Shawshank, VA 9/15/2011 (PennyPayDay) – Bay Street stocks are poised for a higher open Thursday amid hopes that Greece will avert a default on its debts and will get the next batch of rescue funds due from its international bailout package.Global stocks moved up as traders took positive cues from the outcome of a teleconference Wednesday between the leaders of France, Germany and Greece Merkel and Sarkozy pledged to help Greece avoid a debt default, while Papandreou renewed his commitment to debt-reduction targets.
Meanwhile, economic data from both sides of the border came in mixed. Canadian manufacturing sales rose at more than double the expected rate in July, while unemployment claims in the U.S. rose more than expected last week
Earlier today, Swiss banking giant UBS said that a rogue trader caused it around $2 billion loss, escalating worries over the loopholes in the banking system.
On Wednesday, the S&P/TSX Composite Index extended gains for a second session, adding 87.90 points or 0.72 percent to 12,293.38.
The price of crude oil moved up amid a rebound in global equities. Crude for October edged up $0.12 to $89.03 a barrel. The price of gold slipped to a 3-week low, with gold for December losing $19.70 to $1,806.80 an ounce.
In corporate news from Canada, dollar store operator Dollarama Inc. reported a much improved second quarter net income of C$37.7 million or C$0.50 per share compared to C$21.0 million or C$0.28 per share in the same quarter last year. Analysts were expecting the company to report earnings of C$0.45 per share for the quarter.
Franchised and corporate restaurants operator Imvescor Restaurant Group said its third quarter net earnings improved to C$2.01 million or C$0.093 per share from C$1.076 million or C$0.114 per share reported a year ago.
Bio pharmaceutical company Bioniche Life Sciences reported a wider the full year net loss of C$15.3 million or C$0.17 per share, compared to a loss of C$1.6 million or C$0.02 per share last year.
Health industry technology solutions provider Vigil Health Solutions reported a narrower first quarter net loss of C$56,000 or C$0.010 per share, compared to a net loss of C$180,000 or C$0.036 per share for the previous year.
In economic news, Statistics Canada said manufacturing sales rose 2.7 percent to C$46.7 billion in July. Economists expected a rise of 1.2 percent from the previous month, following a revised drop of 1.08 percent in June.
Separately, the agency said the number of new motor vehicles sold fell 6.2 percent in July to 132,386 units, partially offsetting a 10.3 percent gain in June.
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