RTTNews - Financial stocks are continuing to lead Toronto's main index into the green on Monday. The market is challenging its highest levels in nearly 10 months.
The S&P/TSX Composite Index has climbed 23.81 points or 0.21% to 10,711.71. If the gains hold, the index will finish at its best level since October 3.
Financials are up 1.4% to lead the market higher. CIBC (CM.TO) has added 2.1% and Bank of Montreal (BMO.TO) is up 1.3%.
On the downside, consumer staples stocks are down 1.5%. Saputo (SAP.TO) has added 3.1%, Loblay (L.TO) has slipped 1.4% and Shoppers Drug Mart (SC.TO) has dropped 1.25%.
In corporate news, Addax Petroleum (AXC.TO) is slightly lower after the company announced second quarter net income of US$38 million or US$0.24 per share, compared to US$293 million or US$1.83 per share in the prior year period.
Cott Corp. (BCB.TO) has plunged more than 21% after the company announced that its second-quarter net income was US$33.7 million or US$0.48 per share, compared to a net loss of US$1.8 million or US$0.03 per share in the year ago quarter.
Moto Goldmines Limited (MGL.TO) has slipped 2.3% after the company confirmed that its board has determined the US$244 million takeover offer from Randgold Resources Limited is superior to the current agreement between Moto and Red Back Mining (RBI.TO). Red Back shares are up 0.7%.
Centerra Gold (CG.TO) has jumped 6.8% after the company said that the Chairman of the Minerals Resources Authority of Mongolia has issued a decree reinstating the Boroo Mine's main operating licenses.
Across the border, a Commerce Department report showed that new home sales jumped 11% to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.
For comments and feedback: contact firstname.lastname@example.org