RTTNews - Canadian stocks have been unable to sustain any movement through mid-day Friday, with gains among energy shares helping to offset weaker financials.
The S&P/TSX Composite Index is down 4 points at 10,944, on light volume, with many traders away from their desks enjoying the dying days of summer.
In corporate news, rounding out earnings season for big banks, Bank of Nova Scotia (BNS, BNS.TO) reported a 10% year-over-year decline in profit for the third quarter, hurt by higher provisions for credit losses, and writedowns on non-trading securities. Shares of BNS lost 3.5 percent.
Financial stocks are down 1.2 percent, paring this week's gains. After a solid batch of earnings reports, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), and National Bank of Canada (NA.TO) received upgrades on Friday.
On the flip side, consumer staples shares are up 1 percent.
Gerdau Ameristeel Corp. (GNA: News ,GNA.TO: News ) announced that it has reached agreement with the United Steel Workers or USW regarding the suspension of production at the Company's steel mill located in Sand Springs, Oklahoma.
Gerdau share are up nearly 4 percent.
TransAlta Corp. (TAC,TA.TO) said its wholly-owned subsidiary has extended its offer to buy all of the issued and outstanding common shares of Canadian Hydro Developers, Inc. (KHD.TO) for $4.55 per share in cash. Transalta shares are down 1.3 percent.
Canadian industrial product and raw materal prices turned lower in July, mainly due to falling petroleum prices, according to data released Friday morning by Stats Canada.
The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) declined 0.5% and 3.8% respectively in July compared with June.
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