RTTNews - Toronto stocks finished a choppy session slightly higher on Wednesday. Financial and energy stocks are seeing a slight increase, outweighing a drop for the mining sector.
The S&P/TSX Composite Index added 12.99 points or 0.12% to close at 10,686.83. The market added 1.3% yesterday after dropping 2.9% on Monday.
Financials added 0.5%. Toronto-Dominion (TD.TO) rallied 1.7%, Bank of Montreal (BMO.TO) gained 1% and Royal Bank (RY.TO) rose 0.9%.
Mining stocks dropped 1.7%. Inmet (IMN.TO) has declined 2.1% and Teck Resources (TCK.B.TO) has lost 1.3%.
On the corporate front, Sears Canada (SCC.TO) declined 1.2% after the company announced that its second-quarter net earnings were C$49.1 million or C$0.45 per share, compared to C$61.5 million or C$0.57 per share in the second quarter last year.
Twin Butte Energy (TBE.TO) rose 1.1% after the company and Buffalo Resources Corp. (BFR.V) announced that they have entered into a merger arrangement worth C$119 million.Energy stocks added 0.2% as crude oil jumped above $72.
Brookfield Asset Management (BAM.A.TO) revealed a C$1 billion fund to provide financing for companies in need of restructuring, according to Bloomberg. Shares finished flat for the session.
Orbit Garant Drilling (OGD.TO) lost 3% after the company signed a contract with Xstrata Canada Corp., Xstrata Zinc Canada Division to provide surface drilling services at Xstrata's Bracemac-McLeod project in Matagami, Quebec.
Western Canadian Coal (WTN.TO) said it has completed the bought deal financing previously announced on July 24 and has issued 22.1 million common shares at C$2.70 per share for gross proceeds of C$59.7 million. The stock lost 1.4%.
Statistics Canada reported the Canadian consumer price index fell 0.9% in July 2009 compared with July 2008, following a 0.3% decrease in June. The decrease was due primarily to a 12-month decline of 23.4% in prices for energy products, particularly gasoline. However, excluding volatile energy prices, consumer prices rose 1.8% annually.
On Thursday, Canadian wholesale sales data for June is expected to be released at 8:30 a.m. ET. A drop of 0.2% is expected for June, compared to an 0.3% decline for May.
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