Canadian stocks were moving higher Friday morning as traders await further cues over the likelihood of more economic stimulus for the U.S. economy. Meanwhile, the leaders of Germany and France also suggested that they would be reluctant to extend deadlines for Greece to make reforms.
The S&P/TSX Composite Index rose 34.50 points or 0.29 percent to 12,097.01, a day after snapping its two-session winning streak.
The financial index added nearly 1 percent, with Royal Bank (RY.TO), CIBC (CM.TO) and TD Bank (TD.TO) adding about 1 percent each.
The price of crude oil was ticking higher as traders await further moves by the central banks in policy easing, with Light Sweet Crude Oil (WTI) futures for October delivery, adding $0.60 to $96.87 a barrel.
In the oil patch, MEG Energy (MEG.TO) and Bonterra Energy (BNE.TO) gained around 1 percent each.
Information solutions provider MacDonald Dettwiler (MDA.TO) rose over 1 percent.
Gold stocks retreated as bullion struggled to extend gains. Gold was paring gains Friday morning after advancing to a fresh four-month high in the previous session as stimulus is expected to raise the inflation outlook, benefiting the yellow metal, which is seen as a hedge against rising prices. Gold for December slipped $1.10 to $1,671.70 an ounce.
Among gold plays, Centerra Gold (CG.TO) shed over 3 percent.
Oil and gas company Africa Oil Corp.(AOI.V) announced the appointment of Nick Walker as its Chief Operating Officer effective September 10. The stock shed over 3 percent.
In economic news from south of the border, figures released by the Commerce Department revealed new orders for durable goods in July came in at $230.7 billion, a 4.2 percent increase from June levels. The increase was much higher than most economists had expected, with most forecasting growth of 1.9 percent, much closer to the 1.6 percent growth posted in July. Excluding transportation orders, however, durable goods orders fell 0.4 percent in July, with revised figures for June showing a 2.2 percent decline in non-transportation durable goods orders - lower than the 1.1 percent drop initially reported.
From the euro zone, the U.K. economy contracted 0.5 percent in the second quarter, revised upwards by 0.2 percentage points from the fall of 0.7 percent published on July 25, data from the Office for National Statistics showed. Nonetheless, the sequential fall was bigger than the 0.3 percent drop registered in the first quarter. The revision largely reflects upward revisions to construction and production output. Output of production industries slipped 0.9 percent, revised from the 1.3 percent drop estimated initially.
by RTT Staff Writer
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