Mining and Metals Stocks Leading Gains For Canadian Stocks; Focus On Neptune Technologies
Canadian stocks are up another 70 points and at session highs early afternoon, adding to the 50 points gained Tuesday on hopes that budget talks will soon be completed in the United States, which is Canada's largest trading partner. Most industry sectors are posting gains, led by Mining & Metals stocks that lagged others a bit yesterday. The Financials and Info Tech sectors are also strong.
The Telecoms sectors is the only one lower.
In economic news, wholesale sales advanced 0.9% during October to $49.2 billion, reversing a 1.5% decline during the previous month. Higher sales were reported in six of seven subsectors, representing 87% of wholesale sales. In volume terms, wholesale sales were up 0.8%, according to StatisticsCanada.
In company news, Neptune Technologies & Bioresources Inc (NEPT, NTB.TO) is now up more than 20% on the TSX, bouncing back from two days of steep declines after its chief financial officer said the company expects to resume production in 2013 - rejecting an online article concluding "meaningful" production was unlikely before 2014.
CFO Andre Godin told Reuters late yesterday said NEPT will restart production of its nutritional supplements next year, with another factory in Sherbrooke, Ont., coming on line in about six months. The company's plant in Sherbrooke was destroyed by an Nov. 8 explosion and fire, killing three workers.
The article posted Monday on the SeekingAlpha.com website sent NEPT shares in a tailspin, falling a combined 30% on Monday and Tuesday from a $2.46 a share close on Friday. At last look, the stock was up 36 cents today to $2.02 a share, establishing a new session high.
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