RTTNews - Bay Street stocks remain modestly higher in afternoon trading and are on pace for a fourth straight daily gain. A strong day for financials has led the market higher.
The S&P/TSX Composite Index has climbed 26.84 points or 0.25% to move at 10,832.69.
Financials are up 1.85% with all the big six banks moving higher. Scotiabank (BNS.TO) is up 3.3%, Bank of Montreal (BMO.TO) and Royal Bank (RY.TO) has added 2.7% and Toronto-Dominion (TD.TO) is up 2.6%.
Sun Life Financial (SLF.TO) is up 2.6% after the company said it plans to issue in Canada up to C$300 million principal amount of Series D Senior Unsecured 5.70% Debentures due 2019.
On the flipside, gold stocks are down 1.7% as the precious metal finished modestly higher, but off its daily highs. Yamana (YRI.TO) has dropped 2.1%, Royal Gold (RGL.TO) has declined 2% and Goldcorp (G.TO) is down 1.6%.
In corporate news, Potash (POT.TO) is down 0.8% after the fertilizer maker said Thursday night it now expects second quarter earnings to be US$0.70 per share, compared to its prior guidance of US$1.10 to US$1.50 per share. Analysts expect the company to earn US$0.93 per share.
OPTI Canada (OPC.TO) has lost 2.9% after the company saw its price target lowered to C$3.25 from C$4 at UBS, which maintained its Buy rating for the oil-sands company.
Emera (EMA.TO) has added 2.2% after the company agreed to acquire a power plant in New Brunswick from Irving Oil. Terms were not disclosed.
Mosaid Technologies (MSD.TO) has slipped 2.2% after the company reported adjusted fourth-quarter net income of C$7.7 million or C$0.75 per share, up 26% from C$6.1 million or C$0.57 per share in the same quarter last year.
Shaw Communications (SJR-B.TO) has gained 1.8% after the company reported that its third quarter net income was C$132 million or C$0.31 per share, compared to C$128 million or C$0.30 per share for the same period last year.
Empire Company Limited (EMP-A.TO) has dropped 2.2% after the company announced that its fourth-quarter net earnings were C$63.6 million or C$0.96 per share, compared to C$66.5 million or C$1.01 per share in the year ago quarter.
Across the border, a Reuters/University of Michigan survey of consumers report showed that the consumer sentiment index was revised up to 70.8 in June from the preliminary reading of 69.0, coming in well above the May reading of 68.7. Economists had been expecting the index to be unrevised at 69.0.
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