Bay Street stocks are modestly higher in morning trading, looking for a fifth straight positive finish. The financial sector is experiencing some strength as traders react positively to a strong earnings report from Goldman Sachs (GS).
The S&P/TSX Composite Index is up 35.53 points or 0.46% to 9,321.15. The index is on pace to extend its highest finish in more than three months.
Financials are up 1.65% to lead the gainers. Among the Canadian big banks, Bank of Montreal (BMO.TO) has rallied 4.75%, Royal Bank (RY.TO) has added 2.4% and Scotiabank (BNS.TO) is up 2%.
Meanwhile, energy stocks are down 1%, but have moved off the daily lows as crude oil turned into positive territory. Light sweet crude for May is up 43 cents to $50.48 per barrel. Earlier, prices hit as low as $48.96.
Canadian Oil Sands (COS.UN.TO) has added 2.2%, Encana (ECA.TO) is down 1.5% and Suncor (SU.TO) has lost 1.2%. On the upside, Vermilion Energy Trust (VET.UN.TO) has gained 1.9%.
In corporate news, Denison Mines (DML.TO) has gained 7.7% after the company announced that it has entered into a deal to sell 20% of its U3O8 production to Korea Electric Power Corporation for C$75.4 million and also supply KEPCO with uranium until 2015.
Maximizer Software (MAX.TO) is down 25% after the company reported its first-quarter net loss amounted to US$0.81 million, compared to a loss of US$0.31 million in the prior year quarter.
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