RTTNews - Canadian stocks remain moderately higher on Thursday, boosted by mild strength in the materials sector. If the gains hold, Bay Street's main index will finish higher for a fourth straight session at its best level in more than two weeks.
The S&P/TSX Composite Index is up 76.50 points or 0.75% to 10,291.76. The market is on target for its best close of July.
Materials stocks are showing a 1.25% gain. Agrium (AGU.TO) is up 5.25% and Potash (POT.TO) has added 3.9%.
Industrials stocks are up 1.2%, led by a 2.9% spike for Russel Metals (RUS.TO). Bombardier (BBD.B.TO) is up 2.2%.
Consumer Discretionary stocks are up 1%. Gildan Activewear (GIL.TO) has added 2.9% and Magna International (MG.A.TO) is up 2.8%.
In corporate news, Nexen (NXY.TO) has declined 6.4% after the company reported that its second-quarter net income was C$20 million or C$0.04 per share, compared to C$380 million or C$0.70 per share in the same quarter of last year.
Research In Motion Ltd. (RIM.TO) and Visto Corporation announced that they have reached a deal to settle all patent litigation between the companies. As part of the deal, RIM will pay US$267.5 million. Research in Motion shares are up 0.4%.
Moto Goldmines Limited (MGL.TO) has surged 10.7% after Randgold Resources Limited (GOLD) and AngloGold Ashanti announced a joint bid to acquire Moto for C$5.00 per share.
Ivanhoe Mines (IVN.TO) has plunged 10.75% after the Mongolian government received parliament's approval for a long-term agreement with the company for a development and operation of the Oyu Tolgoi mine.
A U.S. Labor Department report showed that jobless claims fell to 522,000 from the previous week's revised figure of 569,000. Economists had been expecting jobless claims to fall to about 530,000 from the 565,000 originally reported for the previous week.
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