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TSX May Find Resistance Near Record Highs -- Canadian Commentary

Canadian stocks may struggle Thursday, and are poised to trim recent gains amid a drop in crude oil prices.

The Canadian market has been grinding out gradually gains on the way back toward record highs, but signs point to some profit taking this morning. However, buoyant gold prices may support precious metals stocks for a second day.

Yesterday, the TSX Composite Index added 30.04 points to 15,800. That's about 140 points from a new record high.

Looking at this morning's corporate news, Barrick Gold (ABX.TO) says it produced 1.24 million ounces of gold in the quarter ended Sept 30, less than the 1.38 million ounces produced a year earlier.

BlackBerry (BB.TO) ended its patent dispute with BLU and signed a license deal with the Florida company.

WestJet (WJA.TO) said it load factor rose last month.

Metro (MRU.TO) is selling off most of its stake in Alimentation Couche-Tard Inc. to help fund the purchase of pharmacy chain Jean Coutu.

Jean Coutu (PJC.A.TO) said Revenues increased by 6.1% to $744.3 million for the second quarter, and net profit per share amounted to $0.26.

Crude oil futures were lower Thursday after an industry report showed U.S. oil inventories unexpectedly climbed last week.

WTI light sweet crude oil was down 72 cents at $50.58 a barrel.

U.S. crude oil stocks rose 3.097 million barrels at the end of last week, the American Petroleum Institute (API) said.

by RTTNews Staff Writer

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