RTTNews - Canadian stocks moved higher at the opening bell but are now clinging to the unchanged line as financials pulled back following a strong showing in the previous session.

The S&P/TSX Composite Index is up 1 point at 10,944, given a measure of support by resource stocks.

Energy and mining shares are in positive territory as commodity prices rose on US dollar weakness.

In corporate news, Bank of Nova Scotia (BNS, BNS.TO) on Friday reported a 10% year-over-year decline in profit for the third quarter, hurt by higher provisions for credit losses, and writedowns on non-trading securities.

BNS shares were down 2.5 percent.

Gerdau Ameristeel Corp. (GNA: News ,GNA.TO: News ) announced that it has reached agreement with the United Steel Workers or USW regarding the suspension of production at the Company's steel mill located in Sand Springs, Oklahoma.

Gerdau share are up 4 percent.

TransAlta Corp. (TAC,TA.TO) said its wholly-owned subsidiary has extended its offer to buy all of the issued and outstanding common shares of Canadian Hydro Developers, Inc. (KHD.TO) for $4.55 per share in cash.

Transalta shares are down fractionally.

In economic news, Canadian industrial product and raw materal prices turned lower in July, mainly due to falling petroleum prices, according to data released Friday morning by Stats Canada.

The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) declined 0.5% and 3.8% respectively in July compared with June.

Meanwhile, Canada's overall current account deficit expanded to C$11.2 billion during the second quarter of 2009, which also marked the first quarterly deficit on international trade in goods in more than 30 years, according to Stats Canada.

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