RTTNews - Toronto stocks could see some early weakness on Tuesday as commodities are experiencing moderate weakness. Bay Street stocks have gained in nine of 11 sessions to reach the best level in nearly eight months.
Crude oil prices are down 60 cents to $67.78 per barrel after challenging $69 yesterday. In metals, gold is down $4.20 to $952.10 an ounce, but copper has added 1.65 cents to $2.5615.
Canadian Oil Sands (COS.UN.TO) reported net income for the second quarter of $46 million or $0.10 per unit, compared with $497 million or $1.04 per unit a year ago.
Nexen (NXY.TO) said it priced and agreed to issue US$1.0 billion of senior notes, consisting of US$300 million principal amount of 6.20% senior notes due July 30, 2019 and US$700 million principal amount of 7.50% senior notes due July 30, 2039.
In other corporate news, Rogers Communications Inc (RCI.B.TO) reported adjusted second-quarter net income of C$412 million or C$0.65 per share, compared to C$364 million or C$0.57 per share in the year ago quarter.
QLT (QLT.TO) reported second-quarter net income of US$8.63 million, or US$0.16 per share, compared with a net loss of US$7.44 million, or US$0.10 per share, a year ago.
Pharmaceutical companies BioMS Medical Corp. (MS.TO) and Eli Lilly and Co. (LLY) said that dirucotide did not meet the primary endpoint of delaying disease progression during the two-year MAESTRO-01 Phase III trial in patients with secondary progressive multiple sclerosis.
Magna International (MG.A.TO) was upgraded to Buy from Hold at Genuity Capital Markets.
On the economic front, 778,700 Canadians received unemployment benefits In May, Up 9.2% From April. This marks the highest number since records began being kept in 1997.
Monday, the S&P/TSX Composite Index jumped 69.53 points or 0.65% to end at 10,757.43. This is the highest close for Bay Street's main index since October 3.
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