RTTNews - Canadian stocks closed flat on Tuesday after lingering near the unchanged line throughout the day's trading. The lack of direction was also seen in the U.S. and Europe.
The S&P/TSX Composite Index lost 1.26 point or 0.01% to finish at 10,547. The index moved in a tight range between 10,605 and 10,547 through the day.
Gold stocks dropped 2.3% after the precious metal finished only modestly higher after an early rally. August gold finished up $2.20 at $954.70 per ounce, coming off its daily high of $964.70.
Agnico-Eagle Mines (AEM.TO) fell 3.75% as its gold production cost could reportedly rise to between $300 and $350 per ounce next year.
Goldcorp (G.TO) declined 3% after the stock was downgraded to Neutral from Buy at UBS.
Mining stocks closed up about 1.1% as copper rallied on the Comex. HudBay (HBM.TO) added 1.6% to lead the gainers.
On the downside, Inmet Mining (IMN.TO) plunged 8.3% after the company announced that it has increase its previously announced equity bought deal to $348 million.
Energy stocks added $1 as crude oil finished above $70 per barrel for the first time this year. Vermilion Energy Trust (VET.UN.TO) rallied 4%, Suncor (SU.TO) added 2.4% and Savanna (SVY.TO) gained 2%.
Heritage Oil (HOC.TO) jumped 4.9% after the company announced that it has entered into a reverse-takeover deal with Genel Enerji A.S., a deal worth approximately $3 billion.
In other corporate news, Air Canada (AC.A.TO) has climbed 2.9% after the company reached a tentative deal with three of its unions regarding pension funding, according to reports.
ADF Group (DRX.TO) dropped 3.8% after the construction steel-structures builder revealed its first-quarter earnings declined to C$2.2 million or C$0.06 per share from C$3.2 million or C$0.09 per share in the previous year.
Brick Brewing (BRB.TO) soared 29.5% after the company reported net income for the first quarter of C$431,000 or C$0.02 per share compared to a loss of C$78.53,000 or a breakeven per share in the year-ago quarter.
Saputo (SAP.TO) gained 1.6% after announcing higher fourth quarter revenues. The dairy processor also reported earnings of C$0.33 per share, down from C$0.36 per share in the prior-year quarter.
On the economic front tomorrow, international merchandise trade data is due at 8:30 a.m. ET. A surplus of C$800,000 is forecast, compared to the previous $1.1 million gain.
At the same time, the New Housing Price Index for April is expected to show a drop of 0.5%, same as March.
ATS Automation Tooling Systems (ATA.TO), March Networks Corp. (MN.TO) and Viterra (VT.TO) are on the earnings calendar for tomorrow.
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