RTTNews - Toronto stocks could see strength for a third straight session on Wednesday. With the rebound, Bay Street's market may move away from a two-month low reached last week.
Crude oil is up 96 cents to $60.48 per barrel as traders await the Energy Department's weekly inventory report. Prices have struggled to hold above the $60 mark in recent days.
Meanwhile, gold has jumped $15.50 to $938.30 per ounce and copper is up 9.35 cents to $2.3925 a pound.
On the corporate front, Corus Entertainment (CJR-B.TO) reported that its third-quarter net loss was C$145.0 million or C$1.81 per share, compared to net income of C$37.7 million or C$0.45 per share in the year ago quarter.
CVTech Group Inc. (CVT.TO: News ) said it has signed a share purchase agreement for the acquisition of Riggs Distler & Company, effective retroactively to July 1. The deal is worth approximately C$43.0 million.
DragonWave (DWI.TO) reported a net loss for the first quarter of C$2.88 million or C$0.10 per share, compared to a net loss of C$1.94 million or C$0.07 per share in the year-ago quarter.
In economic news, Canadian manufacturing sales fell 6.0% to $38.4 billion in May, the lowest level since November 1998, according to data released Wednesday morning by Statistics Canada. Economists forecast a drop of 0.8%.
Meanwhile, the U.S. Labor Department revealed that consumer prices climbed 0.7 percent in June compared to the previous month. Economists had projected an advance of about 0.6 percent.
On Tuesday, the S&P/TSX Composite Index gained 94.22 points or 0.95% to settle at 9,986.15. The index finished at its highest level in a week.
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