RTTNews - Bay Street stocks rose slightly on Friday, adding to the weekly gains. Strength in the financial sector outweighed weakness among consumer staples stocks.
The S&P/TSX Composite Index added 12.22 points or 0.11% to end at 10,687.90. The market finished higher for an eighth time in 10 sessions and rose more than 300 points this week.
Financial stocks climbed 1.8% as the big six banks all finished higher. Scotiabank (BNS.TO) gained 3.4%, bank. Scotiabank (BNS.TO) rose 3.4%, Bank of Montreal (BMO.TO) added 3.3%.
On the downside, consumer staples stocks fell 2.3%. Loblaw Companies (L.TO) dropped nearly 2% after the company announced it has reached a deal to acquire T&T Supermarket for C$225 million.
Canada's largest food distributor also posted second quarter net income of C$193 million or C$0.70 per basic share, compared to C$140 million or C$0.51 per basic share in the prior year period.
In other corporate news, Nexen (NXY.TO) rose 1% after the company announced that it is reviewing strategic alternatives for its natural gas and power marketing businesses, which may include the sale of all or part of these businesses.
TransAtlantic Petroleum (TNP.TO) rose 2.6% after the company announced that it has acquired Energy Operations Turkey for total consideration of $7.75 million, including a $1.5 million promissory note payable in one year.
DHX Media Ltd (DHX.TO) declined 1.4% after the company said that DHX distribution subsidiary DECODE Enterprises licensed six of its television series to Ireland's TG4.
Easyhome (EH.TO) slipped 7.7% after the company announced the resignation of Chris Fregren as its senior vice president and chief financial officer, effective August 16, 2009.
Sierra Minerals (SIM.TO) has surged 33.3% after the company reported that it has produced 5,447 ounces of gold in second-quarter ended June 30, 2009 at its Cerro Colorado mine in Sonora, Mexico. Sierra also announced the appointment of Andres Tinajero as new Chief Financial Officer.
Viterra Inc. (VT.TO) fell 1% after the company said that it has acquired a grain elevator from Richardson International Ltd. in Foam Lake, Saskatchewan and will expand rail car capacity to the company's grain terminal in Carnduff, Saskatchewan.
In economic news, Finance Minister Jim Flaherty said the government's debt was $7.5 billion in April and May, the first two month of the fiscal year.
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