Canadian Stocks Higher; Small Gains for Gold Miners Beat Out Losses in Financial, Energy Sectors
Canadian stocks are 25 points higher and near session highs Wednesday with most sectors higher. However, energy stocks, which account for over one-quarter of the overall value of the TSX Composite Index, is proving the largest drag on the market today, falling 1% as a group. Gold stocks, which make another quarter of the TSX Composite, are slightly higher, while financial stocks - the largest of the 10 sectors tracked by the TSX Composite, are up a combined 0.5%.
In company news, Suncor Energy Inc. (SU.TO,SU) is down well over 5% after reporting Q4 operating earnings of $0.65 per year, excluding a C$1.487 billion after-tax impairment charge for its Voyageur upgrade project and trailing analyst forecasts for the period by $0.14. It reported a $0.91 operating profit in the year-ago quarter.
Looking forward, SU is projecting total production of between 570,000 to 620,000 barrels per day, including between 350,000 to 380,000 barrels daily from its oil sands operations. Gasoline is projected to make up just under half of the company's refined product sales in FY13 with distillates accounting for about one-third of refined sales.
Throughputs for its eastern North American refineries are seen in a range of 185,000 to 205,000 barrels per day while, at its western North American refineries, throughputs are seen in a range of 215,000 to 235,000 barrels per day, unchanged from its prior guidance despite a 5,000-barrel increase in the nameplate capacity of its Edmonton facility to 140,000 barrels per day.
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