Erasing early trading losses, Canadian stocks were hovering in positive territory Wednesday morning even as traders focus on the weekend Greek elections and the OPEC's meeting to decide on the crude oil output levels.
The S&P/TSX Composite Index added 40.13 points or 0.35 percent to 11,537.43, a day after snapping its three-session losing streak
The price of gold was moving higher amid a mixed U.S. dollar and on lingering worries over the euro zone financial situation. Gold for August was up $8.80 to $1,622.60 an ounce.
Among gold plays, Agnico-Eagle Mines (AEM.TO), Goldcorp. (G.TO) and Allied Nevada Gold (ANV.TO) moved up around 2 percent each.
In the financial space, TD Bank (TD.TO) Royal Bank (RY.TO) and CIBC (CM.TO) gained over 1 percent each.
Dollarama Inc. (DOL.TO) gathered over 7 percent after posting d improved first quarter net earnings of C$42.58 million or C$0.56 per share compared to last year's C$30.42 million or C$0.40 per share. Analysts were expecting the company to report earnings of C$0.50 per share.
Patheon Inc. (PTI.TO) soared over 11 percent after lifting its full year 2012 revenue forecast and expecting the same to be in excess of $725 million. The pharmaceutical company posted a wider second-quarter net loss of $79.7 million or $0.617 per share versus loss of $10.4 million or $0.081 per share last year.
The price of crude oil was little changed Wednesday morning as traders await cues from the outcome of the meeting this week of the producer group OPEC. Earlier today, the International Energy Agency, in its monthly Oil Market Report, nudged down its 2012 oil demand growth forecast to 89.90 mbd, citing uncertainty over summer power sector oil demand and non-OECD stockpiling.
Meanwhile, latest data from the Energy Inflammation Administration revealed that U.S. crude oil inventories moved down by 200,000 barrels and gasoline stocks dipped 1.70 million barrels in the weekended June 08. Analysts were expecting crude oil inventories to decline by 1.4 million barrels and gasoline stocks are expected to rise by 1.1 million barrels last week. Crude for July edged up $0.09 to $83.41 a barrel.
In the oil patch, MEG Energy (MEG.TO) rose over 2 percent.
On the other hand, oil and gas company Enerplus Corp. (ERF.TO) lost over 2 percent after reiterating production growth targets for 2012 as it expects to deliver 10 percent organic production growth through a capital spending program designed to increase crude oil production significantly.
Drug manufacturer Cangene Corp. (CNJ.TO) lost over 3 percent after reporting a wider third-quarter net loss of $4.58 million or $0.07 per share compared to a loss of $1.39 million or $0.02 per share last year.
Corporate restaurants operator Imvescor Restaurant Group (IRG.TO) lost nearly 6 percent after reporting a second-quarter net loss of C$1.2 million, wider than the net loss of C$0.6 million in the same period last year.
Information technology company Mediagrif Interactive Technologies (MDF.TO) shed 6 percent even after reporting improved net income for the fourth quarter of C$2.6 million or C$0.19 per share, compared to C$1.9 million or C$0.14 per share for the year-ago quarter. The company said its Board of Directors has approved a 13 percent dividend increase at C$0.09 per share.
In economic news from the U.S., the Commerce Department said retail sales edged down by 0.2 percent in May, matching the revised decrease seen in April. Economists had expected sales to dip by 0.2 percent compared to the 0.1 percent increase originally reported for the previous month. Excluding a 0.8 percent increase in sales by motor vehicle and parts dealers, retail sales fell by 0.4 percent in May compared to a 0.3 percent decrease in April. Economists had expected ex-auto sales to come in roughly flat.
Elsewhere, the euro zone industrial production declined in April, at a slower than expected pace, data from Eurostat showed. Industrial production logged a monthly fall of 0.8 percent in April after easing 0.1 percent in March. The decline was smaller than economists' expectations for a 1.2 percent drop.
Meanwhile, Germany's harmonized consumer prices rose more than initially estimated in May, final data from the Federal Statistical Office revealed. EU harmonized inflation came in at 2.2 percent in May, revised up from the prior estimate of 2.1 percent. The rate was thus unchanged from the 2.2 percent seen in April.
by RTT Staff Writer
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