RTTNews - Canadian stocks have moved moderately higher on Thursday morning, sparked by an encouraging durable goods report from the U.S. and better-than-expected earnings reports from Toronto Dominion (TD.TO) and National Bank (NA.TO).
The S&P/TSX Composite Index has added 80.29 points or 0.79% to 10,222.77. The index backed off of a seven-month closing high yesterday.
Gold stocks are up 3% to lead the gainers. Agnico-Eagle Mines (AEM.TO) has added 3.5%, Barrick Gold (ABX.TO) has climbed 2.4% and Goldcorp (G.TO) is up 2.1%.
Financials are up 1.1% as earnings reports from Toronto-Dominion and National Bank have outweighed a wider second-quarter loss for CIBC (CM.TO).
National Bank (NA.TO) is up 3.65% to lead the big banks higher after the company announced second quarter net income of C$261 million or C$1.53 compared to C$229 million or C$1.41 in the second quarter of 2008.
Toronto-Dominion (TD.TO) has added 3.5%. The lender reported net income for the second quarter was C$577 million or C$0.68 per share, compared to C$841 million or C$1.12 per share in the year ago quarter.
Meanwhile, CIBC (CM.TO) has lost 3.75% after revealing a second quarter net loss of C$90 million or C$0.24, compared to a loss of C$1.41 billion or C$3.00 in the year ago quarter.
Earnings from Scotiabank (BNS.TO) are also on today's calendar, while Royal Bank (RY.TO) will report tomorrow. Bank of Montreal (BMO.TO) announced earnings earlier in the week.
Energy stocks are up 0.5% as crude oil has added 34 cents to $63.81 per barrel, moving off of its highs of the day above $64. As expected, OPEC announced it will leave production as is following a meeting in Vienna.
In other corporate news, Descartes Systems Group (DSG.TO) has rallied 9% after the transportation supply company reported first quarter net income of US$2.21 million or US$0.04 per share, compared to US$1.05 million or US$0.02 per share in the same quarter of last year.
Garda World Security (GW.TO) has added 7.8% after announcing first-quarter revenues rose to C$279.2 million from C$263.6 million in the same period last year. EPS fell to C$0.08 from C$0.14.
Nortel Networks Corp. (NT.TO) is flat after the telecom equipment maker said Wednesday that it will seek a buyer for its majority stake in LG-Nortel, the company's South Korean joint venture with LG Electronics.
In economic news, the Globe and Mail reported Canadian governments may spend more than C$13 billion on bailouts of beleaguered automakers General Motors and Chrysler.
Meanwhile, the earnings for the average Canadian employee climbed 2.4% year-over-year in the month of March.
Across the border, a Commerce Department report showed April durable goods orders jumped 1.9% after a downwardly revised 2.1% drop in March. Economists had expected orders to edge up 0.5%.
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