Feb. 1, 2010 (Baystreet.ca) --
Canadian stocks opened emphatically higher on Monday as commodity prices appeared to have arrested their losing streak.
The S&P/TSX Composite Index flew out of the starting blocks, picking up 104.53 points to 11,198.84.
While the price of oil was recovering from its six-week low, the price of bullion edged up after hitting a three-week low. Moreover, bottom fishing after the main index hit a two-month low in the previous session would also help Bay Street to post gains.
Energy stocks may be in play ahead of earnings reports from major oil companies. Suncor Energy and Imperial Oil that are scheduled to release their earnings Tuesday.
Blackberry maker Research In Motion could see some buying after a research report said that worldwide smart phones sales grew 30% in the fourth quarter.
Potash Corp. may be in action after BHP Billiton purchased a Canadian Potash project, setting aside speculation that BHP may bid for Potash Corp.
Among financial plays, Bank of Nova Scotia may be in play after Korea Development Bank said that it will opt out from a bid for a stake in Thailand's Siam City bank. Reportedly, BNS was one among the bidder.
Online gaming software maker Chartwell Technology reported fourth quarter net income from continuing operations of $0.01 per share, compared to net income from comparable operations of $0.04 per share in the year-ago period.
Mining operator Roca Mines reported a narrower first quarter net loss of $0.02 per share, down from a loss of $0.06 per share in the year-ago quarter.
Specialized drug developer ConjuChem Biotechnologies reported narrower net loss for the year ended October 31, 2009 of $0.06 per share, compared to a loss of $0.16 per share, prior year.
Commerce Resources Corp. announced Saturday the resignation of its Chief Financial Officer Shaun Ledding and noted that he will remain as a consultant.
In brokerage updates, Scotiabank trimmed Canadian Pacific Railway price target to $61.50 from $63.00
The Canadian dollar regained 0.42 cents to 93.76 cents U.S.
ON BAYSTREET
All 14 TSX subgroups were stronger in the first hour of trading. Gold and global base metals tied for the lead, growing 2.3% each, while materials were 2% mightier.
The TSX Venture Exchange was 0.99 points to the good, at 1,493.14, while the Nasdaq Canada index rebounded 11.55 points to 696.62.
ON WALLSTREET
In New York, stocks kicked off the new month on a brighter note Monday as investors consider the release of the Obama administration's new budget, and as Toyota unveiled its plan to fix gas pedals for millions of vehicles.
The Dow Jones industrial average moved up 78.14 points to 10,145.47. The S&P 500 index gained 9.61 points to 1,083.48. The Nasdaq composite recovered 17.51 points to 2,164.86.
Wall Street had one of its worst months in nearly a year in January, as bank lending curbs in China, President Obama's plan to limit big banks and debt worries rattled investors.
The President on Monday will reveal a $3.8-trillion U.S. budget for 2011 that tries to balance the competing goals of continued government spending to boost the fragile economic recovery and controlling the nation's deficit. The president is due to highlight his budget priorities in a speech at 10:45 a.m. ET.
A report on personal income showed an increase of 0.4% for December. This was more than the 0.3% increase that was expected by a Briefing.com consensus of economists. Also, personal spending edged up 0.2% in December, falling short of the 0.3% increase forecast.
Readings on construction spending and nationwide manufacturing also are on tap.
Toyota on Monday unveiled details of its plan to fix millions of recalled gas pedals, and said it has already shipped out the new parts.
The automaker has recalled 2.3 million vehicles in the U.S. over a gas pedal that could stick in some circumstances as it becomes worn out.
Treasury prices slid, thus raising the yield on the 10-year note to 3.63% from Friday's 3.60%. Treasury prices and yields move in opposite directions.
The price of a barrel of oil went up 42 cents to $73.31 U.S.
Gold prices progressed three dollars to $1,087 U.S.
