News Column

Toronto braces for higher open

September 3, 2014



Wajax merits attention







Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as global markets rose on news of a ceasefire agreement between Ukraine and Russia.

The S&P/TSX composite index slid 6.65 points to close Tuesday at 15,619.08. Futures jumped 0.4% before Wednesday's opening.

The Canadian dollar spiked 0.21 cents to 91.72 cents U.S. early Wednesday.

Canadian pension fund PSP Investment and France'sArcus Infrastructure Partners are nearing a deal to buy the French operations of broadcasting masts group TDF in a deal worth around 3.55 billion euros.

CIBC cuts rating on Dundee Precious Metals to sector performer from sector outperformer.

Raymond James raised the rating on Wajax Corp. to outperform from market perform.

The Bank of Canada's rate decision is due at 1000 ET. The central bank will likely repeat that it is just as likely to cut interest rates as raise them, but a growing number of market players see this so-called neutral stance as fiction designed to keep a lid on the currency.

ON BAYSTREET

The TSX Venture Exchange fell 13.16 points to finish Tuesday at 1,010.83.

ON WALLSTREET

Signs of progress towards a ceasefire in eastern Ukraine have given the bull market fresh legs Wednesday.

Ahead of the opening bell, futures for the Dow Jones Industrials added 71 points, or 0.4%, to 17,124. Futures for the S&P 500 gained 7.5 points, or 0.4%, to 2,007.25, and futures for the NASDAQ took on 13.75 points, or 0.3%, to 4,105.75.

Shares in Yahoo continued rising in pre-market trading as investors anticipate the upcoming Alibaba IPO, which will create a huge windfall for Yahoo. Investors bid Yahoo shares up by 2% in the previous session.

Western Union and Best Buy were also gaining ground in pre-market trade.

At 2 p.m. ET, the U.S. Federal Reserve is releasing its Beige Book, which is closely monitored by investors. At the same time, the Commerce Department will post car and truck sales from August.

H&R Block will release quarterly earnings after the closing bell.

Ukraine and Russia say they have agreed on the steps needed to establish a ceasefire in eastern Ukraine, though many doubts remain about whether that will bring an end to the fighting.

European stock markets jumped in early trading before trimming those gains. Germany's Dax index was up 1.2% after earlier climbing as much as 1.7%. U.S. stock futures stayed firmly in positive territory.

Russia's benchmark Micex index was rising by about 2.6%. The ruble was climbing against the U.S. dollar. The euro also edged higher.

Oil prices hiked $1.07 to $93.95 U.S. a barrel

Gold prices jumped $3.60 to $1,268.60 U.S. an ounce.



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Source: Baystreet Stock Market Update (Canada)


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