RTTNews - Bay Street remained modestly higher on Wednesday after erasing an early decline. Financial and energy stocks are seeing a slight increase, outweighing a drop for the mining sector.
The S&P/TSX Composite Index has added 28.42 points or 0.26% to move at 10,702.28. The market extended the gains from the previous session.
Financials are up 0.6%. Toronto Dominion (TD.TO) has added 1.7% and Royal Bank (RY.TO) has risen 1.3%.
Energy stocks are up 0.5% as crude oil has surged above $72. Canadian Oil Sands (COS.UN.TO) has added 1.2% and Encana (ECA.TO) is up 1%.
Mining stocks have lost 1.2%. Inmet (IMN.TO) has declined 2.1% and Teck Resources (TCK.B.TO) has lost 1.3%.
On the corporate front, Sears Canada (SCC.TO) has declined 1.75% after the company announced that its second-quarter net earnings were C$49.1 million or C$0.45 per share, compared to C$61.5 million or C$0.57 per share in the second quarter last year.
Twin Butte Energy (TBE.TO) has added 1.1% after the company and Buffalo Resources Corp. (BFR.V) announced that they have entered into a merger arrangement worth C$119 million.
Brookfield Asset Management (BAM.A.TO) revealed a C$1 billion fund to provide financing for companies in need of restructuring, according to Bloomberg. Shares are down 0.2%.
Orbit Garant Drilling (OGD.TO) is down 3% after the company signed a contract with Xstrata Canada Corp., Xstrata Zinc Canada Division to provide surface drilling services at Xstrata's Bracemac-McLeod project in Matagami, Quebec.
Western Canadian Coal (WTN.TO) said it has completed the bought deal financing previously announced on July 24 and has issued 22.1 million common shares at C$2.70 per share for gross proceeds of C$59.7 million. The stock has lost about 0.3%.
Statistics Canada reported the Canadian consumer price index fell 0.9% in July 2009 compared with July 2008, following a 0.3% decrease in June. The decrease was due primarily to a 12-month decline of 23.4% in prices for energy products, particularly gasoline. However, excluding volatile energy prices, consumer prices rose 1.8% annually.
Meanwhile, Canada's leading index rose 0.4% in the month of July.
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