Canadian Stocks May Struggle To End Week On A High Note

(RTTNews) - Canadian stocks will look to break out of a stubborn range on Friday after seeing only nominal gains in the previous two sessions. However, trading is likely to be subdued today, with little first-tier economic data or earnings news to drive interest in equities.

On Thursday, the S&P/TSX Composite Index rose 13.68 points to 10,700.51, helped by strength among mining stocks. Conflicting indications about the health of the global economy have caused the summer rally in equities to peter out over the past week.

Energy stocks are coming off a lackluster performance, but may enjoy some buying interest today after the price of crude jumped above $73 a barrel.

Enterprise content management software provider Open Text Corp. (OTEX,OTC.TO) Thursday after the bell reported a drop in profit for the fourth quarter, even as revenues increased from last year. Excluding certain one-time items, quarterly earnings per share grew 18%, and topped market projections.

Ontario Teachers’ Pension Plan bought the media company CTV’s remaining 7.7 per cent stake in Maple Leaf Sports, boosting its stake in the parent company of the Toronto Maple Leafs.

European shares are in positive territory after data showed the eurozone economy stabilized in August. Asian stocks were mostly weaker overnight. US stocks futures are pointing a bit higher.

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