The Toronto stock market registered a modest gain late morning Tuesday as mining stocks ran ahead on higher prices for gold and copper.
The S&P/TSX composite index gained 19.24 points to approach noon at 12,877.73, off its highs of the morning.
The Canadian dollar was up 0.05 at 97.51 cents U.S.
But the index was held back in part by BlackBerry as its new product started pre-sales in the U.S.
The TSX is still up 3.8% for the year so far with some support coming from the Dow’s recent strong runup.
In Toronto, the gold sector led advancers, as Goldcorp Inc. rose $1.03 to $34.26.
Alamos Gold Inc. is asking the B.C. Securities Commission to remove a "poison pill" anti-takeover defence erected by Aurizon Mines Ltd.
The original Aurizon shareholder rights plan expired March 4 when Hecla Mining Co. came forward with a rival, friendly offer. Alamos says a second poison pill announced by Aurizon on Monday is designed to prevent shareholders from exercising their right to accept its proposal. Alamos shares gained 27 cents to $14.83 while Aurizon edged up two cents at $4.53.
May copper rose five cents to $3.56 U.S. a pound, boosting the base metals sector by about 1%. Teck Resources gained 41 cents to $31.74.
Labrador Iron Mines Holdings Ltd. surged 19 cents or 29.2% to 84 cents. The company and a subsidiary of India’s Tata Steel Ltd. have reached a strategic co-operation pact.
Labrador Iron has agreed to sell a 51% stake in its Howse deposit to Tata Steel Minerals Canada for $30 million cash and the right to acquire a deposit from TSMC. The agreement also calls for the companies to share a rail line and other equipment to carry ore from the
Labrador-Quebec border area to the port of Sept-Iles, Que.
The energy sector rose while Talisman Energy was up 24 cents to $12.68, as the company said it has signed a deal with SBM Offshore to cancel and scrap its Yme project in the North Sea, which has faced a number of problems and delays. The company said a new solution is needed in order to develop the Yme field.
PetroBakken Energy Ltd. declined 22 cents to $8.23 as it said it plans $675 million in capital spending this year, about 30% less than in 2012 or 2011 before adjusting for dispositions.
The Calgary-based oil and gas producer also says it had $106.9 million of adjusted net income, or 55 cents per share. Revenue was $296.5 million and funds from operations were $168.3 million, or 88 cents per share.
The tech sector led losing components. Shares in BlackBerry fell 80 cents or 5.2% to $14.49 as U.S. telecom AT&T started presales of the company’s new Z10 touchscreen smartphone, leading up to an official U.S. release on March 22.
The company said on Monday that the phone will sell for $199.99 U.S. under a two-year contract. The stock had surged 14% Monday amid high hopes for the smartphone in the highly competitive U.S. market.
The consumer staples sector was also weak with convenience store chain Alimentation Couche Tard down $1.49 to $55.30.
The parent of the Sobeys grocery chain, Nova Scotia-based Empire Company Ltd., says it had $75.2 million of net income in its financial third quarter.
The profit amounted to $1.11 per share while adjusted earnings were slightly higher at $79.6 million or $1.17 per share. Revenue for the three months ended Feb. 2 was $4.34 billion, most of it from Sobeys. Empire shares rose 20 cents to $65.47.
ON BAYSTREET
The TSX Venture Exchange gained 2.76 points to 1,119.03
The 14 Toronto subgroups were divided gainers and losers, with gold leading the former group, up 2.1%, while materials picked up 1.5%, and the metals and mining group advanced 0.8%.
The seven laggards were weighed mostly by information technology, off 1.1%, while consumer staples and health-care were each 0.5% to the bad.
ON WALLSTREET
U.S. stocks were lower in choppy trading Tuesday, with the Dow stepping back from its sixth record high.
The Dow Jones Industrials slid 1.67 points to 14,445.60, from Monday’s record high.
The S&P 500 index lopped off 3.19 points to 1,553.03. The tech-heavy NASDAQ Composite shed 16.61 points, to 3,236.26.
Costco shares rose after the bulk retailer announced better-than-expected earnings for its fiscal second quarter, although its revenue increase came in short of forecasts.
Yum Brands shares rose after the company -- which owns Taco Bell, KFC and Pizza Hut brands -- reported a smaller-than-expected drop in same-store sales at its China locations.
Shares of Cabela spiked after the sporting goods retailer issued strong earnings guidance.
Best Buy shares were also higher after Goldman Sachs resumed coverage of the stock with a buy recommendation.
Urban Outfitters shares gained even after the company reported earnings just short of analysts' forecasts for the third time in the last five quarters.
Apple shares edged lower after a late-day spike Monday. Worries about slowing demand for the iPhone 5 and what Apple plans to do with all its cash has been pressuring the stock. On Tuesday, Jefferies analyst Peter Misek lowered his price target to $420 from $500 U.S.
Meanwhile, in the continuing saga of Washington's budget wars, House Budget Committee Chairman Paul Ryan will release his budget proposal Tuesday.
The U.S. Treasury Department will also release data on tax and revenue collection and federal spending in February later in the day.
Prices on the 10-year U.S. Treasury gained, lowering yields to 2.02% from Monday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices remained positive 80 cents to $92.86 U.S. a barrel.
Gold prices gained $14.10 to $1,592.10 U.S. an ounce.
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