RTTNews - Bay Street stocks finished slightly higher on Wednesday, the first gain of the week for Bay Street's main index. Gold stocks followed the precious metal higher, offsetting another rough day for financials.
The S&P/TSX Composite Index added 11.54 points to 0.1% to closed at 10,701.32. The market had finished notably lower in each of the last two sessions.
Gold stocks soared 10% and materials stocks rose 6.4% as gold gained $22 on the Comex. Iamgold (IMG.TO) gained 11.5%, Agnico-Eagle (AEM.TO) jumped 11% and Goldcorp (G.TO) added 9.8%.
Healthcare stocks rallied 5.1%. MDS Inc. (MDS.TO) has soared 30.2% after the company announced it will sell its MDS Analytical Technologies business to Danaher Corp. (DHR) for $650 million in cash.
Angiotech Pharmaceuticals (ANP.TO) rose 2.75% after the company said that its corporate partner, Boston Scientific (BSX), has reported two-year data from its SYNTAX clinical trial, which demonstrated no statistically significant difference between PCI and CABG in the composite safety endpoint.
Financials fell 2%. Toronto-Dominion (TD.TO) and National Bank (NA.TO) declined 2.6%, Scotiabank (BNS.TO) lost 2.2% and CIBC (CM.TO) fell 1.7%.
Bombardier (BBD-B.TO) jumped 7% after the aerospace and rail transportation solutions provider posted second-quarter net income of US$198 million or US$0.11 per share, compared to US$251 million or US$0.14 per share in the year-ago quarter.
Superior Plus Corp. (SPB.TO) lost 4% after the company said it has agreed to acquire certain assets from Sunoco for an aggregate purchase price of about US$82.5 million in cash plus working capital.
Arbor Memorial Services (ABO-A.TO) gained 8.7% after the company reported net earnings for the third quarter of C$5.6 million or C$0.52 per share, higher than C$5.3 million or C$0.49 per share in the earlier year quarter.
On the economic front across the border, Automatic Data Processing reported non-farm private employment fell by 298,000 jobs in August following a revised decrease of 360,000 jobs in July. More U.S. employment reports are scheduled on Thursday and Friday.
The Canadian employment data for August is due on Friday.
For comments and feedback: contact email@example.com