RTTNews - Canadian stocks eked out another gain on Friday, led by resource producers on the back of higher commodities prices. Financial struggled throughout the day, limiting the overall advance.
The S&P/TSX Composite Index rose 0.4 percent or 44.01 points to 10,977.97 10,966.71. Shares rose on a weekly basis, extending a bull run.
Financials gave back some of this week's gains after Bank of Nova Scotia (BNS, BNS.TO) reported a 10% year-over-year decline in profit for the third quarter, hurt by higher provisions for credit losses, and writedowns on non-trading securities. Shares of BNS lost 3.5 percent.
Still, the outlook for Canada's big six banks appears rosy. After a solid batch of earnings reports, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), and National Bank of Canada (NA.TO) received upgrades on Friday.
Elsewhere, fertilizer producer Potash Corp. (POT.TO) was reduced to neutral from buy by analyst Brian Macarthur at UBS AG. Shares were off about 1 percent.
Gerdau Ameristeel Corp. (GNA.TO) rose 4 percent after it announced that it has reached agreement with the United Steel Workers or USW regarding the suspension of production at the Company's steel mill located in Sand Springs, Oklahoma.
TransAlta Corp. (TAC,TA.TO) said Thursday night that its wholly-owned subsidiary has extended its offer to buy all of the issued and outstanding common shares of Canadian Hydro Developers, Inc. (KHD.TO) for $4.55 per share in cash. Transalta shares were down 1.7 percent.
Canadian industrial product and raw materal prices turned lower in July, mainly due to falling petroleum prices, according to data released Friday morning by Stats Canada.
The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) declined 0.5% and 3.8% respectively in July compared with June.
On Monday, Statistics Canada reports on the gross domestic product in June and for the second quarter. Economists expect an increase of 0.1 percent from the previous month, and a drop of 3 percent from the first quarter.
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