RTTNews - Toronto stocks are again struggling to find direction on Wednesday in afternoon trading as strength for mining stocks has been outweighed mild weakness in the gold and financial sectors.
The S&P/TSX Composite Index has slipped 9.91 points or 0.86% to move at 10,530.28 points. The main index hovered near the flat like throughout most of the week.
Gold stocks are down about 0.9%. New Gold (NGD.TO) is down 4.2%, Barrick Gold (ABX.TO) has dropped 2.4% and Royal Gold (RGL.TO) is down 1.5%.
Financials are down 0.7%. CIBC (CM.TO) is down 1.7%, Toronto-Dominion (TD.TO) has dropped 1.1% and Bank of Montreal (BMO.TO) has slipped 1%.
On the upside, mining stocks have jumped 2.6% to lead the gainers. Teck Cominco (TCK.B.TO) is up 1.2% as The Canadian Press reported CEO Donald Lindsay said he is looking to sell a 20% stake in the company's coal business.
Meanwhile, Yamana Gold (YRI.TO) has declined 3.5% after the company reportedly said it agreed to sell three of its non-operating mines in Brazil and Honduras to Aura Minerals (ORA.TO) for about $200 million in cash and stock. Aura Minerals has surged 25%.
The Energy Index is up about 1% as crude oil is up $1.15 to $71.15 per barrel. Canadian Oil Sands (COS.UN.TO) has gained 3.6%, Encana (ECA.TO) is up 3.6% and Suncor (SU.TO) is up 1.4%.
In other corporate news, Viterra Inc. (VT.TO) has jumped 6.4% after the agri-business said its adjusted net profit was C$85.40 million, compared with C$78.52 million in the year-ago quarter.
Forzani Group Ltd. (FGL.TO) has risen 1.7% after the company reported first-quarter net loss of C$1.12 million or C$0.04 per share, compared to net loss of C$2.82 million or C$0.09 per share last year.
Capital Gold (CGC.TO) have soared 30.2% after the company reported revenues for the third quarter were $12.40 million, compared to $8.73 million in the prior year quarter. Earnings were nominally lower.
On the economic front, Statistics Canada reported the New Housing Price Index decreased 0.6 percent in April, compared with a 0.5% decline in March. This resulted in a New Housing Price Index decreasing to 153.7.
Separately, Stats Canada reported the nation's trade balance was a deficit of $179 million, compared to a $1 billion surplus expected by economists.
Across the border, a Commerce Department report showed that the trade deficit widened to $29.2 billion in April from a revised $28.5 billion in March. Economists had expected the deficit to widen to $29.0 billion from the $27.6 billion originally reported for the previous month.
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