RTTNews - Toronto stocks finished mildly higher on Thursday and snapped a three-session losing skid. Strength in the mining and financial sectors outweighed a tough day for gold stocks.
The S&P/TSX Composite Index added 55.39 points or 0.55% to settle at 10,121.50. With the gain, the market moved off of a three-week low.
Mining stocks have rallied 3.2% as copper turned to the upside and added 1.25 cents to $2.272 per pound.
Teck Resources (TCK.B.TO) rallied 6.5% after the company said that it has agreed to sell one-third interest in Teck's Waneta Dam in southeastern British Columbia to BC Hydro for C$825 million.
Meanwhile, HudBay Minerals (HBM.TO) added 2.75% as the company announced it will close its copper smelter in Flin Flon, Manatoba, by July 2010, eliminating 225 jobs.
Financials gained 1.9% on a strong day for the big six banks are in the green. Scotiabank (BNS.TO) climbed 2.6%, Bano of Montreal (BMO.TO) added 2.5%, Royal Bank (RY.TO) gained 2.4% and CIBC (CM.TO) rose 2.2%.
On the downside, gold stock fell 2.1% and materials lost 1.2%. Iamgold (IMG.TO) fell 5.1% after lowering the fill-year production outlook for niobium for the fiscal year. The company raised its gold production guidance to a range of 910,000 to 920,000 ounces
WestJet Airlines (WJA.TO) dropped 1.4% after the company said that the WestJet Pilots Association ratified the 2009 pilot agreement, effective July 1. About 89% of the pilots voted in favor of the agreement.
After the closing bell, Research In Motion (RIM.TO) reported net income of $643.0 million or $1.12 per share, compared to $482.5 million or $0.84 per share in the prior year quarter. Adjusted net income was $564.4 million or $0.98 per share for the first quarter.
The Blackberry-maker expects earnings of $0.94 to $1.03 per share, and revenue of $3.45 billion to $3.70 billion. Street expects earnings of $0.97 per share on revenue of $3.59 billion for the quarter.
On the economic front, consumer prices inched higher by 0.1% in May, down from the 0.4% increase in April. Economists were looking for consumer prices to slip 0.2%. Core prices excluding energy and food advanced 2.0% over the 12 months to May, up from the 1.8% rise posted in April.
Tomorrow, investors will watch for retail sales data at 8:30 a.m. ET. Sales are expected to be down 0.2%, compared to a 0.3% rise last month. Excluding autos, sales are also expected to decline 0.2%, same as last month.
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