RTTNews - Bay Street stocks are slightly higher Monday morning and reached a new 9 1/2-month high. Financials led the Bay Street market higher.

The S&P/TSX Composite Index has added 56.58 points or 0.52% to 10,744.92. If the gains hold, the index will finish at its best level since October 3.

Financials are up 2.1%. CIBC (CM.TO) has gained 2.5%, Bank of Montreal (BMO.TO) is up 1.9% and National Bank (NA.TO) is up 1.1%.

In corporate news, Addax Petroleum (AXC.TO) is flat after the company announced second quarter net income of US$38 million or US$0.24 per share, compared to US$293 million or US$1.83 per share in the prior year period.

Cott Corp. (BCB.TO) has dropped 4.9% after the company announced that its second-quarter net income attributable to the company was US$33.7 million or US$0.48 per share, compared to a net loss of US$1.8 million or US$0.03 per share in the year ago quarter.

Moto Goldmines Limited (MGL.TO) has slipped 1.3% after the company confirmed that its board has determined the US$244 million takeover offer from Randgold Resources Limited is superior to the current agreement between Moto and Red Back Mining (RBI.TO). Red Back shares are up 2.1%.

Centerra Gold (CG.TO) has added 4.8% after the company said that the Chairman of the Minerals Resources Authority of Mongolia has issued a decree reinstating the Boroo Mine's main operating licenses.

Across the border, Verizon Communications (VZ) reported second quarter net income attributable to Verizon of $1.48 billion or $0.52 per share, compared to $1.88 billion or $0.66 per share last year.

A Commerce Department report showed that new home sales jumped 11% to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.

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