Proactiveinvestors Australia

Wraps: PI NA

Proactive Investors brings you the latest news overnight on the biggest stories produced by our North American team.

Tweet

 

Email

Email to a friend:

To:

Separate multiple addresses with commas.

From Email address:

Name: Please send me a copy Message:

Verification code

Enter the code from aboveRequired

Send

Toronto main board higher; Kinross Gold, HudBay Minerals and Suncor Energy lead the charge

From North America: Toronto's main market rose moderately Thursday after a series of losses in previous trading sessions spurred by political uncertainty in Greece and problems in the rest of Europe.
 
Investors welcomed news that US jobless claims fell slightly last week.
 
As of 12:45pm ET, the main S&P/TSX Composite rose 63.52 points, or 0.54%, to 11,738.53, while the more junior S&P/TSX Venture Composite was up 12.47 points, or 0.93%, to 1,358.16.
 
Commodities were mostly in the green as crude oil for June delivery rose 29 cents to $97.1 per barrel and gold for June came in higher by $1.4 to $1,595.60 an ounce.
 
Silver futures, however, shed slightly by 0.02% to $29.23 an ounce, while the base metal copper contract rose 2.5 cents to $3.68 a pound.
 
In Toronto, the energy sector rallied, as did metals and mining, financials, telecom and utilities. Materials and healthcare edged down.
 
Among miners, Kinross Gold (TSE:K) was up 2.2%, while Goldcorp (TSE:G) fell 1.2%. HudBay Minerals (TSE:HBM) was higher by 1.3%, a day after reporting first quarter profit dropped 47% on impairments and tax charges.
 
Osikso Mining (TSE:OSK) was down around 4.3% after the company reported Thursday a fire started in the cyclone separator portion of its Canadian Malartic mill last night.
 
Firefighters have contained and extinguished the fire and the company is now monitoring the mill, with no injuries reported, it said. Emergency procedures for an orderly shutdown were executed by the Osisko team and emergency services.
 
Regular mining operations are being maintained outside of the mill area and all employees are back at work, it added.
 
In the energy sector, Suncor Energy (TSE:SU) was up 1.2%, Nexen (TSE:NXY) rose 3.3% and Talisman Energy (TSE:TLM) gained 1.9%.
 
Financials were up as Royal Bank of Canada (TSE:RY) and Sun Life Financial (TSE:SLF) rose 1.1% and 0.77%, respectively. Sun Life Financial (TSE:SLF)(NYSE:SLF) said Thursday it posted a 56 percent increase in its first quarter earnings, on capital market improvements and continued business growth.
 
Elsewhere in corporate news, silver producer First Majestic Silver Corp (TSE:FR, NYSE:AG) said it remained on track to meet production guidance for 2012 as it reported a solid first quarter.
 
Silver production was "robust" during the three months to March 31, the firm said, with 1,826,803 ounces being produced -  3 per cent more than the 1,769,208 ounces in Q1 last year.
 
Train and plane maker Bombardier (TSE:BBD.B) said Thursday fiscal first-quarter earnings fell 13.6 percent amid declining revenues spurred by fewer jet deliveries, though margins grew.
 
Net income came in at $190 million, or 10 cents per share, for the first three months of the year. That is down from a year-earlier profit of $220 million, or 12 cents a share. Revenue slumped to $3.5 billion from $4.7 billion a year earlier.
 
On average, analysts had expected per-share profits of 10 cents, on revenue of $4.52 billion, according to Thomson Reuters.
 
Auto parts maker Magna International (TSE:MG)(NYSE:MGA) said on Thursday its first-quarter profit rose 6.5 percent, as increased demand in North America offset a slowdown in Western Europe.
 
Canadian Tire (TSE:CTC.A) said first quarter profit grew 22 percent Thursday thanks to acquisitions and strong revenue growth.
 
Motion picture exhibitor Cineplex (TSE:CGX) swung to a first-quarter profit driven by films like "The Hunger Games" and "Dr. Seuss’ The Lorax", prompting an increase in its dividend.
 
Toy maker Mega Brands (TSE:MB) narrowed its net loss in the first quarter which is historically slow, amid a 14 percent growth in revenue.
 
CVTech Group (TSE:CVT) said first quarter earnings spiked Thursday though revenue was down mainly due to delays in awarding large scale contracts.
 
Pacific Rubiales Energy Corp. (TSE:PRE) said Thursday it swung to a first-quarter profit, helped by production from its recently acquired offshore project in Peru.
 
Cascades (TSE:CAS) reversed a year earlier loss to post a $6-million profit in the first quarter as the packaging and tissue maker saw revenue soar by more than $100 million.
 
Earnings came in at six cents per share, compared with a year-earlier loss of $8 million or eight cents per share.
 
On the economic front, Statistics Canada reported Thursday that Canada's trade surplus with other nations jumped to $351 million in March, up from $273 million in February, as exports fell 0.4% and imports declined 0.6%.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Sign up to Proactive Investors

Comments from Proactive Investors readers

• Fill in your details below:

Verification Code

Reload image