(RTTNews) - Canadian stocks are slightly higher on Wednesday and moving toward their highest level in nearly a month. Strength in the mining sector has led the market higher.

The S&P/TSX Composite Index has added 20.54 points or 0.17% to move at 11,557.54.

Mining stocks have gained 1.2% as copper has turned up more than 4 cents on the Comex. HudBay (HBM.TO) has gained 2.3% and Teck Resources (TCK.B.TO) is up 1.4%.

First Quantum (FM.TO) has gained 1.1%. According to Bloomberg, the company is considering seeking arbitration involving its dispute with the Congolese government, which backed out of a $553 million copper project with First Quantum last week.

Dynasty Metals & Mining (DMM.TO) has dropped 4.7% after the company announced that will sell 1.5 million common shares at $4.00 per common share for gross proceeds of $6 million on a bought deal private placement basis. Closing of the offering is anticipated to occur on or before November 3.

In corporate news, Canadian National Railway (CNR.TO) has dropped 1.5% after the company reported net income of C$461 million or C$0.97 per share for the third quarter, compared to C$552 million or C$1.16 per share in the year-ago quarter. Rioval Canadian Pacific (CP.TO) has gained 1.5%.

Ivanhoe Energy Inc. (IE.TO) has gained 1.1% after the company announced the appointment of David Dyck as President and CEO of Ivanhoe Energy Canada.

TransAlta Corp. (TA.TO) said its subsidiary has acquired 87% of Canadian Hydro Developers (KHD.TO) for $5.25 cash per share. The stock is down 0.4%.

SemBioSys Genetics (SBS.TO) has lost 4.4% after the company announced it will acquire a 10% stake in Advitech (AVI.V).

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Canada, Releases, Stocks.

Subscribe by RSS Subscribe by Email