Canadian Penny Stocks

Canadian stocks may edge up at open Wednesday amid stable energy prices and firm gold prices

. A better than expected private sector employment report from south of the border may help lift early sentiment.

However, traders may play the wait and watch game ahead of the ISM's Services Index from the U.S., due out later today. Official employment data from both sides of the border are scheduled for release Friday, which may also keep a lid on any large gains.

On Tuesday, the S&P/TSX Composite Index gained 69.17 points or 0.59% to 11,782.60.

The price of crude oil eased from its 3-month high amid worries over economic growth. Crude for September edged down $0.04 to $82.51 a barrel.

The price of gold moved up on speculation of higher demand from China and on a weak U.S. dollar. China announced yesterday that it will allow more commercial banks to import and export gold as well as to participate in trading at the Shanghai Gold Exchange. Gold for December delivery, the most actively traded contract, moved up $15.10 to $1,202.60 an ounce.

In corporate news from Canada, agriculture products company Agrium Inc reported higher second quarter net earnings of $3.20 per share, compared to $2.35 per share in the year ago period. Analysts were expecting the company to report earnings of $2.76 per share for the quarter.

Construction and infrastructure development company Aecon Group reported lower second quarter net income of C$0.14 per share, compared to C$0.18 per share in the year-ago quarter.

Factory automation solutions provider ATS Automation Tooling Systems reported first-quarter consolidated net income of C$0.07 per share versus a breakeven in the previous year.

Distribution utility holding company Fortis Inc. reported improved second quarter net earnings of C$0.32 per common share from C$0.31 per common share a year earlier.

Solar energy company Arise Technologies reported a narrower second quarter net loss of $0.05 per share compared to $0.11 per share in the year ago period. The company reported second quarter loss of $7.4 million, compared to $13.6 million a year ago.

In economic news from the U.S., payroll processor Automatic Data Processing said that non-farm private employment increased by 42,000 jobs in July following an upwardly revised increase of 19,000 jobs in June. Economists were expecting an increase of about 25,000 jobs compared to the addition of 13,000 jobs that had been reported for the previous month.

Canadian Penny Stocks

By: Walid

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