Canadian Stocks Edging Higher, Bit By Bit; Mining, Energy Stocks Pacing Gains For Toronto Stock Market

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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 Inc. ( ACT ) 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 his checks.

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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ACT

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