RTTNews - Bay Street stocks will look to bounce back from a two-session slump Thursday as commodities pared some recent losses in the early going. Toronto's main index fell to a 12-day low yesterday after reaching a multi-month high earlier in the week.
Crude oil prices have climbed $1.08 to $64.43 per barrel in electronic trading. Oil fell more than $4 yesterday as the Energy Department reported a larger-than-expected build in crude inventories.
Petro-Canada (PCA.TO) reported second quarter net earnings of C$77 million or C$0.16 per share, compared to C$1.5 billion or C$3.10 per share last year.
On the metal front, gold jumped $5.50 to $935.50 an ounce, silver rose 17.7 cents to $13.435 an ounce and copper rose 5.8 cents to $2.5355 a pound.
Goldcorp (G.TO) reported second-quarter adjusted net earnings of US$99.2 million, or US$0.14 per share, compared to US$83.2 million or US$0.12 per share, in the second quarter of 2008. Analysts polled by Thomson Reuters expected the company to report earnings of US$0.15 per share.
Agnico-Eagle Mines (AEM.TO) reported second-quarter net income of C$1.2 million or C$0.01 per share, compared to net income of C$8.3 million or C$0.06 per share in the same quarter last year.
OceanaGold (OGC.TO: News ) reported a second-quarter earnings of US$40.11 million or US$0.21 per share versus a loss of US$19.25 million or US$0.12 per share in the previous year.
In other corporate news, Hemisphere GPS (HEM.TO) reported second quarter net loss of US$1.26 million or US$0.02 per share, compared to net income of US$3.17 million or US$0.06 per share last year.
In economic news, the Canadian Industrial Product Index rose 0.7% in June compared with May, while the Raw Materials Price Index increased 6.2%. Both gains were due to a strong increase in petroleum prices. This is according to data released Thursday by Statistics Canada.
On Wednesday, the S&P/TSX Composite Index lost 115.21 points or 1.08% to settle at 10,455.33. The drop is the second in a row for Bay Street's main index, which had gained in nine of the previous 11 sessions.
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