Canadian stocks look to rebound Thursday morning — Canadian Commentary

(RTTNews) - Canadian stocks will look to snap back from heavy losses in the previous two sessions Thursday morning, and early signals are somewhat positive as traders get set to pounce on beaten down resource shares.

With the steepest losses coming among metals and energy producers, the S&P/TSX Composite Index dropped 161.82 points to 13,137.72 on Thursday. The Bank of Canada disappointed some investors by not cutting interest rates.

The Bank of Canada kept its target for the overnight rate at 3 percent, marking the third consecutive time that the bank has left the rate unchanged since lowering it by half a percentage point in April.

The outlook for Thursday’s session is a bit brighter. The price of oil is up $0.47 at $109.82 a barrel, stabilizing after seeing big losses earlier in the week.

In corporate news, Bombardier Inc. (BBD.B.TO) reported second-quarter profit of $246 million on higher revenues, up from a loss of $71 million last year.

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