RTTNews - Bay Street are slightly higher on Friday, receiving a boost from higher commodity prices. Investors mulled data showing the first annual drop in Canadian consumer price index in 15 years.
The S&P/TSX Composite Index has added 26.63 points or 0.26% to 10,330.42. The index is on pace to finish higher for a fifth straight session and extend its best close since June 30.
Mining stocks are up 2.4%. Teck Cominco (TCK.B.TO) has added 4.1%, FNX Mining (FNX.TO) is up 3.6% and First Quantum (FM.TO) has gained 3.4%.
Energy stocks have added 1.1%. Suncor (SU.TO) and Nexen (NXY.TO) are both up 2%, Petro-Canada (PCA.TO) has gained 1.8% and Canadian Natural Resources (CNQ.TO) is up 1.5%.
Bradmer Pharmaceuticals (BMR.TO) has surged 40% after the company announced it will buy back up to 8.3 million shares of its outstanding stock at $0.20 per share.
Patheon (PTI.TO) has dropped 1.9% after the company announced that it has signed an agreement with EMCOR Facilities Services, a subsidiary of Emcor Group (EME) for facilities and energy management services at its three US plants.
Western Canadian Coal Corp. (WTN.TO) has added 3.9%. The company announced it appointed Craig Dirk as Chief Operating Officer for its Canadian Operations.
Canadian consumer prices data dropped 0.3% in June compared with June 2008, following a 0.1% increase in May, according to data released Friday by Statistics Canada. Excluding energy, the CPI rose 2.1% in June. The results were in line with analysts expectations.
Meanwhile, the Canadian leading index fell by 0.1% in June, after the rate of decline had slowed markedly from 1.0% in April to 0.1% in May. In June, 4 of 10 components rose, the same number as in May.
Across the border, the U.S. Commerce Department revealed that housing starts rose 3.6 percent to an annual rate of 582,000 units in June from a revised pace of 562,000 units in the previous month.
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