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Mar. 5, 2010 (Baystreet.ca) --
Canadian stocks opened higher Friday after pausing in the previous session.
The S&P/TSX composite index sprung out of the gate, gaining 101.34 points to 11,926.31
Encouraging jobs numbers from the U.S., Canada's largest trading partner, will likely to help lift sentiment. A host of earnings results released after the markets close yesterday may also trigger stock specific action in the last trading day of the week.
However, easing gold prices may weigh on gold stocks, while energy stocks may lend support on higher oil prices.
In corporate news Barrick Gold will be reportedly raising $978 million by offering shares of its African unit through and initial public offering in London.
Precious metals explorer NovaGold Resources announced plans to issue 18.18 million common shares at $5.50 per common share for gross proceeds of $100 million.
Silver explorer Silver Standard Resources reported a narrower fourth-quarter net loss of $0.13 per share, compared to a loss of $0.23 per share in the previous year quarter.
Construction contractor Seacliff Construction said its net earnings improved in the fourth quarter to $0.49 per share from $0.18 per share in the previous-year quarter.
Food products maker Sun-Rype Products said it swung to profit in the fourth quarter, reporting a net income of $0.08 per share, compared to a loss of $0.15 per share in the year-ago quarter.
Restaurant operator Tim Hortons said it plans to open as much as new coffee shops in Canada
Silver Wheaton reported net earnings of $0.15 per share for the fourth quarter, compared to a net loss of $0.22 per share in the prior-year quarter.
Real estate investment trust Chartwell Seniors Housing Real Estate Investment Trust said its fourth-quarter net loss narrowed to $0.06 per share from a loss of $0.81 per share in the same period last year.
Renewable energy generator Algonquin Power & Utilities reported fourth-quarter net loss of $0.03 per share, compared to a loss of $0.28 per share in the same period last year.
Oil and gas industry service provider Trican Well Service swung to profit in fourth-quarter reporting net income of $0.12 per share, compared to a loss of $0.77 per share in the prior-year quarter.
Yesterday in its budget statement, the Canadian government said it forecasts a $49.2-billion deficit in 2010-11 up from the $45.3 billion predicted earlier and noted that it would be in surplus by 2015-16.
The Canadian dollar jumped 0.48 cents to 97.42 cents U.S.
ON BAYSTREET
All but two of the 14 TSX subgroups were positive in the first hour of trading. Metals and mining sprinted 2%, followed by global base metals, up 1.4% and materials, gaining 1.3%.
The two laggards were health-care, down 0.5%, and information technology, sliding 0.1%.
The TSX Venture Exchange prospered 2.84 points to 1,544.68, while the Nasdaq Canada index regained 1.78 points to 758.39.
ON WALLSTREET
In New York, stocks climbed early Friday, after a government report showed employers cut fewer jobs than had been expected last month, reassuring investors.
The Dow Jones industrial average moved up 69.91 points at the outset to 10,514.05. The S&P 500 index gained 8.02 points to 1,130.99, and the Nasdaq composite improved 15.86 points to 2,308.17.
Wall Street finished Thursday's session higher, but trading was choppy as investors took a wait-and-see attitude before the monthly jobs report. But Friday morning brought gains as investors welcomed a smaller-than-expected cut in non-farm payrolls and no rise in the unemployment rate.
In addition to the jobs report, investors responded to signs of stability in Europe, as the European Union worked toward forging a rescue package with Greece.
The Labor Department announced that the economy lost 36,000 jobs in February and the unemployment rate was unchanged at 9.7%.
A consensus of economists surveyed by Briefing.com had expected the report to show the economy lost 63,000 jobs last month and for the unemployment rate to tick higher to 9.8%.
On Thursday, the House amended a $15-billion U.S. Senate bill before passing it, once again delaying efforts to pass legislation to spur job creation. The amendments mean the Senate must again approve the bill if President Obama is to sign it into law. The Senate won't take up the legislation again until next week.
Treasury prices dipped sharply, raising the yield on the 10-year note to 3.67% from Thursday's 3.60%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil gained $1.35 to $81.56 U.S.
Gold prices gained two dollars to $1,135 U.S.