(RTTNews) - Bay Street stocks turned modestly higher Friday afternoon following the lead of crude oil. The S&P/TSX composite index added 35.82 points or 0.36% to 9,892.03. Toronto’s main index hit a 10-day high of 9,908.30 after earlier falling by as many as 242 points.

Energy stocks recouped their early weakness and traded slightly higher in afternoon trading. The Energy Index is up 0.4%.

Crude oil spiked sharply higher in the afternoon and edged above $68.00 a barrel. Light sweet crude for December delivery traded at $68.03 a barrel, up $2.07 for the session. Oil had traded as low as $63.12 a barrel earlier in the day.

In the morning, Statistics Canada reported that Canada’s economy contracted 0.3% in August, partly reversing the 0.7% increase in July, as the wholesale trade, manufacturing, and the energy sector all retreated in August.

Metal-related stocks led the early fall. The Gold Index fell 4.2%, mining stocks dropped 3.73% and materials stocks dropped 3.1%.

Goldcorp (G.TO) fell 6.3% after announcing its adjusted third-quarter net income declined to US$64.7 million or US$0.09 per share from US$82.3 million or US$0.12 per share in the prior-year period. Wall Street expected the company to post earnings of $0.15 a share in the recent quarter.

Meanwhile, Eldorado Gold Corp. (ELD.TO) was down 2.46% in the afternoon. Before the bell, the company reported third-quarter net income of US$17.0 million or US$0.05 per share, compared to US$5.2 million or US$0.02 per share in the same quarter last year.

Centerra Gold (CG.TO) lost 3.2% after the company reported third-quarter net earnings of US$16.9 million or US$0.08 per share, compared to a loss of US$90.1 million or US$0.42 per share in the same quarter last year.

Gold for December delivery ended the Comex session at $718.20 an ounce, down $20.30.

The Financial Index was flat in the afternoon. Among the big six banks, the Bank of Nova Scotia (BNS.TO) added 1.6%, while Canadian Imperial Bank (CM.TO) slid 1.1%.

SNC-Lavalin Group (SNC.TO) gained 5.3% after announcing third quarter net income of C$91.3 million or C$0.60 per share, compared to net income of C$63.17 million or C$0.41 per share in the same quarter last year

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