Chicago, IL 9/16/2011 (PennyPayDay) – Canadian stocks may struggle to move higher Friday morning after registering gains in the past three sessions. Traders focus now shifted to a 2-day Ecofin meeting beginning later today in Poland, which is also being attended by U.S. Treasury Secretary Timothy Geithner.Disappointing earnings report and poor guidance from BlackBerry maker Research In Motion may drag the technology sector, while weak bullion prices could put pressure on gold plays.
On Thursday, the S&P/TSX Composite Index extended gains for a third session, adding 131.46 points or 1.07 percent to 12,424.84. The main index gathered over 250 points or over 2 percent in the past three sessions.
The price of crude oil was leveling off from recent highs amid a mixed U.S. dollar. Crude for October moved down $0.69 to $88.71 a barrel.
The price of gold was lingering below $1,800 as risk appetite improved after global central banks announced plans to reintroduce dollar liquidity into the European banking system, in a move to support the euro zone debt issues. Gold for December edged up $11.30 to $1,792.70 an ounce.
In corporate news from Canada, Research In Motion reported that its second-quarter GAAP net income was $329 million or $0.63 per share, down from $797 million or $1.46 per share in the same quarter last year. Adjusted net income for the second quarter was $419 million or $0.80 per share. Analysts were expecting the smartphone maker to report earnings of $0.87 per share for the quarter. The company also said it now expects full year fiscal 2012 adjusted earnings to be towards the low end of its prior outlook range of $5.25 to $6.00 per share.
According to media reports, National Bank would buy the Canadian retail brokerage of HSBC Holdings.
Investment management services provider Gluskin Sheff + Associates Inc. repoirted a much improved fourth-quarter net income of C$22.2 million or C$0.75 per share compared to C$5.8 million or C$0.20 per share in the prior year quarter.
International gold miner Alamos Gold Inc. said that measured and indicated mineral resources increased 19 percent to 1.96 million ounces of gold at its projects in Turkey.
Gold miner Pacific Rim Mining posted a first-quarter income of $0.2 million or break even per share, compared to a loss of $0.8 million or $0.01 per share in the year ago quarter.
In economic news, Statistics Canada said non-resident investors added C$11.8 billion to their holdings, mainly in the form of federal Treasury bills. This follows divestment of more than C$3 billion in June. Meanwhile, Canadian holdings of foreign securities edged up $1.3 billion, as investors picked up discounted stocks.
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