RTTNews - Resource stocks could lead another strong session for the Canadian market on Wednesday. Toronto's main index jumped to a 10-day high in yesterday's trading as traders returned from a three-day weekend.
Energy stocks could rise again as crude oil moved above $60 a barrel on the first day as July serving as the front-month contract. Light sweet crude for July rallied to $60.79, up $1.09, as traders await the Energy Department's inventory data later this morning.
Other resource stocks may also see strength. June-gold jumped to $931.10, up $3.20 on the session and copper climbed 1.45 cents to $2.088 per pound.
In other corporate news, Canaccord Capital (CCI.TO) reported adjusted net income for the fourth quarter was C$3.8 million or $0.07, compared to net income of C$7.2 million or $0.15 in the same period of the prior year.
Silver Wheaton Corp. (SLW.TO) said that the shareholders of Silverstone Resources have approved the proposed arrangement, whereby Silver Wheaton will acquire all of the shares of Silverstone at an exchange ratio of 0.185 common shares of Silver Wheaton for each common share of Silverstone.
A fire at an Imperial Oil refinery in Sarnia, Canada, was extinguished within 15 minutes this morning, according to Canada's CHOK radio.
Across the border, industry data showed that mortgage application volume ticked up over 2 percent last week, as refinance activity jumped over 4 percent.
On Tuesday, the S&P/TSX Composite Index rallied 338.10 points or 3.46% to move at 10,100.95. This marked the best close for the index since May 8.
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