RTTNews - Toronto stocks are basically flat in Tuesday afternoon trading, holding most of the sharp gains from the prior session. The lack of direction mirrors most markets around the globe.
The S&P/TSX Composite Index has slipped 9.28 points or 0.08% to settle at 10,594.78. The index finished the previous session at its highest level since October.
Gold stocks are leading the gainers with a 2.1% jump, while materials stocks are up 1.25%, as the precious metal moved above $980 again on the Comex. Eldorado (ELD.TO) has dropped 3.9%, New Gold (NGD.TO) is down 3.9% and Goldcorp (G.TO) has dropped 3%.
Energy stocks are down 2.28%. Suncor (SU.TO) has dropped 5.1% and Canadian Natural Resources (CNQ.TO) is down 2.8%. Crude oil is little changed on the NYMEX amid choppy trading.
Canadian Superior Energy (SNG.TO) has gained 7.3% after announcing it will sell a 45% interest in a gas development block near Trinidad to Centrica for US$142.5 million in cash.
In corporate news, Red Back Mining (RBI.TO) has dropped another 1.8% after Credit Suisse downgraded the shares to Neutral from Outperform with a price target of C$10.50. Red Back shares fell 6.2% on Monday after announcing it agreed to buy Moto Goldmines (MGL.TO) for C$513 million.
Meanwhile, according to the National Post, Magna International (MG.A.TO) might look into buying General Motors' Saturn unit, after already agreeing to buy Opel. Magna shares are down 2.5%.
MKS Inc. (MKX.TO) has declined 6% after the company announced that its fourth quarter net income decreased to US$2.0 million or US$0.04 per share, from US$4.7 million or US$0.09 per share in the fourth quarter of fiscal 2008.
IMAX Corp. (IMX.TO) has plunged 5.9% after the company disclosed the pricing of its public offering of 9.8 million common shares at $7.15 per share. Gross proceeds from the offering are expected to be approximately $70.1 million.
In the healthcare sector, QLT Inc. (QLT.TO) has added 2.7% after it revealed positive results from a 12-month primary analysis from the Phase II RADICAL study in patients with wet age-related macular degeneration.
MDS (MDS.TO) has rallied 8.7% after the stock was upgraded to Buy from Hold by Jefferies & Co. with a price target of $6.50.
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