RTTNews - Toronto stocks edged higher Thursday, led by further strength in the mining sector. The main index is on pace for its highest close since October 3.
The S&P/TSX Composite Index has added 69.02 points or 0.34% to 10,675.00. The index added about a half-percent yesterday after slight losses in the two precious session.
The Mining Index has rallied another 1.9% as copper prices are up 6.9 cents to $2.436 per pound. Teck Cominco (TCK.B.TO) has rallied 3.2% and HudBay (HBM.TO) has added 2% to lead the gainers.
Tech stocks are up 1% as Research in Motion (RIM.TO) is also up 1% after the Blackberry maker saw its first quarter and full year estimates increased by JPMorgan Chase & Co. RIM is now expected to earn $0.96 per share in the quarter, up from $0.88, according to Bloomberg. Full-year expectations jumped to $4.06, up from $3.71.
Gold stocks are down 1.2% with gold prices flat near $955. Iamgold (IMG.TO) has dropped 2.5%, Yamana Gold (YRI.TO) is down 1.7% and Seabridge (SEA.TO) has lost 1.6%.
In corporate news, Telus Corp. (T.TO) has inched up 1.25% after the telecommunications carrier announced a 2009 capital plan investing more than $250 million in Quebec. The investment is focused primarily on advanced wireless and wireline broadband infrastructure and includes healthcare related technology and applications. The company said that this investment is supporting more than 750 jobs.
Bank of Montreal (BMO.TO) announced a definitive agreement to purchase the recordkeeping business of Integra GRS, a wholly owned subsidiary of Integra Capital Management Corp.
Xceed Mortgage Corp. (XMC.TO) has declined 3.6% as the company reported second quarter net income of C$46,000 or breakeven per share, compared to a loss of C$16.67 million or C$0.60 per share in the same quarter of last year. Revenues for the quarter were C$3.76 million, compared to C$4.82 million in the prior year quarter.
lululemon athletica (LLL.TO) has plunged 11.4% after the apparel maker reported first-quarter net income of $6.52 million or $0.09 per share, compared to $8.48 million or $0.12 per share last year.
MDS (MDS.TO) has slipped 2% as the company reported a second quarter net loss of US$17 million or US$0.15 per share, compared to profit of US$13 million or US$0.11 per share in the year ago quarter.
Transat A.T. (TRZ-A.TO) has added 7.2% after the company reported second-quarter net income of C$42.19 million or C$1.27 per share, compared to C$41.72 million or C$1.25 per share last year.
On the economic front, Statistics Canada reported industries operated at 69.3% of production capacity, down 5.6 percentage points from the previous quarter. It was the first time that industrial capacity use fell below the 70% level since the start of the data series in 1987.
Meanwhile, according to the Globe and Mail, the Ottawa government is planning on providing $1 billion in aide to the forest industry designed. The relief package is designed to help pulp producers combat subsidies from Washington to U.S. rivals, the newspaper said.
Across the border, the U.S. Labor Department revealed that initial jobless claims came in at 601,000 for the week ended at June 6. And a Commerce Department report showed that retail sales rose 0.5 percent in May following a revised 0.2 percent decrease in April.
For comments and feedback: contact email@example.com