Toronto's main index finished slightly higher Tuesday, adding to the six-month high it posted in the previous session. Financials moved higher, slightly offsetting a drop for resource stocks.
The S&P/TSX Composite Index inched up 10.35 points or 0.1% to finish at 9,880.72. This is the best close for the index since November 5.
Mining stocks fell 1.9% as copper prices fell 6.15 cents to $2.0825 per pound. Inmet (IMN.TO) lost 4.8%, First Quantum (FM.TO) fell 3.9% and FNX Mining (FNX.TO) dropped 3.6%.
Energy stocks have declined 1.7% as crude oil backed off of a five-month high. Canadian Oil Sands (COS.UN.TO) dropped 2%, Canadian Natural Resources (CNQ.TO) slid 1.7% and Suncor (SU.TO) dropped 1.4%.
EnCana (ECA.TO) fell 1.6% as the company announced that it has completed public offering US$500 million notes with a coupon rate of 6.50% due May 15, 2019. The company intends to use offering net proceeds to repay portion of its existing bank and commercial paper indebtedness.
Financials gained 1.7% on the session as all of the big six banks finished higher. Bank of Montreal (BMO.TO) added nearly 4.3%, National Bank (NA.TO) added 2.9%, CIBC (CM.TO) gained 2.6%, Scotiabank (BNS.TO) added 2.3% and National Bank (NA.TO) climbed 2.1%.
In corporate news, Magna International (MG.A.TO) dropped 1.4% after North America's largest auto parts maker announced that it could buy a minority stake in Opel, the European unit of ailing automaker General Motors Corp. (GM) and one of Magna's customers in Europe. The offer would rival that of Italy's Fiat SpA.
WestJet (WJA.TO) jumped 7% after the company announced April traffic results with a load factor of 81.2%. Revenue passenger miles or RPM increased 5.5% year over year and capacity, measured in available seat miles or ASMs, grew 7.2% over the same period.
Loblaw Companies (L.TO) gained 7.6% after the company announced that its first quarter net earnings increased to C$109 million, compared to C$63 million a year ago.
Absolute Software Corp. (ABT.TO) lost 5.6% after the company reported its adjusted net loss was C$0.6 million, compared to net income of C$0.1 million a year ago.
Across the border, Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday that the decline in the economy may be slowing and the housing market has shown signs of bottoming. However, the Fed chief warned that the labor market remains a possible source of concern.
For comments and feedback: contact email@example.com