RTTNews - Toronto stocks are stable in early trading on Tuesday morning, holding its sharp gains from the previous session. Further gains for mining stocks has offset a drop in the energy sector.
The S&P/TSX Composite Index has added 11.61 points or 0.1% to 10,615.67. The market soared to a new seven-month high in yesterday's trading.
Mining stocks are showing a 2.4% gain. First Quantum (FM.TO) has added 3%, Tech Cominco (TCK.B.TO) is up 2.6%, Inmet (IMN.TO) has climbed 2.4% and HudBay has increased 1.7%.
Energy stocks are down 1.4% as crude oil has cooled off on the NYMEX after rising to a seven-month high. Suncor (SU.TO) has dropped 3.2%, Baytex (BTE.UN.TO) has lost 3%, Canadian Natural Resources (CNQ.TO) is down 1.8% and Encana (ECA.TO) has lost 1%.
In corporate news, Magna International (MG.A.TO) may not be done with acquisitions. According to the National Post, the auto parts maker might look into buying General Motors' Saturn unit, after already agreeing to buy Opel.
MKS Inc. (MKX.TO) has dropped 7.6% after the company announced that its fourth quarter net income decreased to US$2.0 million or US$0.04 per share, from US$4.7 million or US$0.09 per share in the fourth quarter of fiscal 2008.
IMAX Corp. (IMX.TO) has plunged 5.9% after the company disclosed the pricing of its public offering of 9.8 million common shares at $7.15 per share. Gross proceeds from the offering are expected to be approximately $70.1 million.
In the healthcare sector, QLT Inc. (QLT.TO) has jumped 5.4% after it revealed positive results from a 12-month primary analysis from the Phase II RADICAL study in patients with wet age-related macular degeneration.
Canadian Superior Energy (SNG.TO) is flat amid word it will sell a 45% interest in a gas development block near Trinidad to Centrica for US$142.5 million in cash.
According to The Canadian Press, Brick Brewing Co. (BRB.TO) is filing a $1 million lawsuit against its founder Jim Brickman alleging several wrongdoing over the years. The stocks is flat.
On Monday, the S&P/TSX Composite Index surged 233.99 points or 2.25% to finish at 10,604.06. The market received a boost from rising copper and crude oil prices as well as a better-than-forecast gross domestic product report from Canada.
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