Canadian stocks were little changed Wednesday morning as risk appetite waned and traders await further monetary stimulus from the central banks across the globe. The recent run up in stocks, backed by hopes for further monetary stimulus measures by the ECB, pushed the resource-heavy Toronto's main index to a monthly high.
The S&P/TSX Composite Index edged up 3 points or 0.03 percent to 11,866.50, after adding over 350 points or 3 percent in the past two sessions.
Communications company BCE Inc. (BCE.TO) rose over 3 percent after reporting that its second-quarter net earnings increased to C$773 million or C$1.00 per share from C$590 million or C$0.76 per share in the same quarter last year. The company raised its fiscal 2012 adjusted net income outlook to a range of C$3.15 - C$3.20 per share from prior range of C$3.13 - C$3.18 per share.
Among base-metals stocks, HudBay Minerals (HBM.TO) rose over 1 percent after announcing that it would divest certain assets to Silver Wheaton (SLW.TO) for cash consideration of $750 million. Shares of Silver Wheaton surged over 5 percent.
BlackBerry maker Research In Motion (RIM.TO) jumped over 6 percent.
Latest data from the EIA revealed that U.S. crude oil inventories dipped by 3.70 million barrels and gasoline stocks eased 1.80 million barrels in the weekended August 03. Crude for September was up $0.64 to $94.31 a barrel.
In the oil patch Niko Resources (NKO.TO) gained close to 5 percent and Heritage Oil Corp (HOC.TO) jumped over 20 percent.
The price of gold was ticking higher even as the euro was struggling to sustain gains after weak trade data out of Germany. Gold for December edged up $3.80 to $1,616.60 an ounce.
Among gold plays, Allied Nevada Gold (ANV.TO) gained over 2 percent after reporting a much improved second quarter net income of $6.1 million or $0.07 per share compared with $3.6 million or $0.04 per share in the second quarter of 2011
Goldcorp. (G.TO) and Barrick Gold (ABX.TO) added over 1 percent each.
West Africa focused gold miner Avion Gold Corp. (AVR.TO) skyrocketed 35 percent after it said it would be acquired by Endeavour Mining Corp. (EDV.TO) in exchange of 0.365 of an ordinary share of Endeavour for each Avion share. The deal values Avion at C$0.88 per share or C$389 million. On the other hand, shares of Endeavour dived 16 percent,
Among other news driven stocks, real estate company Brookfield Residential Properties Inc. (BRP.TO) moved up about 2 percent after reporting that its second-quarter net income rose to $22 million or $0.22 per share from $19 million or $0.19 per share last year.
Home renovation and gardening products retailer Rona Inc. (RON.TO) edged up 0.50 percent after reporting that its second-quarter consolidated revenues rose C$47,1 million or 3.4 percent to C$1,417.1 million or C$0.36 per share. Analysts were expecting the company to report earnings of C$0.37 per share.
Caterpillar equipment dealer Finning International Inc. (FTT.TO) rose 4 percent after posting second-quarter net income of C$81 million or C$0.47 per share, down from C$82 million or C$0.48 per share last year. Analysts were expecting the company to report earnings of C$0.46 per share.
Airlines operator Air Canada (AC_B.TO) posted wider second-quarter net loss of C$96 million or C$0.35 per share versus loss of C$46 million or C$0.17 per share a year ago. Adjusted net loss per share was C$0.05, wider than C$0.01 in the same quarter last year. The stock plummeted 7 percent.
In economic news from the euro zone, the Bank of England lowered growth estimate for the U.K. as fiscal consolidation and euro zone debt crisis weigh on demand. In its quarterly Inflation Report, the BoE said economic growth is likely to be around 2 percent in two years, down from the 2.6 percent expansion estimated in May.
Meanwhile, German trade surplus unexpectedly increased in June as imports declined at a pace double than that of exports, indicating that the sovereign debt crisis and the economic slowdown has dampened both domestic and foreign demand. Exports fell 1.5 percent month-on-month on a calendar-and-seasonally adjusted basis, the Federal Statistical Office showed Wednesday. This was faster than economists' forecast for a 1.3 percent drop.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.