Toronto Stocks Edge Higher After BoC Decision

(RTTNews) - Canadian stocks remained slightly higher on Tuesday morning after the Bank the Bank of Canada left interest rates unchanged. Some encouraging earnings news from across the border provided a spark.

The S&P/TSX Composite Index has gained 23.94 points or 0.2% to move at 11,562.33. The market is on target to extend its best close since September 22.

The BoC announced that it will keep its key interest rate at 0.25 percent, as expected. Policy makers said rates will likely remain at the current level until the end of the second quarter of 2010.

Healthcare stocks are up 1.1% after drug-maker Pfizer (PFE) reported a rise in quarterly earnings and encouraging guidance. MDS (MDS.TO) has gained 0.7%.

Meanwhile, Patheon (PTI.TO) has lost 4.9% after Lonza Group pulled its US$485 million takeover offer for the pharmaceutical products company.

Barrick Gold (ABX.TO) is slightly lower said it will eliminate 80 positions, primarily in Toronto, over the next six months.

Aastra Technologies Limited (AAH.TO) has rallied 18.4% 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.

Delphi Energy (DEE.TO) has added 1.9% after the company announced that an additional 544,730 common shares of Fairmount Energy Inc. were validly deposited at the expiry time of Delphi’s previously announced offer to acquire all of the issued and outstanding common shares of Fairmount.

Pinetree Capital (PNP.TO) has added 1.1% after the company said it acquired ownership of 1 million common shares of Castle Resources, and 500,000 common share purchase warrants.

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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