RTTNews - Toronto stocks are modestly higher in Thursday afternoon trading and recovered some of the losses from earlier this week. Strength in the mining and financial sectors has led the gains.
The S&P/TSX Composite Index has edged up 49.43 points or 0.49% to 10,115.73. The index ended the previous session at a three-week low.
Mining stocks have rallied 3.2% as copper gained slightly on the Comex, recovering a small portion of a recent slide.
Teck Resources (TCK.B.TO) has jumped after the company said that it has agreed to sell one-third interest in Teck's Waneta Dam in southeastern British Columbia to BC Hydro for C$825 million.
Meanwhile, HudBay Minerals (HBM.TO) is up 3.7%. The company announced it will close its copper smelter in Flin Flon, Manitoba, by July 2010, eliminating 225 jobs.
Financials are up 1.5% as all of the big six banks are in the green. Royal Bank (RY.TO) has added 2.4%, Bank of Montreal (BMO.TO) is up 2.15% and Scotiabank (BNS.TO) has added 2% to lead the way.
Technology stocks are up 1.1%, despite a 0.75% drop for Research in Motion (RIM.TO) ahead of its quarterly earnings report. The Blackberry-maker is expected to report quarterly earnings of US$0.94 per share, up from US$0.84 a year ago.
In corporate news, Mineral resource explorer Iamgold (IMG.TO) raised its fiscal-2009 gold production outlook. However, the full year production outlook for niobium was lowered slightly. On the report, shares are down 4.3%.
WestJet Airlines (WJA.TO) has dropped 1% after the company said that the WestJet Pilots Association ratified the 2009 pilot agreement, effective July 1. About 89% of the pilots voted in favor of the agreement.
Bombardier (BBD.B.TO) shares are down 0.3%. The Toronto Star reported Toronto's transit system is expected to announce it will buy 204 streetcars from the company.
In economic news, consumer prices inched higher by 0.1% in May, down from the 0.4% increase in April. Economists were looking for consumer prices to slip 0.2%. Core prices excluding energy and food advanced 2.0% over the 12 months to May, up from the 1.8% rise posted in April.
Across the border, a Labor Department report showed that initial jobless claims rose to 608,000 from the previous week's revised figure of 605,000. Economists had expected jobless claims to edge up to 604,000 from the 601,000 originally reported for the previous week.
The S&P/TSX Composite fell 241.29 points or 2.34% to settle at 10,066.11 on Wednesday. This marked the lowest finish since May 22.
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