RTTNews - Bay Street stocks were slightly higher in Friday morning trading with traders looking forward to a three-day Victoria Day holiday weekend. The market added to a notable rebound on Thursday from the 500-plus point loss in the first three sessions of the week.
The S&P/TSX Composite Index has added 26.99 points or 0.27% to 9,877.01. A week ago, the index finished at a seven-month high above 10,200.
Industrial stocks have led the way with a 2.8% spike. Canadian Pacific Railway (CP.TO) is up 4%, Bombardier (BBD.B.TO) has added 2.8% and Canadian National Railway (CNR.TO) has climbed 2.6%.
The Information Technology Index is up 1.6%, led by a 3.7% rise for Research in Motion (RIM.TO).
On the downside, energy stocks have lost 0.8%. Light sweet crude has slipped 24 cents to $58.38 per barrel.
Petro-Canada (PCA.TO) has slipped 1% after Letko Brosseau & Associates, a investment company with a stake in Petrocan, said it will vote against the $16.5 million takeover bid from Suncor (SU.TO). Suncor is down 1.9%.
GLG Life Tech (GLG.TO) is showing a 1.7% gain. The refiner and producer of a natural sweetener reported a net loss for the quarter of C$1.5 million or C$0.02 per share, compared to a net loss of C$0.93 million or C$0.01 per share in the previous year.
New Gold (NGD.TO) and Western Goldfields (WGI.TO) announced shareholders of both companies have approved. Yesterday, the Transaction was also approved at a special meeting of New Gold shareholders. New Gold stock is up 1.1% while Western Goldfields is up 3.6%.
TSO3 (TOS.TO) is up 2.4% after the company reported first-quarter net loss of C$2 million or C$0.04 per share, compared to net loss of C$2.16 million or C$0.05 per share last year.
On the economic front, Statistics Canada reported on Friday that manufacturing sales dropped 2.7% in March, erasing gains from the previous month.
Across the border, the Labor Department said its consumer price index was unchanged in April after edging down by an unrevised 0.1 percent in March. The lack of growth in consumer prices came in line with the expectations of economists.
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