RTTNews - Bay Street stocks moved notably higher on Wednesday morning, recovering some of the recently-seen weakness. Strength in the energy sector led the way.
The S&P/TSX Composite Index has added 86 points or 0.8% to move at 10,715.76. The market had dropped about 1.5% on Tuesday.
Energy stocks are up 1.3% as crude oil has gained $1.01 to $70.46 per barrel. Suncor (SU.TO) is up 2.4%, Baytex (BTE.UN.TO) has added 2.1% and Canadian Natural Resources (CNQ.TO) is up 1.6%.
Financials have gained 1.1%. Bank of Montreal (BMO.TO) has added 1.7% and Royal Bank (RY.TO) is up 1.2%.
In corporate news, CAE Inc. (CAE.TO) has added 5.9% after the company reported first quarter net earnings of C$27.2 million or C$0.11 per share, compared to C$47.3 million or C$0.19 per share in the prior year quarter. Excluding charges, net earnings for the quarter were C$46.1 million or C$0.18 per share.
Novadaq Technologies (NDQ.TO) has slipped 3.7% after the company announced that its second quarter net loss was US$3.36 million or US$0.14 per share, compared to a loss of US$4.37 million or US$0.18 per share in the year ago quarter.
Cameco Corp. (CCO.TO) has added 1.1% after the company reported second quarter net earnings of C$247 million or C$0.63 per share, compared to C$150 million or C$0.42 per share recorded in the second quarter of 2008.
Pan American Silver (PAA.TO) has dropped 1.9% after the company reported net income for the second quarter of US$10.2 million or US$0.12 per basic share, compared to US$21.36 million or US$0.26 per share in the year-ago quarter.
Novadaq Technologies (NDQ.TO) reported net loss for the quarter narrowed to US$3.36 million or US$0.14 per share from US$4.37 million or US$0.18 per share in the previous year.
Ag Growth International (AFN.TO) has increased 5.6% after the company reported second-quarter net earnings of C$16.43 million or C$1.28 per share, compared to C$7.46 million or C$0.58 per share in the same quarter of last year. Sales for the quarter were C$66.84 million, compared to C$55.95 million in the prior year quarter.
Brookfield Properties (BPO.TO) has declined 1.3% after the company said it has entered into agreements for the sale of 95 million of its common shares at a price of US$9.50 per share.
Data released Wednesday morning showed Canadian international merchandise trade deficit was C$100 million, compared to a revised deficit of C$1.1 billion for May. A deficit of C$500 million was forecast by analysts.
A Commerce Department report showed that the trade deficit widened to $27.0 billion in June from $26.0 billion in May. Economists had been expecting a somewhat more significant increase in the size of the deficit to $28.7 billion.
This afternoon, the Federal Open Market Committee reveals its interest rate decision. Rates are expected to be left unchanged near zero when the announcement is made at around 2:15 p.m. ET.
Canadian stocks finished notably on Tuesday for a second straight session and posted its lowest close since July. The S&P/TSX Composite Index fell 164.20 points or 1.52% to settle at 10,629.47.
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