RTTNews - Canadian stocks moved modestly into positive territory on Thursday, adding to the 12-day high from yesterday. Mining stocks are leading the modest gains.
The S&P/TSX Composite Index gained 16.72 points or 0.16% to 10,232.18. The market is on pace for a fourth straight daily gain.
Materials stocks are up 0.9%. Fertilizer maker Agrium (AGU.TO) has added 5.3% and rival Potash (POT.TO) is up 5%.
In corporate news, Nexen (NXY.TO) has dropped 6.8% after the company reported that its second-quarter net income attributable to the company was C$20 million or C$0.04 per share, compared to C$380 million or C$0.70 per share in the same quarter of last year.
Research In Motion Ltd. (RIM.TO) and Visto Corporation announced that they have reached a deal to settle all patent litigation between the companies. As part of the deal, RIM will pay US$267.5 million. Research in Motion shares are up 0.4%.
Coeur d'Alene Mines Corp. (CDM.TO) is up 0.6% after the company said it has agreed to sell back to Perilya Limited its 100% interest in the silver contained at the Broken Hill mine in Australia for US$55.0 million in cash.
Moto Goldmines Limited (MGL.TO) has surged 10.5% after Randgold Resources Limited (GOLD) announced that it proposed to acquire Moto for C$5.00 per share.
Rockwell Diamonds (RDI.TO) has surged 16.7%. The company reported a net loss for the first quarter of $4.1 million, compared to a loss of $0.8 million in the year-ago quarter.
Shaw Communications (SJR.B.TO) stock is flat after the company reportedly agreed to acquire Mountain Cablevision Ltd., a family-owned cable company in southern Ontario. Details have yet to be released.
Across the border, JP Morgan reported net income of $2.7 billion or $0.28 per share for the second quarter. Analysts expected the company to report earnings of $0.04 per share for the quarter.
A U.S. Labor Department report showed that jobless claims fell to 522,000 from the previous week's revised figure of 569,000. Economists had been expecting jobless claims to fall to about 530,000 from the 565,000 originally reported for the previous week.
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