Canadian stocks are edging up bit by bit as the day goes on
today, with the S&P Composite Index now up more than 90 points,
or about 0.75%. Trading has been fairly steady in the afternoon
session with the index reaching its peak just after 12 p.m. ET.
All but the Utilities sector tracked by the Composite Index are
higher, led by a near 2% advance for mining and metal companies
while energy stocks as a group are ahead by about 1.1%.
Healthcare stocks also are higher today, with Valeant
Pharmaceuticals International Inc. (VRX.TO, VRX) climbing about 4%
and going close to year highs on the TSX after the Wall Street
Journal reported the drug-maker is in talks to buy rival Actavis
) for as much as $13 bln, people familiar with the matter told the
newspaper. ACT is up 5.5% and have hit year highs on the NYSW.
Among mining stocks posting gains today is Endeavour Silver
Corp. (EDR.TO, EXK), rising about 2.6%, after saying it is moving
to cut costs and revising its FY13 financial plan due to
lower-than-expected metal prices.
The plans include deferring around 20% of its previously
scheduled capital investments and reducing non-core exploration
spending by 25%. The company also said it will lay off an
unspecified number of employees.
Also, Imperial Oil Ltd. (IMO.TO, IMO) is up about 1% after this
weekend saying it began work on the the initial phase of its Kearl
oil sands project in northeastern Alberta.
BlackBerry (BB.TO, BBRY) is up about 3% following positive
reports for the debut of the company's Q-10 smartphone this weekend
in the U.K.
Peter Misek of Jefferies & Co. today reiterated his Buy
rating on BBRY and a $22 price target, writing initial sales of the
keyboard-enabled smartphone running the new Blackberry 10 operating
system were strong, with stores such as Carphone Warehouse and
Selfridges department stores quickly selling out of stock, based on
RBC Capital also today raised its projected sales for the Q-10,
citing pent-up demand for the device while keeping its Sector
Perform rating and $18 price target.