RTTNews - Toronto stocks could struggle to find direction on Wednesday morning as commodities lingered near the flat-mark. Financials may rally again on Bay Street as earnings season for big banks continued to bring encouraging results, but markets in Europe are seeing mild weakness.
Crude oil dropped 60 cents to $71.45 per barrel in early trading. Gold has gained $2.60 to $948.60 and copper is up 1.25 cents to $2.886.
Canadian Imperial Bank of Commerce (CM.TO) announced that its third quarter net income was $434 million, compared to net income of $71 million for the same period last year. Earnings per share were $1.02, compared with $0.11 a year ago.
Royal Bank (RY.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada are scheduled to report Thursday and Scotiabank (BNS.TO) is due on Friday. Bank of Montreal (BMO.TO) reported better-than-expected earnings on Tuesday.
Eldorado Gold Corp. (ELD.TO) announced a deal to acquire the shares of Sino Gold Mining Limited it does not currently own. The deal is worth about A$2.2 billion or C$2.0 billion.
Thompson Creek Metals Co. Inc. (TCM.TO) announced Tuesday that it expects to raise approximately C$217 million through a bought deal financing. The company said it will offer 15.5 million common shares of the company at a price of C$14.00 per share.
CAE Inc. (CAE.TO) announced a series of military contracts with prime contractors and other military customers valued above C$100 million.
On Tuesday, the S&P/TSX Composite Index rose 130.56 points or 1.21% to settle at 10,920.53. This marks its best finish since August 5.
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