Early Signals Point To Another Positive Session -- Canadian Commentary

(RTTNews) - Canadian stocks are likely to open on a slightly positive note Wednesday, reacting to the weekly U.S. jobless claims data.

The data from the U.S. Labor Department showed initial claims to have fallen more than expected in the week ended December 20.

With a long weekend ahead, investor are likely to refrain from making aggressive moves. Lower crude oil prices may weigh on energy stocks.

On Tuesday, the benchmark S&P/TSX Composite Index ended up 161.65 points or 1.12 percent at 14,594.03.

Timmins Gold Corp. (TMM.TO) announced that as per the agreement with Goldgroup Mining Inc. (GGA.TO), it has completed the purchase of the Caballo Blanco Gold Project in Veracruz State, Mexico.

Manulife Financial Corp. (MFC.TO) that its U.S. Division, John Hancock Financial will acquire New York Life's Retirement Plan Services or RPS business.

Brookfield Residential Properties Inc. (BRP.TO) and Brookfield Asset Management Inc. (BAM.A.TO) have reached a definitive arrangement agreement by which Brookfield Asset Management will acquire the approximately 30.6% of common shares of Brookfield Residential.

Newalta Corp. (NAL.TO) announced that it has entered into an agreement with Revolution Acquisition LP, to sell its Industrial Division for cash proceeds of C$300 million plus the assumption of the associated asset retirement obligation or ARO.

In commodities, crude oil futures for February are down $1.05 or 1.84 percent at$56.07 a barrel, ahead of official crude inventory data.

Natural gas for January is down $0.029 or 0.90 percent at $3.143 per million btu.

Gold futures for February are down $1.30 or 0.11 percent at $1,176.70 an ounce.

Silver for March is up $0.010 or 0.06 percent at $15.777 an ounce. Meanwhile, copper is down $0.019 or 0.66 percent at $2.847 per pound.

In economic news, a report from the U.S. Labor Department showed initial jobless claims to have declined to a seven-week low of 280,000 in the week ended December 20, down 9,000 from preceding week. Economists had expected claims to fall to 287,500 last week.

However, continuing claims were up more than expected in the week ended December 13, coming in at 2,403,000, up from a revised 2,378,000 in the preceding week and higher than an expected figure of 2,380,000.