(RTTNews) - Canadian stocks have recovered early losses and are basically flat on Friday afternoon. The market is moderately higher for the holiday-shortened week, thanks to a big gain on Wednesday.

The S&P/TSX Composite Index has added 2.07 points or 0.01% to move at 11,506.58.

Gold stocks are up 1.5% and materials stocks have added 1.4%. Yamana Gold (YRI.TO) has gained 3.1%, Royal Gold (RGL.TO) is up 3% and Seabridge (SEA.TO) has gained 2.5%.

In corporate news, Volta Resources (VTR.TO) has soared nearly 24% after the company said it signed a definitive agreement with Randgold Resources to purchase the Kiaka gold project in Burkina Faso for C$4.0 million in cash and 20 million common shares of Volta.

Pengrowth Energy Trust (PGF_U.TO) has slipped 2.2% after the company announced that will increase the size of its previously announced offering to C$300 million.

CVTech Group (CVT.TO) has gained 1.3% after the company said its subsidiary Thirau lt�e was awarded a $5.2-million contract by Hydro-Qu�bec for work on the vast Romaine hydroelectric complex on Quebec’s North Shore.

CryptoLogic (CRY.TO) said that it expects third quarter revenue of about $9.6 million, and a trading loss of about $3.4 million. The stock has plunged 21%.

Etruscan Resources (EET.TO) has gained 1.7% after the company reported third-quarter net income of C$1.4 million or C$0.01 per share compared with C$2.1 million or C$0.02 per share in the same quarter last year.

Canadian Royalties Inc. (CZZ.TO) soared 34.4% after Jien International Investment and Goldbrook Ventures (GBK.V) increased its ovver for Canadian Royalies to about C$192 million.

The market had seen early weakness on disappointing earnings news from across the border as Bank of America (BAC) reported earnings that fell well short of expectations and General Electric (GE) reported revenues that failed to meet forecasts.

In economic news, Statistics Canada reported the consumer price index fell 0.9% year-over-year in September, following a 12-month decline of 0.8% in August, and equaling the 0.9% drop in July. Price stability may give the Bank of Canada room to keep interest rates low.

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Posted in Categories: Canada, Releases, Stocks.

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