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.

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