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Mar. 25, 2010 (Baystreet.ca) --
Canadian stocks opened higher Thursday on a marginal recovery in commodities prices and amid the EU summit. The S&P/TSX Composite Index opened the day higher by 71.14 points to 12,034.11. Traders will look to get some positive signals on Greece debt issue at the end of the two-day summit. Also encouraging jobs data from across the border will likely to help lift sentiment. However, yesterday's comment by the Bank of Canada's Governor Mark Carney that raised speculation for a sooner-than-expected rate hike could cap any big upside in the stock prices. Earlier in the day the euro strengthened, giving boost to commodities prices. The euro ticked higher versus the U.S. dollar for the first time in three days after the European Central Bank President announced that the bank will extend its emergency collateral rules beyond this year. Also the Dubai government announced $9.5 billion aid to the troubled Dubai World as part of its restructuring plans. In corporate news, Athletic apparel maker lululemon athletica reported huge growth in its fourth-quarter revenues at $0.40 per share compared to $0.16 per share in the year-ago quarter. Analysts were expecting the company to report $0.29 per share for the quarter. Oil and gas explorer West Energy reported a wider net loss for the fourth quarter at $0.03 per share, compared to a loss of $0.03 per share in the year-ago quarter. Oil explorer Crocotta Energy swung to profit in the fourth quarter, reporting net earnings of $0.05 per share, compared to net loss of $0.07 per share last year. Oil and gas explorer Emerge Oil & Gas posted fourth-quarter net loss of $4.2 million or $0.08 per share. Oil and gas industry technology solutions provider Kelman Technologies reported a net loss of $14.26 per share for 2009, compared to breakeven in the prior year. Precious metal explorer Shore Gold reported a narrower full-year net loss of $0.04 per share, compared to a loss of $2.48 per share a year earlier. Independent power producer Maxim Power reported a lower fourth quarter net income of $0.01 per share, compared to $0.15 per share last year. Renewable energy producer Plutonic Power reported a narrower net loss for the fourth quarter of $0.05 per share, compared to a net loss of $0.12 per share for the year-ago quarter. Infrastructure technology company Pure Technologies posted fourth-quarter net income of $0.07 per share, compared with $0.02 per share in the same quarter last year. Online technology solutions provider CYBERplex Inc. reported comprehensive income for the fourth quarter of $0.02 per share, compared to $0.09 per share in the year-ago quarter. Nursery operator PRT Forest Regeneration Income Fund reported a narrower full-year net loss $0.19 per unit compared to $2.41 per unit in the previous year. Industrial vehicle services provider Azure Dynamics reported a narrower fourth-quarter net loss of $0.02 per share, compared to $0.04 per share last year. Industrial safety services company HSE Integrated slipped into the red in fourth quarter, reporting net loss of $0.06 per share, compared to a profit of $0.01 per share in the prior-year quarter. The Canadian dollar vaulted 0.77 cents to 98.19 cents U.S. ON BAYSTREET All 14 TSX subgroups gained in the first half-hour of trading. Metals and mining led the festivities, gaining 1.2%, followed by materials, ahead 0.8% and industrials, picking up 0.7%. The TSX Venture Exchange put on 4.10 points to 1,555.52. The Nasdaq Canada index turned around and added 8.27 points to 803.92. ON WALLSTREET In New York, equities opened higher Thursday ahead of testimony from Federal Reserve Chairman Ben Bernanke and as investors braced for a European Union summit. The Dow Jones industrial average took on 66.05 points to begin the day at 10,902.20. The S&P 500 index progressed 8.05 points to 1,175.77, while the tech-rich Nasdaq reacquired 18.80 points to 2,417.56. Stocks ended lower Wednesday, as the dollar strengthened on fears tied to the growing fiscal crisis in Europe and a dour report on U.S. sales of new homes raised fresh recovery worries. Bernanke is scheduled to appear before the House Financial Services Committee Thursday to discuss how the central bank plans to withdraw stimulus as the economy continues to show signs of a gradual recovery. European Union leaders plan to meet in Brussels Thursday to discuss economic concerns. Investors will be waiting for any news of a rescue package for Greece following speculation that the debt-ridden nation may be forced to turn to the International Monetary Fund for financial assistance. The EU summit comes a day after rating agency Fitch lowered Portugal's sovereign credit rating, citing the country's growing budget deficit and debt load. On the economic front, the Department of Labor said the number of Americans filing for initial unemployment insurance fell to the lowest level in six weeks. There were 442,000 claims last week, down 14,000 from a revised 456,000 in the previous week. Economists surveyed by Briefing.com had expected initial claims to fall slightly to 450,000. Continuing claims, which reflect people who have been receiving benefits for a week or more, dropped to 4,648,000 during the week ending March 13, from 4,725,500 in the previous week. In company news, Best Buy reported fiscal fourth-quarter results before the opening bell that beat Wall Street's expectations. The electronics seller announced earnings of $1.82 U.S. a share, exceeding the $1.79 U.S. per share expected by analysts surveyed by Thomson Reuters. Best Buy shares were up 6.6% in pre-market trading. Oracle reports its fiscal third-quarter results after the end of trading and is expected to have earned 38 cents U.S. versus 35 cents U.S. a year earlier. The price of the benchmark 10-year note dropped again, lifting yields to 3.85% from Wednesday's 3.83%. Treasury prices and yields move in opposite directions. The price of a barrel of oil moved up 68 cents to $81.29 U.S. Gold prices moved four dollars higher to $1,093 U.S.