Canadian Stocks Modestly Higher On Strong Earnings, Economic Data

(RTTNews) - Canadian stocks are modestly higher Thursday mid-morning with investors weighing upbeat U.S. durable goods order data and earnings reports along with escalating tensions in Ukraine.

After a positive start on the back of strong earnings and economic data, the market faltered amid reports of clashes between pro-Russian activists and Ukrainian forces, before firm commodity prices pulled it out of the red.

The benchmark S&P/TSX Composite Index is up 19.55 points or 0.13 percent at 14,552.94, coming off a low of 14,522.16.

On Wednesday, the index closed down 22.58 points or 0.16 percent at 14,533.39.

In corporate news, Potash Corp. of Saskatchewan Inc. (POT.TO) reported a first quarter net income of $340 million or $0.40 per share, down from $556 million or $0.63 per share in the same period last year.

Alamos Gold Inc. (AGI.TO) said its first-quarter net income decreased substantially to $2.75 million from $25.99 million, previous year. Earnings per share were $0.02 compared to the year-ago's $0.20.

Automaker General Motors Co. (GMM.U.TO) reported a plunge in its first-quarter 2014 net income attributable to common stockholders to $0.1 billion, or $0.06 per share, from $0.9 billion, or $0.58 per share, last year.

Barrick Gold Corp. (ABX.TO) is down nearly 1.5 percent. The company has reportedly sent an email to Newmont Mining Corp. (NEM.TO), revising terms for a merger. Shares of Newmont Mining are lower by about 1.2 percent.

Fairfax Financial Holdings Ltd. (FFH.TO) is edging up marginally. The company announced that it will buy an 80 percent stake in Indonesian insurer, PT Batavia Mitratama Insurance. The terms of the deal are not known.

In the energy sector, shares of Encana Corp. (ECA.TO) are modestly higher after North American energy company Ferus Natural Gas Fuels Inc. purchased the remaining 50% in the Elmworth, Alberta liquefied natural gas production facility from Encana.

Crescent Point Energy Corp. (CPG.TO) is declining 1.2 percent. The company had said it has reached an agreement to buy a privately held southeast Saskatchewan oil and gas producer for C$1.1 billion.

Legacy Oil + Gas Inc. (LEG) is up 3 percent, Painted Pony Petroleum Ltd. (PPY) is climbing 2 percent. Pacific Rubiales Energy Corp. (PRE.TO) is declining nearly 4 percent, while Husky Energy Inc. (HSE.TO) and Suncor Energy Inc. (SU.TO) are modestly lower.

Gold stocks Detour Gold Corporation (DGC.TO), Goldcorp Inc. (G.TO) and Kinross Gold Corporation (K.TO) are notably lower.

Among big six banks, Canadian Imperial Bank Of Commerce (CM.TO) is modestly higher, while the rest are little changed from their last closing levels.

In the technology space, Sandvine Corporation (SVC.TO) is up over 4 percent. Espial Group Inc. (ESP.TO) is up 20 percent. On Wednesday, the company reported a sharp 96 percent rise in revenue to a record $5.0 million, from $2.5 million last year.

Descartes Systems Group Inc. (DSG.TO) is higher by 1.8 percent. Meanwhile, Celestica Inc. (CLS.TO) and BlackBerry Limited (BB.TO) are down in negative territory, losing 0.8 percent and 0.5 percent, respectively.

Industrial stocks Canadian National Railway Company (CNR.TO) and Canadian Pacific Railway Limited (CP.TO) are down 0.8 percent and 1.2 percent, respectively.

Among healthcare stocks, Extendicare Inc. (EXE.TO) and Valeant Pharmaceuticals International, Inc. (VRX.TO) are modestly lower, while Catamaran Corporation (CCT.TO) is gaining about 0.7 percent.

In commodities, crude oil futures for June delivery are up $0.51 or 0.50 percent at $101.95 a barrel.

Natural gas for June is up $0.011 or 0.24 percent at $4.759 per million btu.

Gold futures for June are up $3.50 or 0.27 percent at $1,288.10 an ounce, coming off a two and a half month low of $1,269.80 an ounce touched earlier in the day.

Silver for May is up $0.160 or 0.82 percent at $19.598 an ounce, after declining to $18.935 an ounce, its weakest price in 2014.

Meanwhile, copper is up $0.058 or 1.91 percent at $3.117 per pound.

In the currency market, the Canadian loonie is trading at 1.1023 to the U.S. dollar, up 0.09 percent from previous close.

In economic news from the U.S., the Commerce Department said durable goods orders jumped 2.6 percent in March, the biggest rise in four months. Economics expected durable goods orders growth of 2 percent month-over-month.

Meanwhile, the U.S. Labor Department's report showed initial jobless claims to have jumped by 24,000 to 329,000 last week, a three-week high. Economists expected claims to rise to 313,000 from 304,000 in the previous week.