RTTNews - Canadian stocks are moderately higher on Tuesday, bouncing back from yesterday's sharp decline. Mining stocks have rebounded to lead the market to the upside.
The S&P/TSX Composite Index has added 86.89 points or 0.82% to move at 10,618.48. The market plunged almost 3% on Monday.
Mining stocks have added 2.2% First Quantum (FM.TO) has added 4%, Teck Resources (TCK.B.TO) has risen 2% and HudBay (HBM.TO) is up 1.2%.
Oil and natural gas company Cequence Energy (CQE.TO) has dropped 1.7% after the company said that it agreed to buy certain oil and gas producing properties from one of the major publicly traded oil and natural gas company as well as from a private concern. The deal price is valued at about $19 million in cash.
Gran Tierra Energy (GTE.TO) has added 2.2% after the company said it has resumed regular production operations in the Putumayo Basin of Southern Colombia.
WebTech Wireless (WEW.TO) has climbed 4.2% after the company said it has received an order for 500 model WT5000 Locators from Bridge Security for their customer Vodafone Ghana.
Manulife (MFC.TO) is up 0.6% amid reports the company could triple its offices in China in five years, according to Bloomberg. The inusurer currently has 36 offices in the country.
On the economic front, the U.S. Labor Department revealed that producer prices dropped 0.9 percent in July. This followed an advance of 1.8 percent in the previous month. Economists had expected the measure to slip 0.3 percent for the month.
Core prices, which exclude the volatile food and energy sectors, ticked down 0.1 percent in July. Economists were looking for core prices to edge up by 0.1 percent.
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