RTTNews - Toronto stocks have turned slightly higher on Friday morning after recovering an initial decline. Strength in the mining sector has offset early weakness from energy stocks.
The S&P/TSX Composite Index is up 16.98 points or 0.15% to 10,693.70. The market had surged 2.1% yesterday.
Mining stocks are up 2.2% as copper has gained nearly 5 cents in morning trading. Teck Resources (TCK.B.TO) is up 3.2% and First Quantum (FM.TO) has added 1.3%.
The Energy Index has come off its lows of the session but remains down 0.5%. Paramount Resources (POU.TO) has dropped 3.75% to lead the decliners.
On the economic front, Statistics Canada reported that the Canadian Gross Domestic Product decreased 0.5% In May. GDP was expected to fall 0.4%, compared to a 0.1% drop in April.
Across the border, the U.S. Commerce Department revealed GDP fell at a pace of 1 percent for the second quarter. Economists had expected GDP to fall at a 1.5 percent pace. This follows a 6.4-percent contraction in the first quarter.
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