Toronto's main market advanced on Thursday as strong domestic bank earnings and a pullback on fears over a U.S.-led intervention in Syria's civil war helped support stocks, even as commodity prices fell.
On the corporate front, Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, rose 1.3% to C$65.30. The country’s biggest lender by assets reported a stronger-than-predicted 2.9 percent increase to C$2.3 billion in fiscal third-quarter profit. It also hiked its dividend by 6 percent.
Toronto-Dominion Bank (TSE:TD), the second-largest lender by assets, jumped 3% to a new all-time intraday high of C$90.25. Excluding one-time items, the Toronto, Ontario-based bank earned C$1.65 a share in the fiscal third quarter, above analysts' average estimate of C$1.55. The bank hiked dividend 4.9 percent to 85 Canadian cents.
Canadian Imperial Bank of Commerce (TSE:CM), the fifth-biggest bank, leaped 2.5% to C$82.5 after reporting a better-than-predicted 5.8 percent increase in third-quarter profit to C$890 million.
In other equities, WestJet Airlines Ltd. (TSE:WJA), Canada's second-largest airline, fell as much as 1.8% to C$21.62. The Calgary, Alberta-based company agreed to buy 65 Boeing Co. (NYSE:BA) 737 Max planes with a list value of $6.3 billion, helping bolster the carrier’s edge over Air Canada in using fuel efficiency to reduce costs.
Bombardier Inc. (TSE:BBD.B), the world's only maker of both planes and trains, inched up 0.9% to C$4.73 after the Montreal, Quebec-based company said Deutsche Bahn AG has ordered 18 electric double-deck trains, a deal valued at about $289 million.
Moving to junior stocks in Canada, Iona Energy (CVE:INA) is jumping ahead 7% after it said it swung to a profit in the second quarter. The Calgary-based firm, which operates in the North Sea and Alaska, reported net income of $9.4 million during the three-month period, compared to a $2.9 million loss for the same period a year ago.
New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) is moving ahead with its transformative strategy to improve its cash flow and production as it nears the closing of the acquisition of three petroleum mining liceneses in the Taranaki Basin from Origin Energy, with the junior oil and gas company also working toward bettering its production results and costs from its existing assets. The update comes with the release of the Canadian company's second quarter results, with New Zealand Energy posting a loss of 2 cents per basic and diluted share, compared to a profit of 1 cent per share in the prior year period, as revenue, production and prices realized declined, while production costs increased sharply.
Falcon Oil & Gas (LON:FOG) (CVE:FO) looks to a busy second half as it unveiled its latest six month numbers. Chief executive Philip O'Quigley told investors: "We have been extremely busy during the first half of 2013, successfully raising US$25.7 million of new capital, achieving debt-free status and significantly reducing our operating loss. Our attention has now switched to securing a new farm-out on our acreage in Australia, preparing for the testing of the Kutvolgy-1 well in Hungary and working with Chevron under our Cooperation Agreement in South Africa."
WesternZagros Resources (CVE:WZR) reported Thursday its second quarter results, ending the period with more than $167 million in working capital, fully funded for its planned activities as it continues to test its Kurdamir-3 well in Iraq and advance toward commercial production. "We're continuing testing in the Kurdamir-3 well to provide valuable information on the Kurdamir Discovery as we progress towards commerciality and to help us plan future well locations," said CEO Simon Hatfield in the press release Thursday.
In junior mining stocks, Cancana Resources Corp. (CVE:CNY) announced Wednesday the further advancement of both its move to initial production of manganese on its Valdirâo site in Brazil and on the acquisition of Rio Madeira, the company which holds the adjacent property. "The continual progress that we have made is very satisfying,” said Andrew Male, president and CEO of the Toronto-headquartered exploration stage company, set to shift into production with assets in Brazil and Canada.
Mexico-focused Arian Silver (LON:AGQ) (CVE:AGQ) narrowed its net loss in the second quarter (Q2) this year as arrangements to finance its own mill for the San Jose mine continue to advance. The new El Bote plant will have the capacity to treat 1,500 tonnes per day and is expected to result in significant cost savings, the firm has said.
Canada Fluorspar (CVE:CFI)(OTC:CNDFF) unveiled Thursday its sixth set of results from its phase 3 diamond drilling program at its Grebes Nest property in Newfoundland, with the company saying it continues to be encouraged by the mineralized structure. One of the latest drill holes from Grebes Nest, GS-13-12 intersected the structure with an average grade of 43.14% fluorspar, over 7.3 metres, and intersected two additional veins down depth at 19.12% over 4.0 metres and 55.4% over 3.25 metres.
Elsewhere, Pivotal Therapeutics (OTCQX:PVTTF) (CNSX:PVO), a specialty pharmaceutical company focused on Omega-3 therapies for cardiovascular disease (CVD), saw its sales jump 27 per cent in the second quarter as it continues to expand its marketing efforts for its main product, Vascazen. For the three months that ended June 30, net loss for the period was slightly lower at $0.72 million, or 1 cent per share, compared to $0.87 million, or 1 cent per share, in the prior year quarter. Sales jumped to $93,189 from $26,408 in the second quarter a year ago.
Shares in C-COM Satellite Systems (CVE:CMI) spiked to near 52-week high levels within minutes of the start of trading Thursday, on the back of news that the leading provider of mobile auto-deploying satellite antenna systems had entered into a strategic partnership with Vislink (LON:VLK). The U.K.-based secure communication technology provider will promote, market, sell and support the C-COM manufactured range of iNetVu products. The iNetVu products are proprietary auto-deploying, vehicle-mounted antennas for the delivery of 2-way high-speed, mobile internet services into vehicles or other transportable structures. Reported by Proactive Investors 3 days ago.
