RTTNews - Toronto stocks turned to the upside on Wednesday amid choppy trading. Strength in the technology sector slightly outweighed a drop in mining stocks.
The S&P/TSX Composite Index has added 19.77 points or 0.18% to move 10,940.30. The market has risen more than 100 points off its lows of the day.
Technology stocks are up about 1% to lead the way. Celestica (CLS.TO) has rallied 2.2% and Blackberry-maker Research in Motion (RIM.TO) has added 0.9%.
Mining stocks are down 1%. Thompson Creek Metals (TCM.TO) has dropped 6.2% after the company announced it will offer 15.5 million common shares of the company at a price of C$14.00 per share.
Financials have turned into positive territory and are up 0.25%. Canadian Imperial Bank of Commerce (CM.TO) has dropped 6.2% after it 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. Analysts were looking for EPS of $1.39.
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.
In other corporate news, 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.
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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