RTTNews - Canadian stocks are slightly higher in Friday morning trading on Friday, adding to recent gains. Strength in the financial sector has slightly outweighed modest declines for gold and energy stocks.
The S&P/TSX Composite Index has slipped 17.87 points or 0.17% to move at 10,375.39. The main index has gained in each of the last three sessions.
Financials are showing a 1.5% gain. Scotiabank (BNS.TO) has added 2.6%, Royal Bank (RY.TO) is up 2.5% and Toronto Dominion (TD.TO) has gained 2.1%.
Sun Life Financial (SLF.TO) is up 1.5%. The company said it plans to issue in Canada up to C$300 million principal amount of Series D Senior Unsecured 5.70% Debentures due 2019.
Gold stocks are down 1% as the precious metal gave back early gains on the Comex. Agnico-Eagle Mines (AEM.TO) is down 1.8%, Royal GOld (RGL.TO) has dropped 1.6% and Yamana Gold (YRI.TO) has declined 1.1%.
Energy stocks are down 0.9% as crude oil is down $1.07 to $69.16. OPTI Canada (OPC.TO) has lost 4.8% after the company saw its price target lowered to C$3.25 from C$4 at UBS, which maintained its Buy rating for the oil-sands company.
Emera (EMA.TO) has agreed to acquire a power plant in New Brunswick from Irving Oil. Terms were not disclosed. Emera shares are up slightly.
In corporate news, Potash (POT.TO) is down 1.9% after the fertilizer maker said Thursday night it now expects second quarter earnings to be US$0.70 per share, compared to its prior guidance of US$1.10 to US$1.50 per share. Analysts expect the company to earn US$0.93 per share.
Mosaid Technologies (MSD.TO) has slipped 1.9% after the company reported adjusted fourth-quarter net income of C$7.7 million or C$0.75 per share, up 26% from C$6.1 million or C$0.57 per share in the same quarter last year.
Shaw Communications (SJR-B.TO) is up 1% after the company reported that its third quarter net income was C$132 million or C$0.31 per share, compared to C$128 million or C$0.30 per share for the same period last year.
Across the border, a Commerce Department report showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.
Additionally, the Commerce Department also said that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
On Thursday, the S&P/TSX Composite Index gained 254.92 points or 2.52% to end at 10,355.85. The index closed at its best level since June 16.
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