Canadian stocks look to rebound from drubbing in previous session — Canadian Commentary
(RTTNews) - Canadian stocks will look to snap back from a dismal performance in the previous session Friday morning and early signals are somewhat positive as bargain hunters may swoop in to buy up beaten down resource stocks.
Beset by concerns about the health of global economies, the bottom fell out on Bay Street Thursday as Canadian stocks fell to their lowest closing level in four months, with weakness emerging in every major sector. The S&P/TSX Composite Index plunged 306.52 points to 13,206.14.
Energy stocks may get a lift Friday morning, with the price of oil holding above $126 a barrel. Gold stocks may also be in play, with the price of bullion rising almost $10 to $932 an ounce on US dollar weakness.
In earnings news, Norbord Inc. (NBD.TO) reported second-quarter net loss available to common shareholders of $37 million or $0.25 per share, compared to net loss available to common shareholders of $15 million or $0.11 per share last year.
In the tech sector, Celestica (CLS.TO) reported a second quarter profit of $39.8 million, or 17 cents a share, up from a loss of $19.2 million, or 8 cents a share, in the same period a year earlier.
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Posted in Categories: Releases, Stocks.
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