RTTNews - Toronto's main index will look to continue an upward move in early trading Wednesday after finishing the previous session at its best level in more than seven months.
Energy stocks may to add to gains of nearly 2% yesterday. Crude oil is up 29 cents at $62.74 in electronic trading. Oil has been picking up strength in recent weeks on improved hopes for energy demand.
On the downside, copper is down 2.5 cents at $2.116 per pound and could drag mining stocks lower. Gold is little-changed at $952.50.
Financials will be in focus throughout the week with the big six banks announcing earnings. Bank of Montreal (BMO.TO) got things started before Tuesday's open, reporting second quarter earnings that were lower than last year but better than analysts expectations.
On Thursday, Toronto-Dominion (TD.TO), Scotiabank (BNS.TO), CIBC (CM.TO) and National Bank (NA.TO) will announce results. Royal Bank (RY.TO) will report on Friday.
In other corporate news Wednesday, Patheon Inc. (PTI.TO) announced that it has commenced a legal action in the Ontario Superior Court of Justice against JLL Patheon Holdings LLC and its nominees to Patheon's board, Ramsey Frank, Paul Levy and Thomas Taylor.
TransAlta Corp. (TA.TO) priced an offering of $200 million of 6.45% senior notes due in 2014. The senior notes were priced at 99.823% for yield to maturity of 6.49%. The notes are rated stable by Standard & Poor's Rating Services.
Zarlink Semiconductor (ZL.TO) reported a net loss for the fourth quarter of US$50.3 million or US$0.41 per share, compared to a net loss of US$20.0 million or US$0.16 per share in the previous year quarter.
In economic news across the border, the Mortgage Bankers Association revealed that its market index of mortgage application volume fell 14.2 percent on a seasonally adjusted basis for the week of May 22nd. The Market Composite Index was 786.0 compared to 915.9 in the previous week.
On Tuesday, the S&P/TSX Composite Index gained 216.40 points or 2.14% to move at 10,285.90. Toronto's main index posted its highest close since October 3.
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