RTTNews - Bay Street stocks are modestly higher in early trading on Tuesday after finishing in the green in each of the last six sessions. Strength in the industrial sector has offset weakness among mining stocks.
The S&P/TSX Composite Index added 13.57 points or 0.12% to 10,556.46. If the gains hold, the market will extend its best finish since mid-June.
The Bank of Canada on announced that it is maintaining its target for the overnight rate at a quarter-percent, as expected. The Bank Rate is unchanged at 0.5% and the deposit rate is 0.25% per cent.
Kirkland Lake Gold (KGI.TO) fell 2% despite reporting a rise in fourth quarter earnings to C$2.3 million compared to C$906 thousand last year. Revenues for the quarter was C$18.2 million.
Industrial stocks are up about 2%. Canadian National Railway (CNR.TO) has added 2.4% after the company reported second-quarter net income of C$361 million or C$0.76 per share, compared to net income of C$436 million or C$0.90 per share a year ago. Rival Canadian Pacific Railway (CP.TO) is up 2.7%.
Mining stocks are down 1.2%. First Quantum (FM.TO) has declined 5.3% and Inmet (IMN.TO) is down 1.2%.
In other corporate news, Research In Motion Limited (RIM.TO) has dropped 1.8% after the Blackberry maker said that it has been prevented from bidding for the Canadian telecom equipment maker Nortel Networks Corp.'s Wireless Business that has been placed into bankruptcy auction scheduled to occur on July 24.
Denison Mines Corp. (DML.TO) has added 2.6% after the company said it has decided not to match the acquisition proposal that Northern Continental Resources received from Hathor Exploration.
Orvana Minerals (ORV.TO) fell 3% after the company said it raised its all-cash offer for Kinbauri Gold to C$0.75 per share from C$0.55 per share.
On Monday, the S&P/TSX Composite Index rallied 171.29 or 1.65% to finish at 10,540.71.
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