Toronto Stock Exchange likely to start negative as commodity prices back down - InfoNews

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Toronto Stock Exchange likely to start negative as commodity prices back down

A Toronto Stock Exchange ticker is seen at The Exchange Tower in Toronto on August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim
August 02, 2012 - 8:56 AM

TORONTO - The Toronto stock market is likely to open slightly negative on Thursday morning as commodity prices pull back and investors await action from Europe's central bank.

A meeting from the ECB is expected to wrap up this morning with comments from president Mario Draghi.

The Canadian dollar was up 0.06 of a cent to 99.54 cents US.

In commodities, the September crude contract on the New York Mercantile Exchange fell 72 cents to US$88.19 a barrel. August gold slid $3.30 to US$1,600.40 an ounce.

On Wall Street, Dow Jones industrial futures are up 66 points to 12,989 and the broader S&P futures added 7.1 points to 1,377.50. Nasdaq futures are up 14.25 points at 2,639.25.

In corporate developments, Enbridge Inc. (TSX:ENB) says its second-quarter profit shrank by 96 per cent to $11 million, as a decline in the fair value of its derivatives portfolio offset gains in the company's operational profit.

Gildan Activewear Inc. (TSX:GIL) says its third-quarter profit fell to US$78.6 million, almost $10 million below the same time last year, as it absorbed restructuring and other costs related to an acquisition in May.

News from © The Canadian Press, 2012
The Canadian Press

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