On the corporate front, Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, rose 1.3% to C$65.30. The country’s biggest lender by assets reported a stronger-than-predicted 2.9 percent increase to C$2.3 billion in fiscal third-quarter profit. It also hiked its dividend by 6 percent.
Toronto-Dominion Bank (TSE:TD), the second-largest lender by assets, jumped 3% to a new all-time intraday high of C$90.25. Excluding one-time items, the Toronto, Ontario-based bank earned C$1.65 a share in the fiscal third quarter, above analysts' average estimate of C$1.55. The bank hiked dividend 4.9 percent to 85 Canadian cents.
Canadian Imperial Bank of Commerce (TSE:CM), the fifth-biggest bank, leaped 2.5% to C$82.5 after reporting a better-than-predicted 5.8 percent increase in third-quarter profit to C$890 million.
In other equities, WestJet Airlines Ltd. (TSE:WJA), Canada's second-largest airline, fell as much as 1.8% to C$21.62. The Calgary, Alberta-based company agreed to buy 65 Boeing Co. (NYSE:BA) 737 Max planes with a list value of $6.3 billion, helping bolster the carrier’s edge over Air Canada in using fuel efficiency to reduce costs.
Bombardier Inc. (TSE:BBD.B), the world's only maker of both planes and trains, inched up 0.9% to C$4.73 after the Montreal, Quebec-based company said Deutsche Bahn AG has ordered 18 electric double-deck trains, a deal valued at about $289 million.
Moving to junior stocks in Canada, Iona Energy (CVE:INA) is jumping ahead 7% after it said it swung to a profit in the second quarter. The Calgary-based firm, which operates in the North Sea and Alaska, reported net income of $9.4 million during the three-month period, compared to a $2.9 million loss for the same period a year ago.
New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) is moving ahead with its transformative strategy to improve its cash flow and production as it nears the closing of the acquisition of three petroleum mining liceneses in the Taranaki Basin from Origin Energy, with the junior oil and gas company also working toward bettering its production results and costs from its existing assets. The update comes with the release of the Canadian company's second quarter results, with New Zealand Energy posting a loss of 2 cents per basic and diluted share, compared to a profit of 1 cent per share in the prior year period, as revenue, production and prices realized declined, while production costs increased sharply.
Falcon Oil & Gas (LON:FOG) (CVE:FO) looks to a busy second half as it unveiled its latest six month numbers. Chief executive Philip O'Quigley told investors: "We have been extremely busy during the first half of 2013, successfully raising US$25.7 million of new capital, achieving debt-free status and significantly reducing our operating loss. Our attention has now switched to securing a new farm-out on our acreage in Australia, preparing for the testing of the Kutvolgy-1 well in Hungary and working with Chevron under our Cooperation Agreement in South Africa."
WesternZagros Resources (CVE:WZR) reported Thursday its second quarter results, ending the period with more than $167 million in working capital, fully funded for its planned activities as it continues to test its Kurdamir-3 well in Iraq and advance toward commercial production. "We're continuing testing in the Kurdamir-3 well to provide valuable information on the Kurdamir Discovery as we progress towards commerciality and to help us plan future well locations," said CEO Simon Hatfield in the press release Thursday.
In junior mining stocks, Cancana Resources Corp. (CVE:CNY) announced Wednesday the further advancement of both its move to initial production of manganese on its Valdirâo site in Brazil and on the acquisition of Rio Madeira, the company which holds the adjacent property. "The continual progress that we have made is very satisfying,” said Andrew Male, president and CEO of the Toronto-headquartered exploration stage company, set to shift into production with assets in Brazil and Canada.
Mexico-focused Arian Silver (LON:AGQ) (CVE:AGQ) narrowed its net loss in the second quarter (Q2) this year as arrangements to finance its own mill for the San Jose mine continue to advance. The new El Bote plant will have the capacity to treat 1,500 tonnes per day and is expected to result in significant cost savings, the firm has said.
Canada Fluorspar (CVE:CFI)(OTC:CNDFF) unveiled Thursday its sixth set of results from its phase 3 diamond drilling program at its Grebes Nest property in Newfoundland, with the company saying it continues to be encouraged by the mineralized structure. One of the latest drill holes from Grebes Nest, GS-13-12 intersected the structure with an average grade of 43.14% fluorspar, over 7.3 metres, and intersected two additional veins down depth at 19.12% over 4.0 metres and 55.4% over 3.25 metres.
Elsewhere, Pivotal Therapeutics (OTCQX:PVTTF) (CNSX:PVO), a specialty pharmaceutical company focused on Omega-3 therapies for cardiovascular disease (CVD), saw its sales jump 27 per cent in the second quarter as it continues to expand its marketing efforts for its main product, Vascazen. For the three months that ended June 30, net loss for the period was slightly lower at $0.72 million, or 1 cent per share, compared to $0.87 million, or 1 cent per share, in the prior year quarter. Sales jumped to $93,189 from $26,408 in the second quarter a year ago.
Shares in C-COM Satellite Systems (CVE:CMI) spiked to near 52-week high levels within minutes of the start of trading Thursday, on the back of news that the leading provider of mobile auto-deploying satellite antenna systems had entered into a strategic partnership with Vislink (LON:VLK). The U.K.-based secure communication technology provider will promote, market, sell and support the C-COM manufactured range of iNetVu products. The iNetVu products are proprietary auto-deploying, vehicle-mounted antennas for the delivery of 2-way high-speed, mobile internet services into vehicles or other transportable structures. Reported by Proactive Investors 3 days ago.