(RTTNews) - Bay Street stocks have fallen off their highs of the day but remained modestly higher in Thursday afternoon trading. A surge for energy stocks was partially offset by weakness in the gold sector.

The S&P/TSX Composite Index has added 49.16 points or 0.6% to move 8,225.11. Toronto’s main index had lost more than 500 points over the previous two sessions.

Energy stocks are up 3.6% as crude oil received a boost from a surprise drop in inventories. Light sweet crude for March has rallied to $39.41, up $4.74 for the session.

Among the big names, Suncor (SU.TO) has surged 8.5%, Canadian Oil Sands (COS.UN.TO) has jumped 5.8% and Canadian Natural Resources (CNQ.TO) is down 3.75%.

Mining stocks are up 1.9%. First Quantum (FM.TO) is up 3.3% and Teck Cominco (TCK.B.TO) has gained 2.2%.

Silver mining company Silver Wheaton Corp. (SLW.TO) has dropped 11.4% after the company reported a net loss for the fourth quarter compared to a profit in the year-ago period, hurt by write-down of long-term investments and a 43% drop in sales. For fiscal year 2009, the company forecasts higher silver sales compared to the preceding year.

On the downside, gold stocks are 3.2% lower and materials stocks have lost 1.5%. The previous metal slipped away from a seven-month high on the Comex.

Kinross Gold Corp. (K.TO) has lost 6.2% after reporting quarterly earnings that fell short of analysts’ expectations. The company’s adjusted fourth quarter earnings were $56.8 million or $0.09 per share, compared to $40.9 million or $0.07 per share a year ago. Analysts expected the company to earn $0.12 per share.

Agnico-Eagle Mines (AEM.TO) has dropped 2.2% after the company reported net income for the fourth quarter of US$21.9 million or US$0.15 per share, down from US$65.2 million or US$0.46 per share in the prior year period.

In other corporate news, QLT (QLT.TO) has declined 4.75% after the company reported fourth-quarter net income of US$5.9 million or US$0.08 per share, compared to a loss of US$46.5 million or US$0.62 per share in the same quarter last year.

Rona (RON.TO) has jumped 5.4% after the company announced adjusted net earnings for the current quarter were C$26.3 million or C$0.23 per share.

TransAlta Corp. (TA.TO) is up 1.4% after Credit Suisse backed its Outperform rating for the stock.

Magna Entertainment Corp. (MEC-A.TO) has plunged 24.2% after the horse racetrack operator said that its controlling shareholder, MI Developments, has informed that it will not be proceeding with its reorganization proposal. However, the company said it is in discussions with MID concerning alternatives to the reorganization proposal.

President Barack Obama traveled to Ottawa today to meet with Prime Minister Stephen Harper. Talks are expected to include the financial crisis and energy.

On the economic front, Statistics Canada data showed the rate of decline of Canada’s composite index accelerated from 0.5% in December to 0.8% in January. This was the largest and most widespread decrease since the index turned down in September. Among the 10 components, 6 fell, 1 was unchanged and 3 increased.

South of the border, the Labor Department revealed that initial jobless claims came in at 627,000 for the week ended February 14. This was unchanged from the previous week’s revised total.

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Posted in Categories: Canada, Releases, Stocks, USA.

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