Toronto stocks got a lift on Tuesday from a string of positive earnings news. At midday, the S&P/TSX composite index was up 36.39 points, or 0.4%, at 9,452.52.
Volume was 128 million shares.
All of the TSX index’s main groups were higher. The materials group led with 0.8% rise, while the technology group advanced 0.7%.
Electronic publisher Thomson Corp climbed 27¢ to $40.30 after it reported a stronger-than-expected first-quarter profit and a 5% dividend increase on Tuesday.
Mining company Teck Cominco added 85¢, or 2.1%, to $42.35 on the back of a profit boost from higher metal prices and increased sales of copper, coal and molybdenum.
Uranium producer Cameco, which is due to report results on Friday, was up $1.67, or 3.4%, at $51.50.
However, Noranda weighed on mining stocks. Its shares were down 19¢, or 0.8%, at $23.67 despite reporting stronger first-quarter earnings.
In the energy group, Petro-Canada shares dropped 87¢, or 1.2%, to $71.13. The company’s first-quarter profit tumbled 77% as the country’s No. 4 oil producer and refiner took a noncash loss on the value of future oil sales from a big North Sea field.
In New York, conflicting data on the economy kept stocks mixed.
The U.S. Commerce Department’s report showing a surprise jump in new home sales last month assuaged fears that higher rates would curtail consumers’ willingness to buy homes.
However another reported showed that consumer confidence dropped to its lowest level in five months.
At midday, the Dow Jones industrial average fell 9.83, or 0.1%, to 10,232.64.
Broader stock indicators were mixed. The S&P 500 index was up 0.14, or 0.01%, at 1,162.24, and the tech-heavy Nasdaq composite index lost 0.25, or 0.01%, to 1,950.53.
Oil prices retreated for a second session, with a barrel of light crude quoted at $53.62, down 95 cents, on the New York Mercantile Exchange. The bond market fell as stocks rose, with the yield on the 10-year Treasury note rising to 4.28% from 4.25% late Monday. The dollar was mixed against other major currencies, and gold prices moved higher.
Midday report: Earnings reports boost Toronto stocks
- April 26, 2005 April 26, 2005
- 11:50