.

Asian markets were relatively stable Wednesday. The benchmark Nikkei 225 index in Tokyo advanced by 0.4%.

Oil prices doffed a nickel to $97.32 U.S. a barrel

Gold prices dropped $2.60 to $1,307.50 U.S. an ounce.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Baystreet Stock Market Update (Canada)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters