Bay Street Stocks Little Moved Near Four Week High - Canadian Commentary

(RTTNews) - Toronto stocks are little changed on Tuesday afternoon, remaining near a four-week high. A strong day for telecom stocks has been offset by weakness in the healthcare and gold sectors.

The S&P/TSX Composite Index has added 2.13 points or 0.15% to move at 11,538.02. The market is on target to extend its best close since September 22.

In the big news of the day, the Bank of Canada announced that it will keep its key interest rate at 0.25 percent, as expected. Policy makers said rares will likely remain at the current level until the end of the second quarter of 2010.

Healthcare stocks have lost 1% after giving back early gains. Patheon (PTI.TO) has dropped 5.3% after Lonza Group pulled its US$485 million takeover offer for the pharmaceutical products company.

Gold stocks are down 0.7%. Iamgold (IMG.TO) has dropped 2.25%, New Gold (NGD.TO) is down 1.8% and Goldcorp (G.TO) has dropped 1%.

Barrick Gold (ABX.TO) has lost 0.5% after the company said it will eliminate 80 positions, primarily in Toronto, over the next six months.

DragonWave (DWI.TO) has added 9.1% after the company announced that it has completed its previously announced equity offering of 7.49 million common shares at US$10.00 per share for proceeds of approximately US$75 million.

Aastra Technologies Limited (AAH.TO) has surged 18.2% after the company posted third-quarter net earnings were C$9.64 million or C$0.71 per share, compared with C$2.60 million or C$0.17 per share posted in the same period a year earlier.

The loonie saw weakness versus major rivals after the BoC decision. The Canadian dollar fell to an 11-day low against its U.S. counterpart and a two-week low against the euro.

In other economic news, Canadian wholesale sales data dropped 1.4% in August according to data released Tuesday morning. A rise of 1% was expected, compared to a revised increase of 2.57% in July.

Meanwhile, the leading index rose 1.1% in the month of September. Last month’s data showed a revised increase of 1.2%.

For comments and feedback: contact editorial@rttnews.com

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