RTTNews - Canadian stocks moved modestly higher on Tuesday afternoon and continued to hover near the unchanged level. Stocks in the U.S. and Euro have also seen limited change throughout the day.
The S&P/TSX Composite Index has moved up 25.30 or 0.23% to 10,574.42. Strength in the mining and energy sectors have slightly outweighed a drop for gold stocks.
Mining stocks are up a little more than 2% as copper rallied 5% on the Comex. HudBay (HBM.TO) has added 1.9% and Teck Cominco (TCK.B.TO) is up 1.8%.
On the downside, Inmet Mining (IMN.TO) has declined 7.5% after the company announced that it has increase its previously announced equity bought deal to $348 million.
Energy stocks are up 1.4% as crude oil has reached above $70 per barrel. Vermilion Energy Trust (VET.UN.TO) has rallied 4%, Suncor (SU.TO) has added 2.7% and Savanna (SVY.TO) is up 1.7%.
Heritage Oil (HOC.TO) has jumped 4% after the company announced that it has entered into a reverse-takeover deal with Genel Enerji A.S., a deal worth approximately $3 billion.
Gold stocks dropped 1.7% after the precious metal surrendered most of its daily gains. August gold finished up $2.20 at $954.70 after earlier reaching as high as $964.70.
Agnico-Eagle Mines (AEM.TO) has dropped 3.3% as its gold production cost could reportedly rise to between $300 and $350 per ounce next year.
Goldcorp (G.TO) has dropped 2.2% after the stock was downgraded to Neutral from Buy at UBS.
In other corporate news, Air Canada (AC.A.TO) has climbed 2.9% after the company reached a tentative deal with three of its unions regarding pension funding, according to reports.
ADF Group (DRX.TO) has slipped 2.7% after the construction steel-structures builder revealed its first-quarter earnings declined to C$2.2 million or C$0.06 per share from C$3.2 million or C$0.09 per share in the previous year.
Brick Brewing (BRB.TO) has soared nearly 23% after the company reported net income for the first quarter of C$431,000 or C$0.02 per share compared to a loss of C$78.53,000 or a breakeven per share in the year-ago quarter.
Saputo (SAP.TO) has added 2.2% after announcing higher fourth quarter revenues. The dairy processor also reported earnings of C$0.33 per share, down from C$0.36 per share in the prior-year quarter.
Methanex (MX.TO) has added 3.7% after the company said it bought the rights to natural gas production in Chile, according to Bloomberg.
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