RTTNews - Canadian stocks are little-changed in early trading on Tuesday morning after giving back an early rally. Weakness in the gold sector has led the market lower.
The S&P/TSX Composite Index is down 10.46 points to 0.09% to 10,538.66. Similarly, the U.S. and European markets are hovering near the unchanged line.
Gold stocks have dropped 2.3% to lead the Bay Street decliners as the precious metal has surrendered most of its early gains on the Comex.
Agnico-Eagle Mines (AEM.TO) has dropped nearly 3% as its gold production cost could reportedly rise to between $300 and $350 per ounce next year.
Energy stocks are up 0.75% as crude oil has approached $70 per barrel again. Savanna Energy (SVY.TO) is up 2.4% and Suncor (SU.TO) has added 2.3% in early trading.
Heritage Oil (HOC.TO) has added 3.2% 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 corporate news, Inmet Mining (IMN.TO) has plunged 7.4% after the company announced that it has increase its previously announced equity bought deal to $348 million.
Air Canada (AC.A.TO) has added 5.7% after the company reached a tentative deal with three of its unions regarding pension funding, according to reports.
Construction steel-structures builder ADF Group (DRX.TO) has slipped after reporting 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) has surged 23% 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.
DiagnoCure (CUR.TO) has added 5.3% after the company reported a narrower second quarter net loss of C$2.6 million or C$0.06 per share, compared to a net loss of C$3.4 million or C$0.08 per share in the previous year quarter.
Across the border, investors are waiting on an announcement from the Treasury Department regarding which financial institutions will be allowed to repay the funds they borrowed under the Troubled Asset Relief Program, or TARP. Reports have said the Treasury could name as many as 10 banks.
On Monday, the S&P/TSX Composite Index slipped 20.17 points or 0.19% to end at 10.549.12. The index fell below 10,400 in mid-day trading but recovered most of its losses with an uptrend throughout the afternoon.
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