RTTNews - Toronto stocks continued to linger near the unchanged line, moving slightly higher in mid-morning trading. Strength in the mining sector has led the modest gains.
The S&P/TSX Composite Index has added 37.94 points or 0.35% to move at 10,585.80. The main index has finished modestly lower in the last two sessions.
Mining stocks have jumped 2.6% in early trading despite a drop in copper prices. First Quantum (FM.TO) has added 4.6% and HudBay (HBM.TO) is up 2% to lead the big names higher.
Yamana Gold (YRI.TO) has dropped 2% after the company reportedly said it agreed to sell three of its non-operating mines in Brazil and Honduras to Aura Minerals (ORA.TO) for about $200 million in cash and stock. Aura Minerals has surged 25%.
The Energy Index is up 0.4% as crude is up modestly on the NYMEX after earlier topping $71 per barrel. Canadian Oil Sands (COS.UN.TO) has gained 2% and Suncor (SU.TO) is up 1.1%.
In other corporate news, Forzani Group Ltd. (FGL.TO) has added 1.8% after the company reported first-quarter net loss of C$1.12 million or C$0.04 per share, compared to net loss of C$2.82 million or C$0.09 per share last year.
Meanwhile, the five unions of Air Canada (AC.B.TO) may acquire a 10% stake in the company as the airliner looks to avert a strike, according to the Globe and Mail. The stock is up 1.4%.
Capital Gold (CGC.TO) have soared more than 30% after the company reported revenues for the third quarter were $12.40 million, compared to $8.73 million in the prior year quarter. Earnings were nomimally lower.
Coastal Contacts (COA.TO) has edged up 1.75% after the company reported second-quarter net earnings of C$528,000 or C$0.01 per share, compared to net loss of C$692,000 or C$0.01 per share last year.
On the economic front, Statistics Canada reported the New Housing Price Index decreased 0.6 percent in April, compared with a 0.5% decline in March. This resulted in a New Housing Price Index decreasing to 153.7.
Separately, Stats Canada reported the nation's trade balance was a deficit of $179 million, compared to a $1 billion surplus expected by economists.
Across the border, a Commerce Department report showed that the trade deficit widened to $29.2 billion in April from a revised $28.5 billion in March. Economists had expected the deficit to widen to $29.0 billion from the $27.6 billion originally reported for the previous month.
For comments and feedback: contact firstname.lastname@example.org