Financial, Industrials Stocks Lift TSX Higher

(RTTNews) - The Toronto stock market is modestly higher Friday morning, led by gains in financial, technology and industrial sectors. However, with no major economic data around, buying interest is somewhat subdued. Energy and mining stocks are a bit weak due to sluggish crude oil and bullion prices.

With the U.S. markets closed for Independence Day and no market moving economic data due for the day, investors will be looking for Canadian corporate news for some direction.

Weaker crude oil prices amid easing concerns over supply disruptions from Iraq and Libya appear to be weighing on energy stocks.

Gold stocks are mostly sluggish, mirroring the trend in bullion prices.

The benchmark S&P/TSX Composite Index is up 27.30 points or 0.18 percent at 15,234.41, after rising to 15,246.80.

On Thursday, the index closed down 2.68 points or 0.02 percent at 15,207.11, snapping a five-day winning streak. The index scaled an all-time intraday high of 15,256.36 in the session.

In the industrial space, Canadian National Railway Company (CNR.TO), Canadian Pacific Railway Limited (CP.TO), SNC-Lavalin Group Inc. (SNC.TO) and Bombardier Inc. (BBD.B.TO) are moving up 0.8 to 1.2 percent. Meanwhile, WestJet Airlines Ltd. (WJA.TO) and Stantec Inc. (STN.TO) are down in negative territory, losing 0.8 percent and 1 percent, respectively.

Technology stocks CGI Group Inc. (GIB.A.TO), BlackBerry Limited (BB.TO), Constellation Software Inc. (CSU.TO) and Avigilon Corporation (AVO.TO) are advancing 1 to 2 percent. Open Text Corporation (OTC.TO) and Celestica Inc. (CLS.TO) are notably lower.

Among big six banks, Bank of Nova Scotia (BNS.TO) is adding 0.8 percent, while the rest are up with modest gains.

In the materials space, First Quantum Minerals Ltd. (FM.TO), Lundin Mining Corporation (LUN.TO) and HudBay Minerals Inc. (HBM.TO) are down sharply, losing 1.5 to 2.3 percent.

Energy stocks are mostly flat. Canadian Natural Resources Limited (CNQ.TO) is moving up 0.7 percent.

BlackBerry Ltd. (BB.TO), agreed Thursday to sell its research and development facility in Germany to Volkswagen Infotainment, a newly founded subsidiary of Volkswagen that develops automobile connectivity and infotainment technology. The financial details of the transaction were not disclosed. The stock is rising 0.8 percent.

TransForce Inc. (TFI.TO) is down nearly 1 percent. The company announced that its wholly-owned subsidiary has completed the acquisition of the entire share capital of Transport America, Inc., an important provider of truckload carriage and logistics services.

Valeant Pharmaceuticals International Inc. (VRX.TO) shares are down marginally following Bausch & Lomb recalling about 850,000 tubes of Muro 128, an eye-care ointment as some of the ointment tubes contained tiny crystal particles that could injure the cornea.

Enghouse Systems Limited (ESL.TO) announced Friday that it acquired Basset AB for a purchase price of about C$10.0 million, subject to certain price adjustments. The stock is moving up by about 0.5 percent.

Detector Exploration Ltd. (DEX.V.TO) has announced that it would acquire gas properties in the West Pembina area of Alberta.

In electronic trading on the New York Mercantile Exchange, crude oil futures for August are down $0.27 or 0.25 percent at $103.80 a barrel.

Gold for August is up slightly at $1,320.80 an ounce, with a stronger greenback capping its gains.

Silver for September is up $0.053 or 0.25 percent at $21.190 an ounce, while copper is down $0.009 or 0.27 percent at $3.271 per pound.

In economic news from the eurozone, German factory orders declined by a more-than-expected 1.7 percent in May as both domestic and foreign orders decreased from April on geopolitical uncertainties. Economists had forecast a 1.1 percent fall in new orders, after a revised 3.4 percent increase in April.