RTTNews - Bay Street stocks posted a nominal loss for Wednesday, retaining most of its rally from the previous session. Mining stocks moved modestly lower on the day.
The S&P/TSX Composite Index dropped 8.36 points or 0.07% to settle at 10,912.17. The market had rallied a little more than 1.2% yesterday.
Mining stocks fell 1.1%. Thompson Creek Metals (TCM.TO) plunged 7.8% after revealing it will offer 15.5 million common shares of the company at a price of C$14.00 per share.
The key Financial Index finished slightly lower amid choppy trading. Canadian Imperial Bank of Commerce (CM.TO) dropped 5.3% after the lender announced that its third quarter earnings per share were $1.02, compared with $0.11 a year ago. Analysts were looking for EPS of $1.39.
The other five big banks finished Wednesday's session higher. Royal Bank (RY.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada are scheduled to report earnings Thursday and Scotiabank (BNS.TO) is due on Friday. Bank of Montreal (BMO.TO) reported better-than-expected earnings on Tuesday.
In other corporate news, Eldorado Gold Corp. (ELD.TO) fell 4.6% after the company announced a deal to acquire the shares of Sino Gold Mining Limited it does not currently own. The deal is worth about A$2.2 billion or C$2.0 billion.
Canadian Pacific Railway (CP.TO) rose 2.6% after the stock was upgraded to Outperform from Sector Perform and had its target price was raised to $67 from $49 at RBC Captial Markets.
CAE (CAE.TO) rose 1.5% after it announced a series of military contracts with prime contractors and other military customers valued above C$100 million.
There's no major economic news from Canada on tomorrow's calendar. On Friday, traders will watch for the raw materials price index, industrial product price data and current account balance data. All are scheduled for release at 8:30 a.m. ET.
Across the border tomorrow, preliminary second-quarter gross domestic product data is expected at 8:30 a.m. ET. GDP is expected to fall 1.4% after slipping 1% in the prior quarter.
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