RTTNews - Bay Street stocks moved slightly higher amid uncertain trading on Wednesday after falling in each of the last two sessions. The market came off its highs of the day after the U.S. Federal Reserve's interest rate announcement.
The S&P/TSX Composite Index has added 64.94 points or 0.61% to move at 10,694.41. The market is on pace for its first daily gain of the week.
The Federal Open Market Committee announced Wednesday that it was maintaining the target range for its benchmark federal funds rate at zero to 0.25 percent. The Fed also repeated its belief that low rates will persist for what it calls an extended period. The central bank said that economic activity is leveling out.
Telecommunications stocks are up 1.5%. Rogers Communications (RCI.B.TO) and Bell Canada (BCE.TO) has added 1.9% and Telus (T.TO) is up 1.8%.
Energy stocks have gained 1.1%. Baytex (BTE.UN.TO) has added 5.25%, Suncor (SU.TO) is up 1.9% and Canadian Natural Resources (CNQ.TO) has added 1.2%.
In corporate news, CAE Inc. (CAE.TO) has gained 6.3% after the company reported first quarter net earnings of C$27.2 million or C$0.11 per share, compared to C$47.3 million or C$0.19 per share in the prior year quarter.
Pan American Silver (PAA.TO) has declined 3.1% after the company reported net income for the second quarter of US$10.2 million or US$0.12 per basic share, compared to US$21.36 million or US$0.26 per share in the year-ago quarter.
Finning International (FTT.TO) fell 9.7% after the company posted second quarter net income of C$48 million or C$0.28 per share, compared to C$67 million or C$0.39 per share in the previous year quarter.
Jovian Capital Corp. (JOV.TO) has dropped 5.5% after the company reported first quarter net loss of C$3.9 million or C$0.46 per share, compared to a loss of C$2.8 million or C$0.35 per share in the year-ago quarter.
Manulife Financial Corp. (MFC.TO) will acquire the retail investment business of AIC Ltd. from billionaire founder Michael Lee- Chin, according to reports. Terms were not disclosed. Manulife shares are up 0.4%.
Novadaq Technologies (NDQ.TO) has dropped 3.7% despite reporting its net loss for the quarter narrowed to US$3.36 million or US$0.14 per share from US$4.37 million or US$0.18 per share in the previous year.
Ag Growth International (AFN.TO) has added 6% after the company reported second-quarter net earnings of C$16.43 million or C$1.28 per share, compared to C$7.46 million or C$0.58 per share in the same quarter of last year. Sales for the quarter were C$66.84 million, compared to C$55.95 million in the prior year quarter.
Brookfield Properties (BPO.TO) has gained 2.3% after the company said it has entered into agreements for the sale of 95 million of its common shares at a price of US$9.50 per share.
Cardiome Pharma (COM.TO) is down 6.5% after the company had its target price reduced to $9 from $11.50 at RBC Capital Markets. The stock maintained its Sector Rating.
In other economic news, data released Wednesday morning showed Canadian international merchandise trade deficit was C$100 million, compared to a revised deficit of C$1.1 billion for May. A deficit of C$500 million was forecast by analysts.
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