RTTNews - After trading in the red for most of the day, Toronto stocks rallied in the final half-hour of trading and finished slightly higher on Friday. Strength in the telecom sector outweighted a slight decline for mining stocks.
The S&P/TSX Composite Index added 22.45 points or 0.2% to finish at 10,840.01. The index had dropped below 10,750 earlier in the day.
Telecom stocks added 1.25%. Telus (T.TO) rose 2.2% and Rogers Communications (RCI.TO) gained 1.5% to lead the gainers.
Mining stocks fell 0.9% as copper fell on the Comex. Inmet (IMN.TO) dropped 2.9% and Teck Resources (TCK.B.TO) fell 2.7%.
FNX Mining (FNX.TO) rose 5.4% after the company posted net earnings for the second quarter of C$12.5 million or C$0.14 per share, higher than C$11.3 million or C$0.13 per share in the prior year period.
Aurizon Mines (ARZ.TO) gained 4.1% after the company announced that its second quarter net earnings of C$13.6 million or C$0.08 per share, compared to earnings of C$5.6 million or C$0.04 per share, in the same period of 2008.
SNC-Lavalin (SNC.TO) fell 1.5% after the company said it has purchased 48% of the common shares of Russia-based engineering company OAO VNIPIneft.
EnGlobe(EG.TO) rallied 22.2% after the company reported a net net loss from continuing operations for the second quarter of C$1.8 million, compared to a net loss of C$22.5 million in the year-ago quarter.
Sierra Minerals (SIM.TO) declined 4.75% after the company reported net earnings for the second quarter of US$0.30 million or breakeven per share, compared to loss of US$42 million or US$0.01 per share in the previous year quarter.
First Majestic Silver Corp. (FR.TO) fell 2.6% after the company reported net income for the second quarter of C$1.0 million, compared to a loss of C$0.3 million in the year-ago quarter.
Atna Resources Ltd. (ATN.TO) dropped 3% after the company reported second quarter net loss of C$2.34 million or C$0.03 per share, compared to net loss of C$1.52 million or C$0.02 per share last year.
Canadian manufacturing sales increased 1.9% to $39.7 billion in June, helped by strong sales in the aerospace industry, according to data released Friday by Statistics Canada. The rise in sales partially reverses the 4.9% decline posted in May.
Meanwhile, Canadian new motor vehicle sales fell 0.6% in June, compared to a 1% rise in May. Sales were expected to drop 1%.
On Thursday, the S&P/TSX Composite climbed 165.69 points or 1.55% to settle at 10,825.56. The gain was the second straight for the index, which recovered losses from earlier in the week.
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